Herald Investment Trust specialises in small-cap stocks involved in technology, media, and telecoms. Roughly half its portfolio is listed in the UK with a quarter in North America and the remainder in Europe and Asia. It was launched in early 1994, pre-dating both Allianz Technology and Polar Capital Technology by a couple of years, and has been managed throughout by Katie Potts. Its annualised net asset value return has been just over 12%, largely keeping pace with the Polar and Allianz trusts until five years ago when US large-cap technology shares began to power ahead. It has a very large p...