CIK: 0001831133
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%.
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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.
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
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVMI | Nova Ltd. | Stock-Other | 6.25% | +0.43% | -24.36% | |
| 2 | TECH | Bio-techne CORP | Stock-Healthcare | 5.33% | -0.35% | -1.56% | |
| 3 | BCPC | Balchem CORP | Stock-Materials | 5.00% | +0.67% | -2.57% | |
| 4 | HLI | Houlihan Lokey INC | Stock-Financials | 4.22% | -0.52% | +0.61% | |
| 5 | BSY | Bentley Systems Inc-class B | Stock-Tech | 4.20% | -0.71% | -13.24% | |
| 6 | EGP | Eastgroup Properties INC | Stock-Real Estate | 4.19% | +1.83% | +58.82% | |
| 7 | FSS | Federal Signal CORP | Stock-Industrials | 3.98% | +1.91% | +79.71% | |
| 8 | CSW | Csw Industrials INC | Stock-Industrials | 3.88% | +0.10% | +7.79% | |
| 9 | EXPO | Exponent INC | Stock-Industrials | 3.74% | +1.41% | +59.17% | |
| 10 | AWK | American Water Works Co INC | Stock-Utilities | 3.66% | +0.38% | -0.44% | |
| 11 | LRN | Stride INC | Stock-Consumer Staples | 3.30% | +1.35% | +16.02% | |
| 12 | ROL | Rollins INC | Stock-Consumer Disc | 3.24% | -1.86% | -33.44% | |
| 13 | MANH | Manhattan Associates INC | Stock-Tech | 3.16% | -1.42% | -16.44% | |
| 14 | FN | Fabrinet | Stock-Tech | 3.12% | -0.37% | -27.27% | |
| 15 | ENTG | Entegris INC | Stock-Tech | 2.87% | +0.41% | -21.78% | |
| 16 | TYL | Tyler Technologies INC | Stock-Tech | 2.80% | -1.03% | -9.74% | |
| 17 | GGG | Graco INC | Stock-Industrials | 2.78% | +0.72% | +22.22% | |
| 18 | HWKN | Hawkins INC | Stock-Other | 2.75% | +0.14% | -9.26% | |
| 19 | FCN | Fti Consulting INC | Stock-Industrials | 2.64% | +0.26% | — | |
| 20 | SITM | Sitime CORP | Stock-Tech | 2.58% | -0.86% | -28.57% | |
| 21 | MSCI | Msci INC | Stock-Financials | 2.52% | +0.10% | +3.30% | |
| 22 | TMDX | Transmedics Group INC | Stock-Healthcare | 2.34% | -1.12% | -22.76% | |
| 23 | VMI | Valmont Industries | Stock-Industrials | 2.32% | +2.32% | NEW | |
| 24 | WTS | Watts Water Technologies-a | Stock-Industrials | 2.30% | +2.30% | NEW | |
| 25 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 1.89% | -0.57% | -9.09% | |
| 26 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 1.87% | -0.21% | -23.53% | |
| 27 | ALRM | Alarm.com Holdings INC | Stock-Other | 1.83% | -0.30% | -5.60% | |
| 28 | MIR | Mirion Technologies INC | Stock-Industrials | 1.70% | +0.03% | +19.54% | |
| 29 | HQY | Healthequity INC | Stock-Healthcare | 1.27% | +0.32% | +36.56% | |
| 30 | HXL | Hexcel CORP | Stock-Industrials | 1.02% | +1.02% | NEW | |
| 31 | MDA | Mda Space LTD | Stock-Other | 1.02% | +1.02% | NEW | |
| 32 | TRNS | Transcat INC | Stock-Other | 0.88% | +0.25% | — | |
| 33 | SNEX | Stonex Group INC | Stock-Financials | 0.72% | +0.72% | NEW | |
| 34 | UTI | Universal Technical Institut | Stock-Other | 0.72% | +0.40% | +50.49% | |
| 35 | STVN | Stevanato Group S.p.A. | Stock-Other | 0.72% | -0.26% | — | |
| 36 | BRBR | Bellring Brands INC | Stock-Consumer Staples | 0.67% | -0.15% | +27.27% | |
| 37 | TTEK | Tetra Tech INC | Stock-Industrials | 0.64% | +0.64% | NEW | |
| 38 | KNSL | Kinsale Capital Group INC | Stock-Financials | 0.46% | +0.15% | +59.18% | |
| 39 | WMS | Advanced Drainage Systems In | Stock-Industrials | 0.44% | -0.22% | -33.74% | |
| 40 | BMI | Badger Meter INC | Stock-Tech | 0.33% | -0.25% | -39.17% | |
| 41 | DOCS | Doximity Inc-class A | Stock-Healthcare | 0.32% | -0.19% | +9.95% | |
| 42 | CLH | Clean Harbors INC | Stock-Industrials | 0.31% | +0.31% | NEW |
Performance for Q3 2026
-0.2%
Performance Last 4 Quarters
-0.8%
Based on 81% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 42 | $334.4M | 39 | |
| 2025-12-31 | 41 | $358.8M | 25 | |
| 2025-09-30 | 41 | $400.4M | 38 | |
| 2025-06-30 | 39 | $387.9M | 0 | |
