Herald Investment fails to beat market comparator

Herald Investment Trust said its net asset value total return had under-performed the market in the three months to the end of September.

Over the period, the company' said its net asset value total return was 3.9% compared to the comparative index total return of 5.0%, while the share price total return was 6.7%.

The firm, which invests in smaller telecommunications, multimedia and technology companies, made purchases of £20.3m and sales of £24.4m over the quarter, giving rise to net sales of £4.1m.

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At the end of September, £50m had been drawn under the £50m multi-currency facility, the trust said.

The fair value of the related interest rate swap contract at 30th September was an estimated liability of £20.8m based on the swap provider's valuation, it added.

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