HERALD INVESTMENT TRUST plc ANNUAL REPORT ...

LONG TERM PERFORMANCE SUMMARY
The following charts indicate how an investment in Herald has performed relative to its comparative
indices (applied retrospectively) and its underlying fully diluted net asset value over the period since
inception of the Company.
31 December
2010
Inception
16 February
1994 % change
Net asset value per Ordinary share 593.8p 98.7p 501.6
Share price 483.0p 90.9p 431.4
Hoare Govett Smaller Companies Index plus AIM
(capital gains ex. investment companies) 3,650.8 1,750.0 108.6
Russell 2000 (small cap) Technology Index (in sterling terms) †† 957.3 688.7* 39.0
FTSE 100 5,899.9 3,417.7 72.6
FTSE All-Share 3,062.9 1,717.8 78.3
FTSE Small Cap 3,228.6 2,076.1 55.5
* At 9 April 1996 being the date funds were first available for international investment.
†† The Russell 2000 (small cap) Technology Index was rebased during 2009 following some minor adjustments to its constituents. The rebased index is
used from 31 December 2008 onwards.
Source: Thomson Reuters Datastream/Baillie Gifford & Co
700
600
500
400
300
200
100
0
Feb
‘94
RELATIVE PERFORMANCE OF HERALD’S FULLY DILUTED NAV AND SHARE PRICE
TO FTSE INDICES SINCE INCEPTION
(figures have been rebased to 100 at 16 February 1994)
800 Fully diluted NAV
1994
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(Years to 31 December)
Source: Thomson Reuters Datastream
PREMIUM/(DISCOUNT) TO FULLY DILUTED NET ASSET VALUE
(plotted on a monthly basis)
10%
5%
0%
(5%)
(10%)
(15%)
(20%)
(25%)
(30%)
Feb
94
RELATIVE PERFORMANCE OF HERALD’S FULLY DILUTED NAV AND SHARE PRICE TO THE
COMPONENT INDICES OF THE COMPOSITE COMPARATIVE INDEX† SINCE INCEPTION
(figures have been rebased to 100 at 16 February 1994)
800 Fully dilluted NAV
700
600
500
400
300
200
100
0
Feb
‘94
1994
1994
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
(Years to 31 December)
Share price
HGSC plus AIM
(capital gains
ex. inv. cos.)
Russell 2000
(small cap)
Technology
(in sterling terms)
Share price
FTSE All Share
FTSE 100
FTSE Small Cap
1996 2002 2008
1995 1997 1998 1999 2000 2001 2003 2004 2005 2006 2007 2009 2010
(Years to 31 December)
Source: Thomson Reuters Datastream
The premium/(discount) is the difference between Herald’s quoted share price and its underlying fully diluted net asset value.
† From 1 January 2006, the comparative index was changed to 2 /3 Hoare Govett Smaller Companies Index plus AIM (capital gains ex. investment companies)
and 1 /3 Russell 2000 (small cap) Technology Index (in sterling terms).
HERALD INVESTMENT TRUST plc 3