| 2025-03-31 | 46 | $340.9M | 100 | |
| 2024-12-31 | 47 | $484.4M | 0 | |
| 2024-09-30 | 47 | $561.1M | 0 | |
| 2024-06-30 | 46 | $536.4M | 0 | |
| 2024-03-31 | 44 | $553.7M | 0 | |
| 2023-12-31 | 43 | $531.6M | 0 | |
| 2023-09-30 | 45 | $568.5M | 0 | |
| 2023-06-30 | 45 | $632.4M | 0 | |
| 2023-03-31 | 45 | $644.0M | 0 | |
| 2022-12-31 | 47 | $614.4M | 0 | |
| 2022-09-30 | 48 | $653.1M | 0 | |
| 2022-06-30 | 48 | $665.3M | 0 | |
| 2022-03-31 | 45 | $811.4M | 0 | |
| 2021-12-31 | 48 | $991.2M | 0 | |
| 2021-09-30 | 47 | $829.5M | 0 | |
| 2021-06-30 | 53 | $794.9M | 100 | |
| 2021-03-31 | 43 | $679.2M | 30 | |
| 2020-12-31 | 40 | $592.9M | — |
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).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FSS | Federal Signal CORP | +1.9% | +79.71% | Add |
| 2 | EGP | Eastgroup Properties INC | +1.8% | +58.82% | Add |
| 3 | EXPO | Exponent INC | +1.4% | +59.17% | Add |
| 4 | LRN | Stride INC | +1.4% | +16.02% | Add |
| 5 | GGG | Graco INC | +0.7% | +22.22% | Add |
| 6 | BCPC | Balchem CORP | +0.7% | -2.57% | Trim |
| 7 | NVMI | Nova Ltd. | +0.4% | -24.36% | Trim |
| 8 | ENTG | Entegris INC | +0.4% | -21.78% | Trim |
| 9 | UTI | Universal Technical Institut | +0.4% | +50.49% | Add |
| 10 | AWK | American Water Works Co INC | +0.4% | -0.44% | Trim |
| 11 | HQY | Healthequity INC | +0.3% | +36.56% | Add |
| 12 | FCN | Fti Consulting INC | +0.3% | — | Unchanged |
| 13 | TRNS | Transcat INC | +0.3% | — | Unchanged |
| 14 | KNSL | Kinsale Capital Group INC | +0.2% | +59.18% | Add |
| 15 | HWKN | Hawkins INC | +0.1% | -9.26% | Trim |
| 16 | CSW | Csw Industrials INC | +0.1% | +7.79% | Add |
| 17 | MSCI | Msci INC | +0.1% | +3.30% | Add |
| 18 | MIR | Mirion Technologies INC | 0% | +19.54% | Add |
| 19 | BRBR | Bellring Brands INC | -0.2% | +27.27% | Add |
| 20 | DOCS | Doximity Inc-class A | -0.2% | +9.95% | Add |
| 21 | TW | Tradeweb Markets Inc-class A | -0.2% | -23.53% | Trim |
| 22 | WMS | Advanced Drainage Systems In | -0.2% | -33.74% | Trim |
| 23 | BMI | Badger Meter INC | -0.3% | -39.17% | Trim |
| 24 | STVN | Stevanato Group S.p.A. | -0.3% | — | Unchanged |
| 25 | ALRM | Alarm.com Holdings INC | -0.3% | -5.60% | Trim |
| 26 | TECH | Bio-techne CORP | -0.4% | -1.56% | Trim |
| 27 | FN | Fabrinet | -0.4% | -27.27% | Trim |
| 28 | HLI | Houlihan Lokey INC | -0.5% | +0.61% | Add |
| 29 | VEEV | Veeva Systems Inc-class A | -0.6% | -9.09% | Trim |
| 30 | BSY | Bentley Systems Inc-class B | -0.7% | -13.24% | Trim |
| 31 | SITM | Sitime CORP | -0.9% | -28.57% | Trim |
| 32 | TYL | Tyler Technologies INC | -1% | -9.74% | Trim |
| 33 | TMDX | Transmedics Group INC | -1.1% | -22.76% | Trim |
| 34 | MANH | Manhattan Associates INC | -1.4% | -16.44% | Trim |
| 35 | ROL | Rollins INC | -1.9% | -33.44% | Trim |
| 36 | TREX | Trex Company INC | — | EXIT | Sold out |
| 37 | BRKR | Bruker CORP | — | EXIT | Sold out |
| 38 | PAYC | Paycom Software INC | — | EXIT | Sold out |
| 39 | VMI | Valmont Industries | — | NEW | New buy |
| 40 | WTS | Watts Water Technologies-a | — | NEW | New buy |
| 41 | HXL | Hexcel CORP | — | NEW | New buy |
| 42 | MDA | Mda Space LTD | — | NEW | New buy |
| 43 | SNEX | Stonex Group INC | — | NEW | New buy |
| 44 | TTEK | Tetra Tech INC | — | NEW | New buy |
| 45 | ERII | Energy Recovery INC | — | EXIT | Sold out |
| 46 | CGNX | Cognex CORP | — | EXIT | Sold out |
| 47 | OLED | Universal Display CORP | — | EXIT | Sold out |
| 48 | CLH | Clean Harbors INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-03-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-05 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-04 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-30 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-18 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
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