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.

There is no relevant benchmark, so a hybrid is used as a measure of performance, which is 2/3rd the Numis Smaller Companies Index including AIM in the UK and 1/3rd the Russell 2000 Technology Index in the US.

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.


Tom Black (Chairman)

Tom Black was appointed to the board on 1 May 2013 and succeeded Ian Russell as Chairman of the board and nomination committee on 1 March 2021. He is chairman of Thruvision Group plc, and has advisory roles with a number of smaller unlisted businesses. He is chairman and trustee of the Black Family Charitable Trust, which is focused on supporting disadvantaged young people with their educational needs. He was previously chief executive of Detica Group Plc, a leading company in the field of large-scale information collection and analysis for intelligence and counter fraud applications. As a successful entrepreneur he recognises the challenges of starting and growing an early-stage technology company and listing it on the London Stock Exchange. He understands the smaller companies remit of the Company.

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.

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), and a member of London Stock Exchange’s AIM Advisory Group. She has direct experience and understanding of the investment process required in the Company.

Karl Sternberg

Karl Sternberg was appointed to the board on 21 April 2015. 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 a non-executive director of Clipstone Industrial REIT plc, Monks Investment Trust plc, JP Morgan Elect 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 both The Scottish Investment Trust PLC and Asia Dragon Trust 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.



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.

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


Tom Black (Chairman)
Stephanie Eastment
Henrietta Marsh
Karl Sternberg
James Will


20 Cursitor Street


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
1 Canada Square
E14 5AL


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
120 London Wall

Singer Capital Markets Ltd
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: 0871 664 0300
(overseas +44 (0)371 664 0300)

Shareholder Information – COVID-19



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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