Herald Investment Share Discussion Threads

[weatherman] 11/5/2020 16:50

amt - my maths is not wrong according to my statement. The discount I calculate at 17.5% on those numbers - today the discount is about 16%.

[amt] 04/5/2020 07:07

That's not correct Weatherman. Your maths is wrong and the NAV is a day before the latest big fall in share prices. Probably about 15% discount assuming no further falls today.
I would expect they will start buying back the shares though as 15% is too wide a discount for such a phenomenal performance over the years.

[weatherman] 02/5/2020 21:03

NAV 1576p, price 1300p - NAV about 20% above price.

[amt] 22/4/2020 19:48

Ft all share index up 50 % since Jan 2009.Herald up 660%

[amt] 22/4/2020 10:35

I had forgotten about Polar tech but that is pure tech and mostly US based if I recall correctly. The performance there is absolutely astonishing. Allianz might be a bit better but not much to choose. Those trusts are at premiums which is fully justified given their performance. Perhaps Herald should be at a small discount but not 18%. Incidentally it sometimes has got to a 5% discount in better times. I expect that will happen again when things calm down.

[riskvsreward] 22/4/2020 10:05

But its performance is nowhere near as good as pct or att over any time scale so it is always at a relative discount to them. Agree though it is now looking relatively good value and the manager is a safe pair of hand, perhaps overly conservative if anything holding hundreds of shares. I hold both pct and hri personally.

[amt] 22/4/2020 09:57

The discount has been overdone on and off for along time. Given the phenomenal performance over both long and short term I think a premium would be justified. I don't know of any other ITs with a better performance

[spangle93] 22/4/2020 09:52

It's not that silly.

Average discount over the last 12 months is about -15%, vs -18% now

Second half of last month would have been a bigger one, but I wasn't brave enough

[amt] 22/4/2020 08:12

Yes about 18%.They hold plenty of cash also to buy in at subdued levels or buy own shares.
Judging by the robust performance of nav they must be holding a great portfolio to deal with the present crisis.

[dplewis1] 22/4/2020 07:51

Yes compared to my other tech trust PCT the discount here is silly

[amt] 22/4/2020 07:00

Discount has gotten over bloated again. Buying own shares yesterday to reduce the gap.

[quepassa] 19/3/2020 15:26

Over-bloated discount to NAV makes this compelling.

Thank you, Mr. Market!

ALL IMO. DYOR.
QP

[rambutan2] 14/3/2020 20:48

Always worth a read:



And a couple of snippets:

I remember when I started in the City during Thatcher’s reign the atmosphere was “we need small companies to create wealth, added value jobs, taxes and future big companies” and there was an enthusiasm to allocate capital accordingly. It is within the Government’s powers to direct UK savings to alleviate the disastrous decisions made over the last twenty years: after all, they provide a subsidy to pensions, ISAs and private equity. Now that we have left the EU, there is an opportunity for government to create a really positive environment for innovation and growth.


PROSPECTS

We remain confident that there is growth in the sector above that of the wider economy and that much of the sector now has non-cyclical spending. In particular, the recurring revenues associated with IT infrastructure and applications, used by corporations, the consumer and governments alike, have the defensive characteristics of utilities without the regulatory issues, which benefit so many companies within our universe. However, the geopolitical uncertainties, the illiquidity associated with smaller companies and valuation levels which will be vulnerable when interest rates rise, means that we prefer to keep higher than normal cash levels (circa £90m + £45m in US Treasuries) to ensure we can exploit buying opportunities, which will inevitably occur. For reassurance, valuations are in general not in bubble territory and the difficulty which central banks have in raising interest rates means there is a good chance that valuations could rise further.

KATIE POTTS
FUND MANAGER
18 February 2020

[rambutan2] 22/2/2020 20:47

AND KP is on the IC Personal Finance Show podcast this week. Well worth a listen.

[weatherman] 19/2/2020 12:13

Financial report out today - interesting reading - and NAV now 1730p

[psync] 06/2/2020 21:06

When you need cash or can get better returns elsewhere. If it's the latter then let us know what you're buying!

[dplewis1] 06/2/2020 20:24

The hard thing is, when do you take some money off the table..?!

[robsy2] 06/2/2020 19:47

Happy days!

[quepassa] 06/2/2020 10:12

New All TIME HIGH at 1520p

[weatherman] 13/1/2020 21:17

NAV 1705p vs 1490p

[davebowler] 13/1/2020 14:38

Net Asset Value as at 10 January 2020

Net Asset Value - including current year income 1705.17p

[davebowler] 10/1/2020 11:07

More in depth than the monthly summary but July 19 info -

[davebowler] 10/1/2020 11:03

I've started another thread with Herald Investment Trust in the title for clarity.

[amt] 09/1/2020 08:09

Gone back to a large discount of about 15%.