ANNUAL REPORT 2005.qxd - Herald
ANNUAL REPORT 2005.qxd - Herald
ANNUAL REPORT 2005.qxd - Herald
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HERALD INVESTMENT FUND PLCThe <strong>Herald</strong> Worldwide FundINVESTMENT MANAGER'S <strong>REPORT</strong> for the year ended 31 December 2007 continuedPortfolio WeightingsMid Cap Large CapBREAKDOWN BY MARKET CAP AS AT 31 DECEMBER 200731/12/06 31/12/07Large Cap 40% 59%Mid Cap 25% 16%Small Cap 35% 25%Small Cap(£2000m)Net Liquid Assets59%GEOGRAPHIC BREAKDOWN AS AT 31 DECEMBER 200731/12/06 31/12/07North America 63% 65%UK 22% 15%Europe 0% 0%Asia Pacific 8% 12%Net Liquid Assets 6% 8%(£500m-2bn)Net Liquid Assets 8%(>£200m) (