MA
Montanaro Asset Management Ltd 13F Portfolio & Top Holdings (Q2 2026)
Montanaro Asset Management LtdCIK: 0001831133
ContrarianDiversified strategyQuality / disciplined sizing
Total reported value
$317.2M
Reporting period: 2026-06-30 · Number of holdings: 42
Montanaro Asset Management Ltd disclosed 42 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $317.2M and a quarterly turnover rate of 45.1%.
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Personality snowflake
- Concentration
- 13.37
- Portfolio Stability
- 45.13
- Momentum
- 0
- Sector conviction
- 66.26
- Diversification
- 84
- Sizing Uniformity
- 93.57
Montanaro Asset Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.033 — mathematically equivalent to about 30 equally-sized positions, close to its 42 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.64), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy AYI
Add WTS
+74.0% $10.4M
Sold out TYL
Sold out FCN
New buy SXT
Trim TECH
-63.0% -$8.9M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVMI | Nova Ltd. | Stock-Other | 5.89% | -0.36% | -28.57% | |
| 2 | WTS | Watts Water Technologies-a | Stock-Industrials | 5.69% | +3.39% | +73.96% | |
| 3 | EGP | Eastgroup Properties Inc | Stock-Real Estate | 5.06% | +0.87% | +4.92% | |
| 4 | FSS | Federal Signal CORP | Stock-Industrials | 4.96% | +0.98% | -0.46% | |
| 5 | VMI | Valmont Industries | Stock-Industrials | 4.71% | +2.39% | +33.25% | |
| 6 | BCPC | Balchem CORP | Stock-Materials | 4.66% | -0.34% | -11.33% | |
| 7 | SITM | Sitime CORP | Stock-Tech | 3.76% | +1.18% | -36.00% | |
| 8 | BSY | Bentley Systems Inc-class B | Stock-Tech | 3.59% | -0.61% | -4.86% | |
| 9 | CSW | Csw Industrials Inc | Stock-Industrials | 3.57% | -0.31% | -18.26% | |
| 10 | HLI | Houlihan Lokey Inc | Stock-Financials | 3.51% | -0.71% | -15.59% | |
| 11 | AWK | American Water Works Co Inc | Stock-Utilities | 3.49% | -0.17% | -6.34% | |
| 12 | AYI | Acuity Inc | Stock-Industrials | 3.44% | +3.44% | NEW | |
| 13 | ENTG | Entegris Inc | Stock-Tech | 3.37% | +0.50% | -27.35% | |
| 14 | EXPO | Exponent Inc | Stock-Industrials | 3.32% | -0.42% | -6.63% | |
| 15 | MANH | Manhattan Associates Inc | Stock-Tech | 2.98% | -0.18% | -14.56% | |
| 16 | TECH | Bio-techne CORP | Stock-Healthcare | 2.81% | -2.52% | -62.96% | |
| 17 | LRN | Stride Inc | Stock-Consumer Staples | 2.64% | -0.66% | -22.39% | |
| 18 | SXT | Sensient Technologies CORP | Stock-Materials | 2.55% | +2.55% | NEW | |
| 19 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 2.41% | +0.52% | +19.72% | |
| 20 | MIR | Mirion Technologies Inc | Stock-Industrials | 2.37% | +0.67% | +37.13% | |
| 21 | ROL | Rollins Inc | Stock-Consumer Disc | 1.99% | -1.25% | -25.46% | |
| 22 | MSCI | Msci Inc | Stock-Financials | 1.94% | -0.58% | -29.71% | |
| 23 | FN | Fabrinet | Stock-Tech | 1.77% | -1.35% | -50.00% | |
| 24 | ALRM | Alarm.com Holdings Inc | Stock-Other | 1.64% | -0.19% | -21.53% | |
| 25 | MDA | Mda Space LTD | Stock-Other | 1.58% | +0.56% | -9.32% | |
| 26 | HQY | Healthequity Inc | Stock-Healthcare | 1.35% | +0.08% | -6.69% | |
| 27 | HWKN | Hawkins Inc | Stock-Other | 1.34% | -1.41% | -50.17% | |
| 28 | CLH | Clean Harbors Inc | Stock-Industrials | 1.27% | +0.96% | +275.00% | |
| 29 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 1.24% | -0.63% | -25.68% | |
| 30 | GGG | Graco Inc | Stock-Industrials | 1.19% | -1.59% | -54.55% | |
| 31 | BELFB | Bel Fuse Inc-cl B | Stock-Other | 1.16% | +1.16% | NEW | |
| 32 | KGS | Kodiak Gas Services Inc | Stock-Other | 1.07% | +1.07% | NEW | |
| 33 | HXL | Hexcel CORP | Stock-Industrials | 1.06% | +0.04% | -19.74% | |
| 34 | TRNS | Transcat Inc | Stock-Other | 0.94% | +0.06% | -19.74% | |
