UPDATE: In July 2026, Saba's holding in the trust was bought out as part of a 60% tender offer, while Katie Potts and her management team have become part of Aberdeen.
Herald Investment Trust (HRI) was launched in 1994, and Katie Potts has been the trust's lead manager since its IPO. It holds a globally diversified portfolio of around 300 small-cap technology stocks; roughly a third of its portfolio is based in the UK (down from around two-thirds historically), another third is in North America, with the remainder in EMEA, Asia Pacific, and fixed-income securities. HRI tends to be a long-term...
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UPDATE: A revised version of this profile was published in September 2025.
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 whe...
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