Herald Investment Trust (Herald) is a major investor in the small-cap technology sector, especially in the UK. It is the only listed investment trust with a focus on this space. In recent times, small-cap technology stocks have become cheaper relative to both the broader market and large-cap technology stocks. Relative valuations are now close to five-year lows. Current uncertainties may have unnerved many investors, but the manager is looking ahead and believes that there is considerable latent value in Herald’s portfolio. Furthermore, despite an uptick in share buy-back activity, Herald’s discount has widened in recent months, to levels that the manager feels represent an attractive entry point for long-term investors; she has just invested personally c £300,000 in Herald.

HRI : Herald Investment Trust – Investing in the future