Interim Management Statement

RNS Number : 9850U

Herald Investment Trust PLC

22 October 2014

 



Herald Investment Trust plc

Interim Management Statement - 3 months to 30 September 2014

Herald's 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 equipment and services to these companies.

Review of the period

·        NAV total return was - 1.6%. The share price total return was 2.4%.

·        Purchases totalled £17.6mn, with sales of £24.8mn which gave rise to net sales of £7.2mn.

·        At 30 September 2014, £25mn had been drawn under the £50mn multi-currency facility (unchanged from 30 June 2014).

Geographic Analysis of Total Assets				Top Ten Equity Holdings
Name	% of	% of		Name	% of
	total	total			total
	assets at	assets at			assets at
	30/09/2014	30/06/2014			30/09/2014
United Kingdom	64.4%	67.3%		Diploma	2.4%
North America	19.4%	19.1%		Imagination Technologies	2.0%
Japan & Asia Pacific	5.2%	5.3%		Telit Communications	2.0%
EMEA	3.6%	3.5%		SDL	1.8%
Net Liquid Assets	7.4%	4.8%		IDOX	1.8%
(Including Government Bonds)				M&C Saatchi	1.7%
				SQS Software Quality Systems	1.7%
				GB	1.6%
				Euromoney Institutional Investor	1.6%
				Kofax	1.5%
Total	100.0%	100.0%			18.1%

Performance

Capital	3 Months	1 Year	3 Years	5 Years
Share Price †	2.4	5.2	52.6	114.7
NAV†	(1.6)	5.4	47.6	98.4
NSCI plus AIM †	(3.9)	1.1	44.0	58.3
Russell 2000 (small cap) Technology*	(5.7)	2.6	67.0	90.7
Total Return	3 months	1 Year	3 Years	5 Years
Share Price †	2.4	5.2	53.2	115.7
NAV†	(1.6)	5.4	48.0	99.2
NSCI plus AIM †	(3.3)	3.5	55.0	78.2
Russell 2000 (small cap) Technology*	(5.5)	2.7	67.2	91.1

^† Source: Thomson Reuters Datastream

* Source: Bloomberg

General Information
	30/09/2014	30/06/2014
Equities	£m	£m
UK	422	435
Overseas	184	181
	606	616
Government Bonds	14	18
Net liquid assets	34	28
Total assets	654	662
Bank loans	(25)	(25)
Derivative financial instruments	(20)	(16)
Shareholder's funds	609	621
Net asset value per ordinary share (including current year income)	787.5p	800.4p
Net asset value per ordinary share (excluding current year income)	789.2p	801.8p
Share price	670.0p	654.0p
Discount	14.9%	18.3%
Gearing1	1.7%	2.1%
Gearing into investments 2	(0.6%)	(0.8%)

Unless stated otherwise, the above figures have been calculated using the AIC cum income basis (includes current financial year retained income). For the current period, expenses to date exceed income earned, resulting in a lower cum income than ex income NAV.

¹ Calculated per AIC (total assets (including all debt used for investment purposes) less cash divided by shareholders' funds).

²  Total assets (including all debt used for investment purposes) less all cash and fixed interest securities (excluding convertibles and corporate

   bonds) divided by shareholders' funds.                    

The Company's NAV is calculated daily and can be viewed on the London Stock Exchange website.

The share price is published daily in the Financial Times, Times and Daily Telegraph.

The Interim Management Statement is available on the Company's website - www.heralduk.com.

The Company's issued share capital at 30 September 2014 was 77,389,546.

For further information, contact Katie Potts on 020 7553 6300.

 

END

 

 

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