CIK: 0001512022
Total reported value
$717.6M
Reporting period: 2026-03-31 · Number of holdings: 97
HERALD INVESTMENT MANAGEMENT Ltd disclosed 97 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $717.6M and a quarterly turnover rate of 26.1%.
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HERALD INVESTMENT MANAGEMENT Ltd's disclosed holdings carry a Herfindahl concentration index of 0.029 — mathematically equivalent to about 35 equally-sized positions, well below its 97 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.35), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 58% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim PEGA
-2.4% -$12.8M
Add VICR
-10.2% $8.5M
Add DOCN
+7.4% $8.9M
Add TSEM
-7.8% $8.0M
Add SIMO
-4.5% $5.7M
Add FN
-7.0% $3.2M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CLS | Celestica INC | Stock-Tech | 8.21% | -0.66% | -8.71% | |
| 2 | FN | Fabrinet | Stock-Tech | 7.27% | +0.88% | -6.97% | |
| 3 | SIMO | Silicon Motion Technol-adr | Stock-Other | 5.75% | +1.09% | -4.47% | |
| 4 | VICR | Vicor CORP | Stock-Tech | 4.93% | +1.42% | -10.20% | |
| 5 | PEGA | Pegasystems INC | Stock-Tech | 4.07% | -1.42% | -2.42% | |
| 6 | TSEM | Tower Semiconductor Ltd. | Stock-Tech | 4.06% | +1.30% | -7.78% | |
| 7 | ARLO | Arlo Technologies INC | Stock-Other | 2.73% | +0.34% | +5.36% | |
| 8 | DOCN | Digitalocean Holdings INC | Stock-Tech | 2.59% | +1.32% | +7.43% | |
| 9 | RDWR | Radware Ltd. | Stock-Other | 2.38% | — | -3.70% | |
| 10 | KLIC | Kulicke & Soffa Industries | Stock-Tech | 2.24% | +0.60% | -11.59% | |
| 11 | SMCI | Super Micro Computer INC | Stock-Tech | 2.22% | -0.49% | -1.41% | |
| 12 | DRS | Leonardo Drs INC | Stock-Industrials | 1.77% | +0.50% | — | |
| 13 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.77% | -0.03% | — | |
| 14 | LASR | Nlight INC | Stock-Other | 1.47% | +0.42% | -13.95% | |
| 15 | DSGX | Descartes Systems Grp/the | Stock-Tech | 1.44% | -0.68% | -21.62% | |
| 16 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.43% | — | — | |
| 17 | VRNS | Varonis Systems INC | Stock-Tech | 1.39% | -0.68% | -4.14% | |
| 18 | CEVA | Ceva INC | Stock-Other | 1.35% | -0.11% | — | |
| 19 | MSFT | Microsoft CORP | Stock-Tech | 1.33% | -0.30% | — | |
| 20 | FROG | JFrog Ltd. | Stock-Tech | 1.31% | -0.56% | -13.04% | |
| 21 | ELVA | Electrovaya INC | Stock-Other | 1.25% | -0.23% | -20.14% | |
| 22 | POWI | Power Integrations INC | Stock-Tech | 1.25% | +0.55% | +16.67% | |
| 23 | ALKT | Alkami Technology INC | Stock-Other | 1.09% | -0.42% | — | |
| 24 | VIAV | Viavi Solutions INC | Stock-Tech | 1.04% | +0.40% | -18.18% | |
| 25 | VPG | Vishay Precision Group | Stock-Other | 1.03% | — | -10.53% | |
| 26 | AVPT | Avepoint INC | Stock-Other | 1.03% | -0.51% | -8.82% | |
| 27 | FORM | Formfactor INC | Stock-Tech | 1.02% | +0.23% | -30.47% | |
| 28 | MU | Micron Technology INC | Stock-Tech | 1.01% | -0.24% | -35.82% | |
| 29 | HLIT | Harmonic INC | Stock-Other | 0.98% | — | — | |
| 30 | VECO | Veeco Instruments INC | Stock-Other | 0.94% | — | — | |
| 31 | AIP | Arteris INC | Stock-Other | 0.92% | — | — | |
| 32 | RDVT | Red Violet INC | Stock-Other | 0.92% | -0.57% | -4.90% | |
| 33 | PDFS | Pdf Solutions INC | Stock-Other | 0.91% | — | -11.11% | |
| 34 | BELFB | Bel Fuse Inc-cl B | Stock-Other | 0.83% | — | — | |
| 35 | CLMB | Climb Global Solutions INC | Stock-Other | 0.82% | -0.19% | +295.78% | |
| 36 | QUIK | Quicklogic CORP | Stock-Other | 0.80% | +0.23% | -16.13% | |
| 37 | SLAB | Silicon Laboratories INC | Stock-Tech | 0.80% | +0.33% | — | |
