Herald Investment Trust, the FTSE-250 listed fund, reported a net asset value (NAV) total return of 12.3 per cent in 2012.

The company described this NAV as "satisfactory in the context of returns made from the wider indicies".

It said that the UK portfolio had risen to the highest proportion of the equity portfolio since the turn of the century at 70.9%, while the US portfolio fell to 20.9%.

The European portfolio recovered by 17.5% in pounds sterling but the company said it remainded a "modest weighting". Meanwhile, the Far East delivered a total return of 10.3%, including the Taiwamn portfolio which returned 19.3% in pounds sterling and the strongest component.

Concluding its results, the company described 2012 as "adequate", adding that it "could have been better". It said that the outlook for 2013 remained "uncertain" but from the perspective of the sectors it targeted, Herald said that the US seemed to be better placed to address its economic issues than elsewhere.

"There remains more value in microcaps, but the ability for companies to grow profits appears to be more challenging than it has been. The UK portfolio seems likely to decline as a percentage of the whole. While a degree of caution seems rational it remains a mandate that seems to have attractions relative to most other asset classes. We continue with enthusiasm," a statement issued by the fund reported.

Herald Investment Trust was launched in 1994 and is a large investment trust specialising in technology, communications and multi-media. It is the only specialist technology orientated investment trust with a material exposure to the United Kingdom.

According to its latest fund factsheet, dated December 31st, 65.1% of gross assets were held in the UK.

Herald Investment Trust's shares were up 0.95% to 585p at 15:14.

MF

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