Herald Worldwide Technology Fund NAV Performance (Class A)
The Herald Worldwide Technology Fund (HWTF) is an Open Ended Investment Company (OEIC) which seeks to achieve capital growth, in excess of the average, by investing in quoted companies in the technology, communications and multi-media sectors. As its name suggests, the fund invests in companies worldwide, but especially the UK and the US. The fund is domiciled, listed on the Irish Stock Exchange and administered in Dublin. Having UCITS status, it is marketable throughout Europe.
The Herald Worldwide Technology Fund prices are available here:
HWTF Current Market Background
The TMT sector is now globally very large, and technology is mission critical for businesses and governments alike. Penetration of mobile telephones and networked personal computers has risen dramatically. Does the sector still have attractions?
1) The sector generally has little debt, and many substantial companies have significant cash balances. This proved a drag on the sector in relative terms, when there was a credit boom, but has provided resilience in the downturn, and offers the potential for earnings enhancing acquisitions, at prices reasonable for the sellers, while cash yields so little. Furthermore, products and services are not generally acquired with debt as in sectors such as property and cars.
2) There is a significant amount of non discretionary recurring expenditure – maintenance, data centres, security such as unified threat management, rental and hosted software models, domain names, etc. Companies with recurring models may not offer the highest growth rates, but should command a premium for certainty.
We continue to be excited about our sector.
The minimum initial investment in Herald Worldwide Technology Fund is £1,000 for Class B shares with no minimum subsequent investment and for Class A shares the minimum initial investment is £10,000 and £5,000 for subsequent investments . Before applying to make an investment in HWTF you must download and read the latest prospectus and the latest factsheet for the fund and the relevant Key Investor Information Document (KIID) for the class of shares of in which you wish to invest. If after reading these documents you are in any doubt as to the suitability of HWTF as an investment you should consult an independent financial adviser. Remember that the value of an investment in HWTF can fall as well as rise, and that you may get back less than you invested when you redeem your shares.
Click on the following links to download a copy of the documents you need:
The Herald Worldwide Technology Fund is an open-ended investment company (OEIC). Shares are traded on the Irish Stock Exchange every business day (the Dealing Day). The Fund is valued on each business day by reference to the latest available prices for the investments it holds quoted on the immediately preceding business day. Applications for share purchases/sales should be submitted to the administrator, Northern Trust International Fund Administration Services (Ireland ) Limited, by 17:00 (Irish time) on the business day preceding the Dealing Day.
Fergus Sheridan (Chairman) (Irish)
Fergus is a Fellow of the Chartered Institute of Management Accountants and of the Association of Corporate Treasurers (UK). Following a 20 year corporate career in risk management he departed Irish Life Assurance as Treasurer, in 1994, to establish Strategic Risk Management Ltd as a consultancy. He has also been an independent non-executive director since 1995 and is now fully engaged in that capacity. He holds post graduate qualifications in corporate governance (University College Dublin) and Company Direction (Institute of Directors); is a founding director of the Corporate Governance Association of Ireland; and is currently Chairman of the Irish Fund Directors Association.
William Backhouse (British)
William qualified as a chartered accountant. He joined the corporate finance department of Barings in 1970 and from 1984 until he retired in 1993, he was a director of Baring Asset Management. He is chairman of Thames River Multi Hedge PCC . Mr Backhouse is a shareholder in the parent company of the Investment Manager.
Charles Ekins (British)
Charles is the founder and Chief Executive of Ekins Guinness LLP. Previously he was Chief Investment Officer at Valu-Trac Investment Management, prior to which he spent 19 years at Morgan Grenfell (Deutsche) Asset Management where he was a portfolio manager, member of the Investment Policy Committee and client director. He read Maths with Computing Science at Bristol University and has an MBA from the City University Business School. Mr Ekins is a shareholder in the parent company of the Investment Manager.
Paul Halley (Irish)
Paul is a business graduate of Trinity College Dublin and a Fellow of the Institute of Chartered Accountants Ireland. He acts as an independent non-executive director with board positions on a portfolio of authorised investment funds and non-financial service related entities. He has held senior management positions in the fields of compliance, fund services and trustee/depository services with a range of blue chip financial service providers in Ireland. Previous to this, he worked with Bank of Ireland Asset Management, Dolmen Stockbrokers, BNY Mellon and IBRC Assurance Company.
BOARD OF DIRECTORS
Fergus Sheridan, Chairman (Irish)
William Backhouse LVO (British)
David Boyle DL (British)
Paul Halley (Irish)
Ten Earlsfort Terrace
Dublin 2, DO2 T380 Ireland
20 Cursitor Street
London, EC4A 1LT, England
76 Baggot Street Lower
Herald Investment Management Ltd
10-11 Charterhouse Square
London EC1M 6EE
One Spencer Dock
North Wall Quay
ADMINISTRATOR AND REGISTRAR
Northern Trust International Fund Administration Services (Ireland) Ltd
New Century House
International Financial Services Centre
Mayor Street Lower
76 Baggot Street Lower
Northern Trust Fiduciary Services (Ireland) Ltd
54-62 Townsend Street
70 Sir John Rogerson’s Quay
The Class A shares and the Class B shares of Herald Worldwide Technology Fund PLC, which have both been accepted as ‘reporting funds’ under the UK’s offshore funds tax regime with effect from 1st January 2011, are required to make a report annually to UK investors. These reports are published below for the convenience of UK investors, who should consult their accountant or other tax adviser if they are in any doubt as to what action they should take in respect of them.