Herald Investment Share Discussion Threads

[weatherman] 23/2/2021 11:50

HRI has fallen along with the fall in ITM this morning. And yet from the report to 31 Dec they have been taking profits on ITM on the way up because of its eye-watering valuation. Their holding is reported at 2.1%, possibly lower now, suggesting fall today is overdone. So a 20% fall in ITM would be equal to about 10p of the valuation of HRI.

[123ct] 23/2/2021 10:05

As a comment on this IT which I only have a small exposure to I do think the quality of the report is so much more informative than most. Taking time to explain what the holdings are involved with and the history of fund raising is fascinating so much more interesting and informative than the other IT's I have and shows why OEICS are horrendous for information as I often found they didn't even produce fact sheets so I stopped investing in them many years ago.

[quepassa] 23/2/2021 08:50

Their best 2020 geographical returns came from the region where they have smallest exposure.

Good all-round figures but Herald really need to up their game and up their exposure in APAC- Asia Pacific China region:-

"The Asian exposure was increased from 6.8% to 10.1%, and the return from these holdings was also strong at 60.7%.The best performer was Kingdee International Software, a Hong Kong listed Chinese Enterprise Resource Planning provider."

ALL IMO. DYOR.
QP

[this_is_me] 23/2/2021 08:02

More detail of the huge NAV gain in 2020. A year when everything went well.

[quepassa] 15/2/2021 15:12

New all -time-high today at 2400p.

[shavian] 15/2/2021 07:23

It does not seem to bother James Anderson at SMT

[bitgold] 14/2/2021 11:23

I am surprised they're buying shares back at a 10% discount, instead of when it was over 20%.

I have liked this trust a lot for years, but begun to exit. The discount doesn't scream sell at 10%, but it does when it's below 5%, in my view. Investment trusts with a history of large discounts can quickly become unpopular again when sentiment changes.

Katie Potts has done an excellent investment job, but also as the trust grows larger it'll become harder and harder to outperform beyond the main benchmarks.

[dragonsteeth] 11/2/2021 11:11

Yeah I struggle to see the benefit of the buyback / cancellation. If they believe the share price will rise significantly in the future there is some merit in putting the shares in Treasury and releasing them later when/ if the share price has risen.

[riskvsreward] 11/2/2021 08:47

Buyback will make a difference on the day or few days due to the liquidity of the stock. However in the long run I don't think buy-back matters for the technology trusts as they don't normally have a significant discount, unlike some other trusts that are on discount in the 30 to 60%

[arja] 11/2/2021 08:44

but buybacks are a pittance compared to issued share capital AMT .

[arja] 11/2/2021 08:30

riskvsreward,
I hold PCT but it is disappointing compared to SMT and ATT and is at a bigger discount to NAV than the other two which even trade at a premium at times .
not sure why HRI does small buybacks and I thought it was not allowed with closed end funds ?

[amt] 11/2/2021 07:05

Herald buying back. They have seen the opportunity while there is a large discount.

[riskvsreward] 10/2/2021 07:53

Yes, this is good value. However, on historical discount level this is not cheap, especially in comparison with pct. So personally I would prefer pct or at least split my investment between pct and hri.

[amt] 10/2/2021 07:39

Yes the discount is much too large. We have seen it close completely for a day last month from memory. So perhaps will again.

[this_is_me] 09/2/2021 19:15

Yes, that is around a 10% discount. Given how well in has done over the years it should be on a premium.

[weatherman] 09/2/2021 16:10

NAV now 2539p the discount gap now ~250p at 2290p

[this_is_me] 08/2/2021 14:49

It has been a good investment any time in the last 10 years. I am certainly happy with my profit so far.

[arja] 08/2/2021 14:24

steve3,
i should have added that chartists think that a chart is the next best thing to a crystal ball ( they are too expensive ! ) and rarely let me down although at times i wish I had a quicker trigger finger when buying in auction ! ( smile )

[arja] 08/2/2021 14:21

pvb ,
sorry sport but not sure what you mean .

[arja] 08/2/2021 14:19

steve3,
Actually I normally just do day or overnight trades using CFDs and I am never too bothered about buying at all time high but usually try to buy on intra day dip. But you make a good point although I guess trusts trading at a premium to NAV are even more risky if markets tank .

[pvb] 08/2/2021 13:14

...What was that, arja? :-0

[steve3sandal] 08/2/2021 13:13

Couple of possible considerations. The chart has happened it doesn’t foretell. If stocks go down the discount to NAV might increase. Small steps might be best at all time highs. Just saying....Good luck.

[arja] 08/2/2021 12:56

thanks Spangle93 and much appreciated . This trust has a lovely looking chart and the discount to NAV gives an element of protection limiting downside in event of the bull
market ending.

[spangle93] 08/2/2021 10:10

Hi Arja

According to the Herald Investment Trust site



It's around 50% in UK stocks, 25% in US, and 10% in Japan