Statistics and Performance Report

Summary by AI ^BETAClose X

Herald Investment Trust PLC reported its statistics and performance as of 31 December 2025, with a Net Asset Value (NAV) per share of 2699.8 pence excluding accrued income, representing a year-to-date increase of 8.7% and a total return of 2635.3% since inception. The trust's NAV including accrued income was 2700.5 pence, with a year-to-date performance of 8.5%. The share price stood at 2405.0 pence, a year-to-date decrease of 1.0%, resulting in a discount to NAV of 10.9%. The portfolio comprised 22.1% UK equities, 62.1% overseas equities, and 15.8% cash and government bonds, with 278 equity holdings. The total Net Asset Value of the company was £1,292.4 million.

Disclaimer*

Herald Investment Trust PLC

23 January 2026

HERALD INVESTMENT TRUST PLC
Legal Entity Identifier: 213800U7G1ROCTJYRR70
STATISTICS AND PERFORMANCE REPORT

	At inception		At		Performance since	Performance	Performance
	16 February		31 December		31 November	YTD (%)	since inception
	1994		2025		2025 (%)		(%)
NAV per share (p) excl. accrued income (capital gains)	98.7	p*	2699.8	p	-0.7%	+8.7%	+2635.3%
NAV per share (p) incl. accrued income (capital gains)	98.7	p*	2700.5	p	-0.7%	+8.5%
NAV per share (p) incl. accrued income (total return)							+2847.8%	**
Deutsche Numis SC plus AIM (ex. Investment Co's) Index (capital gains)	1750.0		5963.5		+1.3%	+8.5%	+240.8%
Russell 2000 Technology Index (capital gains in Sterling terms)	673.8	***	5758.2		-4.3%	-0.5%	+754.6%
Share price	90.9	p****	2405.0	p	+0.6%	-1.0%	+2545.8%
Premium/(Discount) to NAV (excl accrued income) per share as at 31 December 2025							(10.9)%
UK Equity Portfolio as a % of Net Asset Value at 31 December 2025							22.1%
Overseas Equity Portfolio as a % of Net Asset Value at 31 December 2025							62.1%
Cash and Government Bonds as a % of Net Asset Value at 31 December 2025*****							15.8%
Number of Equity Holdings at 31 December 2025							278

* 100p was the subscription price before launch costs of 1.3p.
** Total return (in percentage terms) on 98.7p invested at inception excluding warrants. Performance data since inception is shown ex-income as cum-income NAV data is not available from inception.
*** Value shown is from 31/03/1996, the date the funds were globalised.
**** 90.9p is the 1994 CGT base subscription price for shareholders adjusting for warrants which were issued on a 1 for 5 basis.
***** The Company is not currently geared.

These figures are not audited

At 31 December 2025, the Net Asset Value of the Company including current year income was £1,292.4m (£1,292.1m excluding current year income).
Income is shown net of expenses.
As at 31 December 2025, there were 47,858,467 shares in issue.

This Report has been issued on behalf of Herald Investment Trust plc, and has been approved by Herald Investment Management Limited, its investment manager. Herald Investment Management Limited is authorised and regulated by the Financial Conduct Authority. Past performance is not a reliable indicator of future returns. Markets and currency movements may cause the value of shares, and the income from them, to fall as well as rise, and you may get back less than you invested when you decide to sell your shares.

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