Tech bids demonstrate value
”‹Herald Investment Trust’s (HRI’s) manager believes recent portfolio activity (bids for Avesco and Mentor Graphics) shows that HRI’s NAV does not reflect the true valuations of the underlying companies, particularly when a trade buyer is looking to gain control. The UK is seeing considerable expansion from the major technology players (such as Amazon, Apple and Google). HRI’s manager thinks that this development is expanding the skillset of the sector and boosts the ecosystem that supports these tech giants. Small-cap technology, particularly in the UK, has been suffering from a marked lack of liquidity and HRI has seen an expansion in its already significant discount to NAV this year. However, HRI’s UK portfolio has a predominantly global customer base and its manager believes it will likely benefit from an improved competitive position following sterling’s depreciation.
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