Herald Investment Trust
Herald Investment Trust PLC is a closed-ended equity mutual fund launched and managed by Herald Investment Management Limited. It invests in public equity markets across the globe. The fund seeks to invest in stocks of companies operating in the technology, telecommunications, and multi-media sectors. It primarily invests in stocks of small-cap companies having market capitalizations lower than £… Read more
Herald Investment Trust (HRI) - Net Assets
Latest net assets as of June 2025: GBX1.28 Billion GBX
Based on the latest financial reports, Herald Investment Trust (HRI) has net assets worth GBX1.28 Billion GBX as of June 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX1.28 Billion) and total liabilities (GBX1.61 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | GBX1.28 Billion |
| % of Total Assets | 99.87% |
| Annual Growth Rate | 5.15% |
| 5-Year Change | -16.68% |
| 10-Year Change | 86.64% |
| Growth Volatility | 27.52 |
Herald Investment Trust - Net Assets Trend (2000–2024)
This chart illustrates how Herald Investment Trust's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Herald Investment Trust (2000–2024)
The table below shows the annual net assets of Herald Investment Trust from 2000 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | GBX1.25 Billion | +0.55% |
| 2023-12-31 | GBX1.25 Billion | -4.54% |
| 2022-12-31 | GBX1.31 Billion | -25.89% |
| 2021-12-31 | GBX1.76 Billion | +17.13% |
| 2020-12-31 | GBX1.50 Billion | +33.89% |
| 2019-12-31 | GBX1.12 Billion | +24.60% |
| 2018-12-31 | GBX901.15 Million | -6.87% |
| 2017-12-31 | GBX967.62 Million | +22.26% |
| 2016-12-31 | GBX791.41 Million | +17.92% |
| 2015-12-31 | GBX671.14 Million | +6.71% |
| 2014-12-31 | GBX628.92 Million | +0.85% |
| 2013-12-31 | GBX623.60 Million | +24.24% |
| 2012-12-31 | GBX501.95 Million | +11.72% |
| 2011-12-31 | GBX449.30 Million | -5.32% |
| 2010-12-31 | GBX474.56 Million | +39.21% |
| 2009-12-31 | GBX340.90 Million | +61.78% |
| 2008-12-31 | GBX210.71 Million | -38.66% |
| 2007-12-31 | GBX343.50 Million | -9.90% |
| 2006-12-31 | GBX381.23 Million | +6.40% |
| 2005-12-31 | GBX358.29 Million | +7.85% |
| 2004-12-31 | GBX332.21 Million | +3.53% |
| 2003-12-31 | GBX320.88 Million | +80.69% |
| 2002-12-31 | GBX177.59 Million | -34.88% |
| 2001-12-31 | GBX272.73 Million | -27.34% |
| 2000-12-31 | GBX375.37 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Herald Investment Trust's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 23089.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | GBX397.00 Million | 31.69% |
| Common Stock | GBX12.59 Million | 1.00% |
| Other Comprehensive Income | GBX769.28 Million | 61.41% |
| Other Components | GBX73.74 Million | 5.89% |
| Total Equity | GBX1.25 Billion | 100.00% |
Herald Investment Trust Competitors by Market Cap
The table below lists competitors of Herald Investment Trust ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
GXPLF
PINK:GXPLF
|
$3.01K |
|
First Property Group plc
LSE:FPO
|
$3.01K |
|
NAGAKAWA VIETN
VN:NAG
|
$3.01K |
|
Azur Selection S.A.
PA:MLAZR
|
$3.01K |
|
REPUBLIC BANK (GHANA) LIMITED
GSE:RBGH
|
$3.01K |
|
Alaska Hydro Corporation
OTCGREY:ALKHF
|
$3.01K |
|
Geox SpA
BE:GHH
|
$3.00K |
|
Western Star Resources Inc.
F:4K2
|
$3.00K |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Herald Investment Trust's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 1,245,757,000 to 1,252,602,000, a change of 6,845,000 (0.5%).
- Net income of 134,296,000 contributed positively to equity growth.
- Share repurchases of 127,451,000 reduced equity.