| 38 | IDN | Intellicheck INC | Stock-Other | 0.80% | — | -15.97% | |
| 39 | AAPL | Apple INC | Stock-Tech | 0.79% | — | +9.31% | |
| 40 | PLUS | Eplus INC | Stock-Other | 0.79% | — | — | |
| 41 | FIVN | Five9 INC | Stock-Tech | 0.77% | -0.18% | — | |
| 42 | VSH | Vishay Intertechnology INC | Stock-Other | 0.75% | +0.75% | NEW | |
| 43 | MRAM | Everspin Technologies INC | Stock-Other | 0.73% | -0.24% | -25.00% | |
| 44 | QLYS | Qualys INC | Stock-Tech | 0.67% | -0.46% | -15.38% | |
| 45 | DGII | Digi International INC | Stock-Other | 0.67% | — | -16.67% | |
| 46 | CTS | Cts CORP | Stock-Other | 0.67% | — | -9.09% | |
| 47 | CCOI | Cogent Communications Holdin | Stock-Other | 0.64% | — | — | |
| 48 | TER | Teradyne INC | Stock-Tech | 0.62% | +0.20% | -9.64% | |
| 49 | MLAB | Mesa Laboratories INC | Stock-Other | 0.61% | — | — | |
| 50 | KOPN | Kopin CORP | Stock-Other | 0.60% | — | — |
Performance for Q3 2026
+4.2%
Performance Last 4 Quarters
+54.9%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 97 | $717.6M | 26 | |
| 2025-12-31 | 97 | $765.5M | 24 | |
| 2025-09-30 | 94 | $750.7M | 43 | |
| 2025-06-30 | 94 | $674.3M | 0 | |
| 2025-03-31 | 95 | $533.0M | 100 | |
| 2024-12-31 | 94 | $610.9M | 0 | |
| 2024-09-30 | 94 | $580.4M | 0 | |
| 2024-06-30 | 96 | $610.2M | 0 | |
| 2024-03-31 | 98 | $616.8M | 0 | |
| 2023-12-31 | 98 | $523.5M | 0 | |
| 2023-09-30 | 101 | $470.4M | 0 | |
| 2023-06-30 | 100 | $514.9M | 0 | |
| 2023-03-31 | 96 | $450.1M | 0 | |
| 2022-12-31 | 96 | $407.4M | 0 | |
| 2022-09-30 | 102 | $405.6M | 0 | |
| 2022-06-30 | 105 | $430.5M | 0 | |
| 2022-03-31 | 107 | $549.1M | 0 | |
| 2021-12-31 | 102 | $616.4M | 0 | |
| 2021-09-30 | 102 | $608.4M | 0 | |
| 2021-06-30 | 100 | $614.0M | 100 | |
| 2021-03-31 | 100 | $575.1M | 20 | |
| 2020-12-31 | 94 | $560.7M | 26 | |
| 2020-09-30 | 96 | $464.3M | 22 | |
| 2020-06-30 | 94 | $428.1M | 45 | |
| 2020-03-31 | 93 | $330.3M | 26 | |
| 2019-12-31 | 90 | $392.5M | 22 | |
| 2019-09-30 | 88 | $335.9M | 20 | |
| 2019-06-30 | 92 | $359.1M | 30 | |
| 2019-03-31 | 97 | $393.2M | 29 | |
| 2018-12-31 | 90 | $312.2M | 29 | |
| 2018-09-30 | 92 | $390.8M | 21 | |
| 2018-06-30 | 94 | $358.8M | 24 | |
| 2018-03-31 | 94 | $334.8M | 25 | |
| 2017-12-31 | 89 | $318.7M | 23 | |
| 2017-09-30 | 90 | $308.7M | 19 | |
| 2017-06-30 | 90 | $291.5M | 24 | |
| 2017-03-31 | 89 | $272.8M | 33 | |
| 2016-12-31 | 81 | $231.2M | 39 | |
| 2016-09-30 | 81 | $269.7M | 24 | |
| 2016-06-30 | 79 | $238.7M | 16 | |
| 2016-03-31 | 80 | $235.1M | 18 | |
| 2015-12-31 | 81 | $239.1M | 18 | |
| 2015-09-30 | 82 | $225.5M | 43 | |
| 2015-03-31 | 85 | $276.6M | 26 | |
| 2014-12-31 | 86 | $258.3M | 17 | |
| 2014-09-30 | 91 | $250.3M | 33 | |
| 2014-06-30 | 85 | $251.5M | 37 | |
| 2014-03-31 | 84 | $252.9M | 20 | |
| 2013-12-31 | 83 | $250.5M | 38 | 100207R2797410300508B |
| 2013-09-30 | 82 | $230.5M | 24 | 100207R2007974300508B |
| 2013-06-30 | 81 | $213.9M | — | 1007974200207R300508B |
HERALD INVESTMENT MANAGEMENT Ltd's most significant position changes for 2026-03-31: New buy: Vishay Intertechnology INC (VSH); Sold out: Workiva INC (WK); Sold out: Onespan INC (OSPN); New buy: Avnet INC (AVT); Sold out: Forrester Research INC (FORR).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VICR | Vicor CORP | +1.4% | -10.20% | Trim |
| 2 | DOCN | Digitalocean Holdings INC | +1.3% | +7.43% | Add |
| 3 | TSEM | Tower Semiconductor Ltd. | +1.3% | -7.78% | Trim |
| 4 | SIMO | Silicon Motion Technol-adr | +1.1% | -4.47% | Trim |
| 5 | FN | Fabrinet | +0.9% | -6.97% | Trim |
| 6 | KLIC | Kulicke & Soffa Industries | +0.6% | -11.59% | Trim |
