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Herald benefits from buoyant M&A market

Over the first half of 2015 Herald Investment Trust’s total return was 7.9% and the share price return was 8.0%. These figures compare to an 8.3% return on the Numis Smaller Companies plus AIM Index and a 6% return on the Russell 2000 small cap. technology Index.

The report says they saw a steady stream of takeovers announced for stocks in the portfolio. This comprised eight holdings with an aggregate value to the Company of £44m, and included three very long term holdings in Kofax, Phoenix IT and Advent Software. The uplift associated with the takeovers contributed 25% of net asset appreciation in the period.

They participated in twenty-two follow on primary placings in the first half, with an aggregate value of around £10m but didn’t buy any IPOs.

HRI : Herald benefits from buoyant M&A market

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