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Morningstar® CEF Report™

Herald Investment Trust HRI

Closing Price
GBX552.00

1 Day Change
1.50|0.27%

As of 17/06/2013

Last Close	552.00
52-Wk Range	459.30 - 600.00
Tot Assets mil	579.58
Mkt Cap mil	428.37
Yield %	0.18

Est NAV	680.57
Discount %	-19.11
12M Avg Disc %	-18.53
Last Actual NAV	680.57
Latest NAV Date	14/06/2013

Performance (GBP)

Key Statistics (GBP)
Total Assets	579.582m
Net Assets	529.582m
Market Capitalisation	428.372m
Gross Gearing	109%
Net Gearing	102%
Average Daily Shares Traded (1 Yr)	0.068m
Average Daily Value Traded (1 Yr)	0.363m
Ongoing Charge (2012)	1.07%
Domicile	UK
Legal Structure	Closed End Fund
Traded Currency	GBP
ISIN	GB0004228648
Launch Date	31 Jan 1994
Financial Year End	Dec 2013
Next AGM	Apr 2014
NAV Frequency	Daily
Dividend Frequency	Annual

Valuation Statistics
	17/06/2013	1 Yr High	1 Yr Low
Price	550.50	600.00	459.30
NAV*	680.57	709.17	592.71
Discount/Premium	-19.11	-13.37	-23.28
Category Discount	-10.14	-6.46	-13.32
Z-Statistics (1Yr)	-0.29

Total Returns (GBP)

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	0.27
NAV	0.54
Category Price†	0.00
Category NAV†	0.00
Benchmark‡	0.63

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	0.36
NAV	0.52
Category Price†	-2.57
Category NAV†	-1.32
Benchmark‡	-5.83

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	-7.83
NAV	-3.27
Category Price†	-2.54
Category NAV†	-4.79
Benchmark‡	-1.24

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	20.40
NAV	14.97
Category Price†	13.81
Category NAV†	17.14
Benchmark‡	23.68

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	15.78
NAV	14.29
Category Price†	11.79
Category NAV†	12.83
Benchmark‡	9.91

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	12.63
NAV	13.32
Category Price†	12.78
Category NAV†	14.06
Benchmark‡	7.35

	Chg (%)
3yr, 5yr & 10yr performance data is annualised.
More ...
Price	8.21
NAV	10.21
Category Price†	9.04
Category NAV†	9.75
Benchmark‡	8.87

Latest Dividends (GBX)
Type	Dividend	Ex-Dividend Date	Financial Year
Income	1.0000	10/04/2013	2012
Income	1.0000	04/04/2012	2011
Income	0.3000	05/04/2010	2009
Income	1.5500	08/04/2009	2008
Income - Special	3.4500	08/04/2009	2008

* Estimated
† Morningstar Investment Trust Sector Specialist: TMT
‡ FTSE World TR GBP

Morningstar Rating™

Morningstar® Category

Sector Equity Communications

Benchmarks

Fund Benchmark

66.7% Numis SMC Plus AIM Index, 33.3% Russell 2000 Technology

Morningstar® Benchmark

FTSE World TR GBP

Fund Structure
ShareType	# of Shares
Ordinary Share	77.815m

Investment Objective

Capital appreciation through investments in smaller quoted companies in the areas of telecommunications, multimedia and technology.

Managers
Katie Potts	16/02/1994

Directors

Tom Black, Julian Cazalet, Tim M Curtis, Douglas C P McDougall OBE, Stewart Newton

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