MA

Montanaro Asset Management Ltd

Momentum followerDiversified strategyQuality / disciplined sizing

Total reported value

$334.4M

Reporting period: 2026-03-31 · Number of holdings: 42

Montanaro Asset Management Ltd disclosed 42 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $334.4M and a quarterly turnover rate of 39.0%.

Personality snowflake

Concentration
13.34
Portfolio Stability
38.95
Momentum/Contrarian
100
Sector conviction
54.14
Diversification
84
Sizing Uniformity
93.6

Recent moves

  • Add FSS

    +79.7%　$5.9M

  • Trim ROL

    -33.4%　-$7.5M

  • Add EGP

    +58.8%　$5.5M

  • Trim MANH

    -16.4%　-$5.9M

  • Add EXPO

    +59.2%　$4.1M

  • Add LRN

    +16.0%　$4.0M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1NVMINova Ltd.Stock-Other6.25%+0.43%-24.36%
2TECHBio-techne CORPStock-Healthcare5.33%-0.35%-1.56%
3BCPCBalchem CORPStock-Materials5.00%+0.67%-2.57%
4HLIHoulihan Lokey INCStock-Financials4.22%-0.52%+0.61%
5BSYBentley Systems Inc-class BStock-Tech4.20%-0.71%-13.24%
6EGPEastgroup Properties INCStock-Real Estate4.19%+1.83%+58.82%
7FSSFederal Signal CORPStock-Industrials3.98%+1.91%+79.71%
8CSWCsw Industrials INCStock-Industrials3.88%+0.10%+7.79%
9EXPOExponent INCStock-Industrials3.74%+1.41%+59.17%
10AWKAmerican Water Works Co INCStock-Utilities3.66%+0.38%-0.44%
11LRNStride INCStock-Consumer Staples3.30%+1.35%+16.02%
12ROLRollins INCStock-Consumer Disc3.24%-1.86%-33.44%
13MANHManhattan Associates INCStock-Tech3.16%-1.42%-16.44%
14FNFabrinetStock-Tech3.12%-0.37%-27.27%
15ENTGEntegris INCStock-Tech2.87%+0.41%-21.78%
16TYLTyler Technologies INCStock-Tech2.80%-1.03%-9.74%
17GGGGraco INCStock-Industrials2.78%+0.72%+22.22%
18HWKNHawkins INCStock-Other2.75%+0.14%-9.26%
19FCNFti Consulting INCStock-Industrials2.64%+0.26%—
20SITMSitime CORPStock-Tech2.58%-0.86%-28.57%
21MSCIMsci INCStock-Financials2.52%+0.10%+3.30%
22TMDXTransmedics Group INCStock-Healthcare2.34%-1.12%-22.76%
23VMIValmont IndustriesStock-Industrials2.32%+2.32%NEW
24WTSWatts Water Technologies-aStock-Industrials2.30%+2.30%NEW
25VEEVVeeva Systems Inc-class AStock-Healthcare1.89%-0.57%-9.09%
26TWTradeweb Markets Inc-class AStock-Financials1.87%-0.21%-23.53%
27ALRMAlarm.com Holdings INCStock-Other1.83%-0.30%-5.60%
28MIRMirion Technologies INCStock-Industrials1.70%+0.03%+19.54%
29HQYHealthequity INCStock-Healthcare1.27%+0.32%+36.56%
30HXLHexcel CORPStock-Industrials1.02%+1.02%NEW
31MDAMda Space LTDStock-Other1.02%+1.02%NEW
32TRNSTranscat INCStock-Other0.88%+0.25%—
33SNEXStonex Group INCStock-Financials0.72%+0.72%NEW
34UTIUniversal Technical InstitutStock-Other0.72%+0.40%+50.49%
35STVNStevanato Group S.p.A.Stock-Other0.72%-0.26%—
36BRBRBellring Brands INCStock-Consumer Staples0.67%-0.15%+27.27%
37TTEKTetra Tech INCStock-Industrials0.64%+0.64%NEW
38KNSLKinsale Capital Group INCStock-Financials0.46%+0.15%+59.18%
39WMSAdvanced Drainage Systems InStock-Industrials0.44%-0.22%-33.74%
40BMIBadger Meter INCStock-Tech0.33%-0.25%-39.17%
41DOCSDoximity Inc-class AStock-Healthcare0.32%-0.19%+9.95%
42CLHClean Harbors INCStock-Industrials0.31%+0.31%NEW

Holding changes this quarter

Montanaro Asset Management Ltd's most significant position changes for 2026-03-31: Sold out: Trex Company INC (TREX); Sold out: Bruker CORP (BRKR); Sold out: Paycom Software INC (PAYC); New buy: Valmont Industries (VMI); New buy: Watts Water Technologies-a (WTS).