| 35 | SNEX | Stonex Group Inc | Stock-Financials | 0.90% | +0.18% | -19.74% | |
| 36 | WMS | Advanced Drainage Systems In | Stock-Industrials | 0.89% | +0.45% | +65.74% | |
| 37 | TTEK | Tetra Tech Inc | Stock-Industrials | 0.84% | +0.20% | +28.39% | |
| 38 | STVN | Stevanato Group S.p.A. | Stock-Other | 0.80% | +0.08% | -19.74% | |
| 39 | UTI | Universal Technical Institut | Stock-Other | 0.73% | +0.01% | -18.90% | |
| 40 | ESE | Esco Technologies Inc | Stock-Tech | 0.55% | +0.55% | NEW | |
| 41 | KNSL | Kinsale Capital Group Inc | Stock-Financials | 0.49% | +0.03% | +6.73% | |
| 42 | BMI | Badger Meter Inc | Stock-Tech | 0.48% | +0.15% | +41.10% |
Portfolio Performance
Performance for Q3 2026
+3%
Performance Last 4 Quarters
-1.7%
- Stdev
- +18.4%
- Beta
- +1.12
- Alpha
- -20.2%
- Max Drawdown
- -16.5%
- Annualized Perf
- +0.6%
- Batting Avg vs S&P
- +30.6%
- Sortino
- +0.19
- Stutzer
- +0.04
- Treynor
- +0.02
- Sterling
- +0.03
- Calmar
- +0.04
- Information Ratio
- -1.56
- Tracking Error
- +11.3%
- Stdev Down
- +12.2%
- Winning Months %
- +50%
- Losing Months %
- +50%
- Best 12 Months
- +26%
- Worst 12 Months
- -12.8%
- Efficiency Ratio
- +0.01
- Sharpe
- +0.12
- Stdev Sectors
- +11%
- Skewness
- +0.14
- Kurtosis
- -0.63
- Upside Potential
- +2.22
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 42 | $317.2M | 45 | ||
| 2026 Q1 | 42 | $334.4M | 39 | ||
| 2025 Q4 | 41 | $358.8M | 25 | ||
| 2025 Q3 | 41 | $400.4M | 38 | ||
| 2025 Q2 | 39 | $387.9M | 0 | ||
| 2025 Q1 | 46 | $340.9M | 100 | ||
| 2024 Q4 | 47 | $484.4M | 0 | ||
| 2024 Q3 | 47 | $561.1M | 0 | ||
| 2024 Q2 | 46 | $536.4M | 0 | ||
| 2024 Q1 | 44 | $553.7M | 0 | ||
| 2023 Q4 | 43 | $531.6M | 0 | ||
| 2023 Q3 | 45 | $568.5M | 0 | ||
| 2023 Q2 | 45 | $632.4M | 0 | ||
| 2023 Q1 | 45 | $644.0M | 0 | ||
| 2022 Q4 | 47 | $614.4M | 0 | ||
| 2022 Q3 | 48 | $653.1M | 0 | ||
| 2022 Q2 | 48 | $665.3M | 0 | ||
| 2022 Q1 | 45 | $811.4M | 0 | ||
| 2021 Q4 | 48 | $991.2M | 0 | ||
| 2021 Q3 | 47 | $829.5M | 0 | ||
| 2021 Q2 | 53 | $794.9M | 100 | ||
| 2021 Q1 | 43 | $679.2M | 30 | ||
| 2020 Q4 | 40 | $592.9M | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Holding changes this quarter
Montanaro Asset Management Ltd's most significant position changes for 2026-06-30: New buy: Acuity Inc (AYI); Sold out: Tyler Technologies Inc (TYL); Sold out: Fti Consulting Inc (FCN); New buy: Sensient Technologies CORP (SXT); Sold out: Transmedics Group Inc (TMDX).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AYI | Acuity Inc | +3.4% | NEW | New buy |
| 2 | WTS | Watts Water Technologies-a | +3.4% | +73.96% | Add |
| 3 | SXT | Sensient Technologies CORP | +2.6% | NEW | New buy |
| 4 | VMI | Valmont Industries | +2.4% | +33.25% | Add |
| 5 | SITM | Sitime CORP | +1.2% | -36.00% | Trim |
| 6 | BELFB | Bel Fuse Inc-cl B | +1.2% | NEW | New buy |
| 7 | KGS | Kodiak Gas Services Inc | +1.1% | NEW | New buy |
| 8 | FSS | Federal Signal CORP | +1% | -0.46% | Trim |
| 9 | CLH | Clean Harbors Inc | +1% | +275.00% | Add |
| 10 | EGP | Eastgroup Properties Inc | +0.9% | +4.92% | Add |
| 11 | MIR | Mirion Technologies Inc | +0.7% | +37.13% | Add |
| 12 | MDA | Mda Space LTD | +0.6% | -9.32% | Trim |
| 13 | ESE | Esco Technologies Inc | +0.6% | NEW | New buy |
| 14 | VEEV | Veeva Systems Inc-class A | +0.5% | +19.72% | Add |
| 15 | ENTG | Entegris Inc | +0.5% | -27.35% | Trim |
| 16 | WMS | Advanced Drainage Systems In | +0.5% | +65.74% | Add |
| 17 | TTEK | Tetra Tech Inc | +0.2% | +28.39% | Add |
| 18 | SNEX | Stonex Group Inc | +0.2% | -19.74% | Trim |
| 19 | BMI | Badger Meter Inc | +0.2% | +41.10% | Add |
| 20 | STVN | Stevanato Group S.p.A. | +0.1% | -19.74% | Trim |
| 21 | HQY | Healthequity Inc | +0.1% | -6.69% | Trim |
