HRI - Ticker AI Digest

HRI 06:01

Herald Investment Trust

Final Results

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The UK remains the largest region, accounting for 40.5% of net assets in spite of our withdrawing over £200m in recent years. The return of -8.04% (Time Weighted Return - TWR) is disappointing relative to the Numis Smaller Companies plus AIM (ex. investment companies) Index total return returning 3.2%, but the return for the AIM Technology index has been considerably worse. In contrast, over 5 years the UK IRR is 45.3% versus the Numis index returning 24.0%, with technology companies having strongly outperformed the more general small-cap index during the coronavirus pandemic, but this trend partially reversing during the most recent year. There have been a small number of companies that have performed badly - notably Zoo Digital, Cirata, S4 Capital, IQE and Spirent. In aggregate they delivered a negative return of £35.2m during the year. However, collectively over the entire period of ownership they have yielded a positive return of £29.4m, reflecting <mark style="background-color:yellow">significant</mark> profits that have already been realised. Only S4 Capital has delivered a cumulative negative return of £1.1m. Zoo Digital suffered from strikes in Hollywood, Cirata from the unwinding of fake orders, although fortunately sufficient profits had been taken for £1.9m profits to have been realised overall. IQE suffered from mobile phone destocking and share losses, while Spirent suffered from reduced telecom company capital expenditure, particularly in China. However, 84 other UK holdings also yielded a negative return despite underlying trading generally being adequate or better.

Go Back To AI Charts

HRI 06:01

Herald Investment Trust

Final Results

Open AI Digest

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

The UK remains the largest region, accounting for 40.5% of net assets in spite of our withdrawing over £200m in recent years. The return of -8.04% (Time Weighted Return - TWR) is disappointing relative to the Numis Smaller Companies plus AIM (ex. investment companies) Index total return returning 3.2%, but the return for the AIM Technology index has been considerably worse. In contrast, over 5 years the UK IRR is 45.3% versus the Numis index returning 24.0%, with technology companies having strongly outperformed the more general small-cap index during the coronavirus pandemic, but this trend partially reversing during the most recent year. There have been a small number of companies that have performed badly - notably Zoo Digital, Cirata, S4 Capital, IQE and Spirent. In aggregate they delivered a negative return of £35.2m during the year. However, collectively over the entire period of ownership they have yielded a positive return of £29.4m, reflecting <mark style="background-color:yellow">significant</mark> profits that have already been realised. Only S4 Capital has delivered a cumulative negative return of £1.1m. Zoo Digital suffered from strikes in Hollywood, Cirata from the unwinding of fake orders, although fortunately sufficient profits had been taken for £1.9m profits to have been realised overall. IQE suffered from mobile phone destocking and share losses, while Spirent suffered from reduced telecom company capital expenditure, particularly in China. However, 84 other UK holdings also yielded a negative return despite underlying trading generally being adequate or better.

Go Back To AI Charts