Position changes disclosed by Montanaro Asset Management Ltd for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1FSSFederal Signal CORP+1.9%+79.71%Add
2EGPEastgroup Properties INC+1.8%+58.82%Add
3EXPOExponent INC+1.4%+59.17%Add
4LRNStride INC+1.4%+16.02%Add
5GGGGraco INC+0.7%+22.22%Add
6BCPCBalchem CORP+0.7%-2.57%Trim
7NVMINova Ltd.+0.4%-24.36%Trim
8ENTGEntegris INC+0.4%-21.78%Trim
9UTIUniversal Technical Institut+0.4%+50.49%Add
10AWKAmerican Water Works Co INC+0.4%-0.44%Trim
11HQYHealthequity INC+0.3%+36.56%Add
12FCNFti Consulting INC+0.3%—Unchanged
13TRNSTranscat INC+0.3%—Unchanged
14KNSLKinsale Capital Group INC+0.2%+59.18%Add
15HWKNHawkins INC+0.1%-9.26%Trim
16CSWCsw Industrials INC+0.1%+7.79%Add
17MSCIMsci INC+0.1%+3.30%Add
18MIRMirion Technologies INC0%+19.54%Add
19BRBRBellring Brands INC-0.2%+27.27%Add
20DOCSDoximity Inc-class A-0.2%+9.95%Add
21TWTradeweb Markets Inc-class A-0.2%-23.53%Trim
22WMSAdvanced Drainage Systems In-0.2%-33.74%Trim
23BMIBadger Meter INC-0.3%-39.17%Trim
24STVNStevanato Group S.p.A.-0.3%—Unchanged
25ALRMAlarm.com Holdings INC-0.3%-5.60%Trim
26TECHBio-techne CORP-0.4%-1.56%Trim
27FNFabrinet-0.4%-27.27%Trim
28HLIHoulihan Lokey INC-0.5%+0.61%Add
29VEEVVeeva Systems Inc-class A-0.6%-9.09%Trim
30BSYBentley Systems Inc-class B-0.7%-13.24%Trim
31SITMSitime CORP-0.9%-28.57%Trim
32TYLTyler Technologies INC-1%-9.74%Trim
33TMDXTransmedics Group INC-1.1%-22.76%Trim
34MANHManhattan Associates INC-1.4%-16.44%Trim
35ROLRollins INC-1.9%-33.44%Trim
36TREXTrex Company INC—EXITSold out
37BRKRBruker CORP—EXITSold out
38PAYCPaycom Software INC—EXITSold out
39VMIValmont Industries—NEWNew buy
40WTSWatts Water Technologies-a—NEWNew buy
41HXLHexcel CORP—NEWNew buy
42MDAMda Space LTD—NEWNew buy
43SNEXStonex Group INC—NEWNew buy
44TTEKTetra Tech INC—NEWNew buy
45ERIIEnergy Recovery INC—EXITSold out
46CGNXCognex CORP—EXITSold out
47OLEDUniversal Display CORP—EXITSold out
48CLHClean Harbors INC—NEWNew buy

FAQ

What is Montanaro Asset Management Ltd and what type of investor is it?
Montanaro Asset Management Ltd is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $334.4M, 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) — $20.9M (6.3%) 2. Bio-techne CORP (TECH) — $17.8M (5.3%) 3. Balchem CORP (BCPC) — $16.7M (5.0%) 4. Houlihan Lokey INC (HLI) — $14.1M (4.2%) 5. Bentley Systems Inc-class B (BSY) — $14.1M (4.2%)
What changes did Montanaro Asset Management Ltd make in its most recent portfolio filing?
In the latest reported quarter, Montanaro Asset Management Ltd made 45 notable position adjustments: 7 new positions were initiated, 14 existing holdings were added to, 18 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Trex Company INC (TREX); Sold out: Bruker CORP (BRKR); Sold out: Paycom Software INC (PAYC); New buy: Valmont Industries (VMI); New buy: Watts Water Technologies-a (WTS)
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: 30.0% • Information Technology: 22.2% • Health Care: 13.0% • Financials: 11.4% • Materials: 5.8% • Real Estate: 4.9%