Investment Trust

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.

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Herald Investment Trust NAV Performance (excluding income)

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. The business activities of investee companies will include information technology, broadcasting, printing and publishing and the supply of components, equipment and services to these companies.

Live Herald Investment Trust price available from the London Stock Exchange.


The value of the investments may fall as well as rise.The shares of HIT will generally trade at a discount or premium to the market value per share of its investments. Most of the investments have limited liquidity and may not be realised in part or in full at the market value at any one time. The Directors consider it inappropriate to attempt to control the discount for a portfolio of this nature.


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.

Christopher Metcalfe

Christopher Metcalfe was appointed to the board on 24 April 2024. He is currently chairman of the Martin Currie Global Portfolio Trust, senior independent non-executive director at JP Morgan US Smaller Companies Investment Trust and a non-executive director of Columbia Threadneedle UK Capital and Income Investment Trust. He was previously a non-executive director of abrdn Smaller Companies Income Trust until its merger with Shires Income in December 2023.

He has considerable investment management experience having worked previously at Newton Investment Management (2006-2017), Schroder Investment Management (1995-2006) and Henderson Administration Group plc (1985-1994).


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.



Responsible Investing

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.

Shareholder Information Top 20 Holdings Contacts


Andrew Joy (Chairman)
Stephanie Eastment
Priya Guha MBE
Henrietta Marsh
Christopher Metcalfe
James Will


20 Cursitor Street


Apex Listed Companies Services (UK) Limited
(formerly Sanne Fund Services (UK) Limited)
6th Floor
125 London Wall


PricewaterhouseCoopers LLP
Atria One
144 Morrison Street


Herald Investment Trust plc


10-11 Charterhouse Square
Tel: 020 7553 6300


The Bank of New York Mellon (International) Limited
160 Queen Victoria Street


02879728 (England and Wales)


The Company is an investment company within the meaning of section 833 of the Companies Act 2006


Peel Hunt LLP
Moor House
7th Floor,
100 Liverpool St

Singer Capital Markets Securities Limited
One Bartholomew Lane


Katie Potts
Herald Investment Management Limited
10-11 Charterhouse Square
Tel: 020 7553 6300
Fax: 020 7490 8026


Link Group
10th Floor
Central Square
29 Wellington Street
Tel: 0371 664 0300



Welcome to the website for Herald Investment Management Limited (HIML). These pages provide a brief introduction to HIML and details of the funds it manages, currently Herald Investment Trust Plc, the Herald Worldwide Technology Fund and two venture capital limited partnerships.

These pages are regularly updated to include up-to-date financial and performance data, but please feel free to contact us with comments, or to request further information. It is important that you read the notices below before proceeding, as they explain certain legal and regulatory restrictions which apply to the information contained in this website.

The information provided in this website is solely for use by individuals who are resident in the United Kingdom and who are subject to UK tax; it is not intended as, and should not be regarded as, an offer or solicitation to sell investments in any jurisdiction other than the UK. Individuals who are not resident in the UK should not continue as it may be contrary to local laws or regulations for them to receive information in connection with, or to apply for, a UK investment. In particular, Herald Investment Trust Plc shares are not registered under United States securities law and, subject to limited exceptions, may not be offered, sold, transferred or delivered in the United States or to US persons. By proceeding, you are representing and warranting that you are not resident in, or a citizen of, a jurisdiction outside the UK.

Stock market and currency movements may cause the capital value of shares and the income derived from them to go down as well as up, and investors may get back less than they invested. Past performance is not necessarily a guide to future performance. The value of any tax relief you may be entitled to will depend on your individual circumstances. Current tax rates and reliefs may be changed by future legislation.

This website has been approved for purposes of UK regulation by Herald Investment Management Ltd which is authorised and regulated by the Financial Conduct Authority.

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