| 7 | POWI | Power Integrations INC | +0.6% | +16.67% | Add |
| 8 | DRS | Leonardo Drs INC | +0.5% | — | Unchanged |
| 9 | LASR | Nlight INC | +0.4% | -13.95% | Trim |
| 10 | VIAV | Viavi Solutions INC | +0.4% | -18.18% | Trim |
| 11 | ARLO | Arlo Technologies INC | +0.3% | +5.36% | Add |
| 12 | SLAB | Silicon Laboratories INC | +0.3% | — | Unchanged |
| 13 | QUIK | Quicklogic CORP | +0.2% | -16.13% | Trim |
| 14 | FORM | Formfactor INC | +0.2% | -30.47% | Trim |
| 15 | SPIR | Spire Global INC | +0.2% | -11.97% | Trim |
| 16 | TER | Teradyne INC | +0.2% | -9.64% | Trim |
| 17 | GOOGL | Alphabet Inc-cl A | 0% | — | Unchanged |
| 18 | CEVA | Ceva INC | -0.1% | — | Unchanged |
| 19 | BRZE | Braze Inc-a | -0.2% | — | Unchanged |
| 20 | SLP | Simulations Plus INC | -0.2% | — | Unchanged |
| 21 | APPS | Digital Turbine INC | -0.2% | -2.03% | Trim |
| 22 | HSTM | Healthstream INC | -0.2% | -25.00% | Trim |
| 23 | FIVN | Five9 INC | -0.2% | — | Unchanged |
| 24 | CLMB | Climb Global Solutions INC | -0.2% | +295.78% | Add |
| 25 | FA | First Advantage CORP | -0.2% | -12.50% | Trim |
| 26 | VERX | Vertex INC - Class A | -0.2% | — | Unchanged |
| 27 | OUST | Ouster INC | -0.2% | -25.00% | Trim |
| 28 | ELVA | Electrovaya INC | -0.2% | -20.14% | Trim |
| 29 | MU | Micron Technology INC | -0.2% | -35.82% | Trim |
| 30 | MRAM | Everspin Technologies INC | -0.2% | -25.00% | Trim |
| 31 | RBBN | Ribbon Communications INC | -0.3% | -87.50% | Trim |
| 32 | SPSC | Sps Commerce INC | -0.3% | — | Unchanged |
| 33 | MSFT | Microsoft CORP | -0.3% | — | Unchanged |
| 34 | NABL | N-able INC | -0.4% | -84.75% | Trim |
| 35 | SMWB | Similarweb Ltd. | -0.4% | — | Unchanged |
| 36 | ALKT | Alkami Technology INC | -0.4% | — | Unchanged |
| 37 | QLYS | Qualys INC | -0.5% | -15.38% | Trim |
| 38 | SMCI | Super Micro Computer INC | -0.5% | -1.41% | Trim |
| 39 | AVPT | Avepoint INC | -0.5% | -8.82% | Trim |
| 40 | FROG | JFrog Ltd. | -0.6% | -13.04% | Trim |
| 41 | RDVT | Red Violet INC | -0.6% | -4.90% | Trim |
| 42 | CLS | Celestica INC | -0.7% | -8.71% | Trim |
| 43 | VRNS | Varonis Systems INC | -0.7% | -4.14% | Trim |
| 44 | DSGX | Descartes Systems Grp/the | -0.7% | -21.62% | Trim |
| 45 | PEGA | Pegasystems INC | -1.4% | -2.42% | Trim |
| 46 | VSH | Vishay Intertechnology INC | — | NEW | New buy |
| 47 | WK | Workiva INC | — | EXIT | Sold out |
| 48 | OSPN | Onespan INC | — | EXIT | Sold out |
| 49 | AVT | Avnet INC | — | NEW | New buy |
| 50 | FORR | Forrester Research INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-13 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-07 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-22 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-09 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-25 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-04 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-04 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-15 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-14 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-21 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-14 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-15 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-15 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-06-05 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-08 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-25 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-22 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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