Investment Trust

Andrew Joy (Chairman)

Andrew Joy was appointed to the board on 1 October 2022 and became Chairman of the board and the nomination committee on 18 April 2023. Andrew is a senior advisor of Stonehage Fleming, a leading international multi-family office and chairman of the investment committee of FPE Capital.

Andrew was one of the founding partners of Cinven a leading private equity firm investing in Europe and U.S. and has been chairman or director of numerous growth companies over the past 30 years. He was previously chairman of the British Venture Capital and Private Equity Association and The Biotech Growth Trust plc and a director of the European Venture Capital Association. He is highly regarded for his extensive knowledge of the financial sector and of the high-growth part of the smaller company sector.

Stephanie Eastment

Stephanie Eastment was appointed to the board on 1 December 2018 and is chair of the audit committee. After leaving KPMG in 1990 she held various accounting and compliance roles at Wardley and UBS before joining Invesco Asset Management in 1996. There she held a variety of increasingly senior roles, specialising in investment trusts. She left Invesco in July 2018 to pursue a non-executive career. Stephanie is currently a non-executive director and audit chair of Murray Income Trust plc, Impax Environmental Markets plc and Alternative Income REIT plc and a non-executive director of RBS Collective Investment Funds Limited.

She has extensive accounting, corporate governance and investment trust sector experience. As a chartered accountant and company secretary she has honed her technical expertise, knowledge and contacts within the industry and provides constructive oversight and challenge not only as a director, but as the audit committee chair.

Priya Guha MBE

Priya Guha MBE was appointed to the board on 13 December 2023. She has a portfolio of roles across the global and UK technology and innovation landscape including as a non-executive director at UK Research & Innovation and Digital Catapult, a venture partner at Merian Ventures, a San Francisco based venture capital fund, and an advisor to various start-up companies including Kheiron Medical Technologies and Gallos Technologies. She is also a non-executive director at Reach PLC. She has significant knowledge of the global technology sector and valuable experience in both public and private sectors.

Henrietta Marsh

Henrietta Marsh was appointed to the board on 1 September 2019. She has a background in fund management, having worked in UK small cap and private equity investment over several decades, more recently pursuing a plural career. From 2005 until 2011, she was AIM fund manager at Living Bridge Equity Partners. Prior to that, Henrietta spent 14 years at 3i in several roles, including as fund manager of 3i Smaller Quoted Companies Trust plc (1997–2002).

Her earlier career was with Morgan Stanley and Shell. She is currently a non-executive director of Gamma Communications plc (AIM-listed). She has direct experience and understanding of the investment process required in the Company. She takes the lead on the board in reviewing HIML’s stewardship approach..

Karl Sternberg

Karl Sternberg was appointed to the board on 21 April 2015. He will retire from the board and the Company at the conclusion of the AGM in April 2024. He was a founding partner of Oxford Investment Partners Limited from 2006 until 2013, when it was acquired by Towers Watson.

Much of his earlier career was spent at Morgan Grenfell (which became Deutsche Asset Management), where he became chief investment officer, Europe & Asia Pacific. Karl is chairman of Monks Investment Trust plc and a non-executive director of Clipstone Industrial REIT plc and Jupiter Fund Management plc. He has significant investment trust experience and has good insight in the investment industry and the macroeconomic risks and influences.

James Will

James Will was appointed to the board on 21 April 2015 and became senior independent director on 20 April 2021. He was previously chairman and a senior corporate finance partner of law firm Shepherd and Wedderburn LLP. He also headed the law firm’s financial sector practice. As a lawyer, he was for over 20 years involved in advising smaller quoted technology companies on a range of corporate transactions, including IPOs, secondary fundraisings and mergers and acquisitions. James is chairman of Asia Dragon Trust plc and was previously chairman of The Scottish Investment Trust plc and a non-executive director of JP Morgan Global Growth & Income plc.

He has significant investment trust experience and in an environment of increasingly complex legal and regulatory framework, his legal counsel has a valued contribution. He has taken the lead ensuring the Company’s legal agreements are in line with best practice.

Herald Investment Trust Responsible Investing

The Herald Investment Trust’s (HIT) objective is to achieve capital appreciation through investments in smaller quoted companies in the areas of telecommunications,  multimedia and technology (‘TMT’). Investments may be made across the world. This founding purpose – to invest in smaller companies – arose from Herald’s belief that they offer greater potential for growth than larger companies because they often provide greater entrepreneurialism when addressing new markets created by technological developments. This conviction led Herald to focus on investing in smaller quoted companies in the areas of telecommunications, multimedia and technology (‘TMT’). These companies create added value employment and have the potential to become the next generation of large companies, thereby generating attractive returns for shareholders.

As an externally managed investment company, Herald Investment Trust’s activities are all outsourced and therefore it does not have any employees. The Company also has a very limited direct impact on the environment as it has no greenhouse gas emissions and has given shareholders the option to receive soft copy financial reports and other information rather than printed hard copy. Notwithstanding that the Company has no direct social or community impact, the board encourages the manager to consider environmental, social and governance (ESG) factors when selecting and retaining investments. The Company has given discretionary voting powers to the investment manager, HIML. The manager votes against resolutions it considers may damage shareholders’ rights or economic interests.

The Company believes that it is in the shareholders’ interests to consider environmental, social and governance (ESG) factors when selecting and retaining investments and has asked the manager to take these issues into account as long as the investment objectives are not compromised. The manager does not exclude companies from its investment universe purely on the grounds of ESG issues but adopts a positive engagement approach whereby matters are discussed with management with the aim of improving the relevant policies and management systems and enabling the manager to consider how ESG factors could impact long term investment returns. HIT’s climate report which includes emissions metrics based on Task Force on Climate-Related Financial Disclosures (TCFD) recommendations and an assessment of climate change risks and opportunities can be found in the Herald Investment Trust Climate Report (TCFD)

The manager’s statement of compliance with the UK Stewardship Code can be found under the Responsible Investing page of Herald Investment Management Limited’s web site. The manager’s policy has been reviewed and endorsed by the board of Herald Investment Trust plc.

Archived Annual and Interim Reports

The Packaged Retail and Insurance-based Investment Products Regulation (PRIIPS/KID)

The Alternative Investment Fund Managers Directive (“AIFMD”)

AGM and Proxy Results

Schedule of Matters Reserved for the board

Audit Committee – Terms of Reference

Nominations Committee – Terms of Reference

New Articles of Association

General Legal & Regulatory Information

Top 20 Holdings 31st December 2022

Top 20 Holdings 31st December 2021

Top 20 Holdings 31st December 2020

Top 20 Holdings 31st December 2019

REGISTRARS

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Email: shareholderenquiries@linkgroup.co.uk