| 22 | TRNS | Transcat Inc | +0.1% | -19.74% | Trim |
| 23 | HXL | Hexcel CORP | 0% | -19.74% | Trim |
| 24 | KNSL | Kinsale Capital Group Inc | 0% | +6.73% | Add |
| 25 | UTI | Universal Technical Institut | 0% | -18.90% | Trim |
| 26 | AWK | American Water Works Co Inc | -0.2% | -6.34% | Trim |
| 27 | MANH | Manhattan Associates Inc | -0.2% | -14.56% | Trim |
| 28 | ALRM | Alarm.com Holdings Inc | -0.2% | -21.53% | Trim |
| 29 | CSW | Csw Industrials Inc | -0.3% | -18.26% | Trim |
| 30 | DOCS | Doximity Inc-class A | -0.3% | EXIT | Sold out |
| 31 | BCPC | Balchem CORP | -0.3% | -11.33% | Trim |
| 32 | NVMI | Nova Ltd. | -0.4% | -28.57% | Trim |
| 33 | EXPO | Exponent Inc | -0.4% | -6.63% | Trim |
| 34 | MSCI | Msci Inc | -0.6% | -29.71% | Trim |
| 35 | BSY | Bentley Systems Inc-class B | -0.6% | -4.86% | Trim |
| 36 | TW | Tradeweb Markets Inc-class A | -0.6% | -25.68% | Trim |
| 37 | LRN | Stride Inc | -0.7% | -22.39% | Trim |
| 38 | BRBR | Bellring Brands Inc | -0.7% | EXIT | Sold out |
| 39 | HLI | Houlihan Lokey Inc | -0.7% | -15.59% | Trim |
| 40 | ROL | Rollins Inc | -1.3% | -25.46% | Trim |
| 41 | FN | Fabrinet | -1.4% | -50.00% | Trim |
| 42 | HWKN | Hawkins Inc | -1.4% | -50.17% | Trim |
| 43 | GGG | Graco Inc | -1.6% | -54.55% | Trim |
| 44 | TMDX | Transmedics Group Inc | -2.3% | EXIT | Sold out |
| 45 | TECH | Bio-techne CORP | -2.5% | -62.96% | Trim |
| 46 | FCN | Fti Consulting Inc | -2.6% | EXIT | Sold out |
| 47 | TYL | Tyler Technologies Inc | -2.8% | EXIT | Sold out |
Filing History
FAQ
What is Montanaro Asset Management Ltd and what type of investor is it?
Montanaro Asset Management Ltd is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $317.2M, spread across 42 disclosed positions.
What are Montanaro Asset Management Ltd's largest equity positions?
Based on the latest 13F filing, Montanaro Asset Management Ltd's top holdings by market value are:
1. Nova Ltd. (NVMI) — $18.7M (5.9%)
2. Watts Water Technologies-a (WTS) — $18.0M (5.7%)
3. Eastgroup Properties Inc (EGP) — $16.1M (5.1%)
4. Federal Signal CORP (FSS) — $15.7M (5.0%)
5. Valmont Industries (VMI) — $14.9M (4.7%)
What changes did Montanaro Asset Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, Montanaro Asset Management Ltd made 47 notable position adjustments: 5 new positions were initiated, 10 existing holdings were added to, 27 positions were partially reduced, and 5 were completely exited. The largest of these moves: New buy: Acuity Inc (AYI); Sold out: Tyler Technologies Inc (TYL); Sold out: Fti Consulting Inc (FCN); New buy: Sensient Technologies CORP (SXT); Sold out: Transmedics Group Inc (TMDX)
What sectors does Montanaro Asset Management Ltd focus on?
Montanaro Asset Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 39.2%
• Information Technology: 19.4%
• Financials: 9.5%
• Materials: 8.5%
• Health Care: 7.8%
• Real Estate: 6.0%
Investment Profile
Montanaro Asset Management Ltd returned an annualized 0.6% over the trailing 36 months — underperforming the S&P 500 by 20.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.12 (more volatile than the market) and a 31% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 39.2% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 45 over the past 4 quarters — a shift toward more active trading.
It has added to its FSS position over the past two quarters (+$8.3M, now $15.7M), while trimming ROL over the same stretch (-$12.0M, still holding $6.3M).
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MW
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WP
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Developer Access
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