- Other comprehensive income decreased equity by 5,851,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | GBX134.30 Million | +10.72% |
| Share Repurchases | GBX127.45 Million | -10.17% |
| Other Comprehensive Income | GBX-5.85 Million | -0.47% |
| Other Changes | GBX5.85 Million | +0.47% |
| Total Change | GBX- | 0.55% |
Book Value vs Market Value Analysis
This analysis compares Herald Investment Trust's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 107.33x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 1189.09x to 107.33x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | GBX2.10 | GBX2500.00 | x |
| 2003-12-31 | GBX3.70 | GBX2500.00 | x |
| 2004-12-31 | GBX3.79 | GBX2500.00 | x |
| 2005-12-31 | GBX4.09 | GBX2500.00 | x |
| 2006-12-31 | GBX4.35 | GBX2500.00 | x |
| 2007-12-31 | GBX3.94 | GBX2500.00 | x |
| 2008-12-31 | GBX2.48 | GBX2500.00 | x |
| 2009-12-31 | GBX4.14 | GBX2500.00 | x |
| 2010-12-31 | GBX5.90 | GBX2500.00 | x |
| 2011-12-31 | GBX5.63 | GBX2500.00 | x |
| 2012-12-31 | GBX6.32 | GBX2500.00 | x |
| 2013-12-31 | GBX7.97 | GBX2500.00 | x |
| 2014-12-31 | GBX8.10 | GBX2500.00 | x |
| 2015-12-31 | GBX8.70 | GBX2500.00 | x |
| 2016-12-31 | GBX10.58 | GBX2500.00 | x |
| 2017-12-31 | GBX13.54 | GBX2500.00 | x |
| 2018-12-31 | GBX12.97 | GBX2500.00 | x |
| 2019-12-31 | GBX16.49 | GBX2500.00 | x |
| 2020-12-31 | GBX22.56 | GBX2500.00 | x |
| 2021-12-31 | GBX27.08 | GBX2500.00 | x |
| 2022-12-31 | GBX19.58 | GBX2500.00 | x |
| 2023-12-31 | GBX21.00 | GBX2500.00 | x |
| 2024-12-31 | GBX23.29 | GBX2500.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Herald Investment Trust utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.72%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 97.65%
- • Asset Turnover: 0.11x
- • Equity Multiplier: 1.00x
- Recent ROE (10.72%) is above the historical average (8.28%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 43.70% | 97.49% | 0.41x | 1.09x | GBX108.14 Million |
| 2004 | 5.04% | 78.90% | 0.06x | 1.08x | GBX-16.49 Million |
| 2005 | 7.35% | 84.56% | 0.09x | 1.00x | GBX-9.48 Million |
| 2006 | 6.15% | 83.70% | 0.07x | 1.05x | GBX-14.66 Million |
| 2007 | -9.99% | 0.00% | -0.08x | 1.00x | GBX-68.67 Million |
| 2008 | -57.80% | 0.00% | -0.43x | 1.31x | GBX-142.87 Million |
| 2009 | 41.17% | 96.06% | 0.36x | 1.18x | GBX106.26 Million |
| 2010 | 29.15% | 95.03% | 0.27x | 1.13x | GBX90.89 Million |
| 2011 | -5.37% | 0.00% | -0.03x | 1.16x | GBX-69.06 Million |
| 2012 | 11.03% | 99.17% | 0.10x | 1.14x | GBX5.19 Million |
| 2013 | 21.09% | 99.58% | 0.20x | 1.06x | GBX69.19 Million |
| 2014 | 1.20% | 92.12% | 0.01x | 1.06x | GBX-55.36 Million |
| 2015 | 7.63% | 98.67% | 0.07x | 1.06x | GBX-15.93 Million |
| 2016 | 18.17% | 99.45% | 0.18x | 1.03x | GBX64.67 Million |
| 2017 | 20.98% | 99.58% | 0.21x | 1.00x | GBX106.15 Million |
| 2018 | -5.36% | 0.00% | -0.05x | 1.00x | GBX-138.45 Million |
| 2019 | 21.56% | 99.56% | 0.22x | 1.00x | GBX129.75 Million |
| 2020 | 26.96% | 99.70% | 0.27x | 1.00x | GBX255.03 Million |
| 2021 | 15.92% | 99.44% | 0.16x | 1.00x | GBX104.31 Million |
| 2022 | -31.07% | 0.00% | -0.31x | 1.00x | GBX-536.03 Million |
| 2023 | 3.86% | 75.97% | 0.05x | 1.00x | GBX-76.45 Million |
| 2024 | 10.72% | 97.65% | 0.11x | 1.00x | GBX9.04 Million |
Industry Comparison
This section compares Herald Investment Trust's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $395,694,700
- Average return on equity (ROE) among peers: -81.73%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Herald Investment Trust (HRI) | GBX1.28 Billion | 43.70% | 0.00x | $3.01K |
| 3I Infrastructure PLC (3IN) | $1.09 Billion | 8.57% | 0.18x | $396.99K |
| 450 PLC (450) | $1.30 Million | -791.13% | 5.03x | $1.71K |
| abrdn Asian Income Fund Limited (AAIF) | $431.48 Million | 11.10% | 0.09x | $315.37 |
| Abrdn Asia Focus PLC (AAS) | $464.40 Million | -2.37% | 0.15x | $434.78 |
| Albion Technology & General VCT PLC (AATG) | $34.46 Million | 4.41% | 0.01x | $78.71 |
| Aberdeen Diversified Income and Growth Trust PLC (ADIG) | $492.42 Million | 0.00% | 0.32x | $16.61 |
| Aquila Energy Efficiency Trust PLC (AEET) | $97.38 Million | -0.64% | 0.00x | $2.38K |
| Aquila European Renewables Income PLC (AERI) | $320.23 Million | -9.29% | 0.00x | $2.45K |
| Artemis UK Future Leaders plc (AFL) | $84.35 Million | -40.52% | 0.02x | $401.26 |
| AVI Global Trust PLC (AGT) | $938.94 Million | 2.59% | 0.12x | $2.83 Million |