Herald Investment Trust (HRI) exemplifies the benefits of the closed-end structure, allowing its manager to take a long-term view, thanks to its permanent pool of capital, and tap into up-and-coming technology stocks at an early stage of their development, thus providing its shareholders with a differentiated source of alpha – a measure of uncorrelated returns and manager skill, the hallmark of any good actively managed fund. We believe that the recent attempts by Saba Capital (a US activist ....