HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 23, 2026), HERALD INVESTMENT MANAGEMENT Ltd reported 92 stock positions worth $737.3 million. Its top holding was Silicon Motion Technol-ADR (SIMO) at 6.7% of the portfolio, followed by Celestica (CLS, 4.1%) and Vicor (VICR, 4.0%). Compared with Q1 2026, it sold out of 4, added to 7 and reduced 54. The biggest buy was Red Violet (RDVT, shares +34%) and the biggest sale Celestica (CLS, shares −61%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$737.3M (Q2 2026)
SEC Filing
0001512022-26-000006 ↗ filed Jul 23, 2026

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $616.8M Q1 2024 Q2 2024: $610.2M Q2 2024 Q3 2024: $580.4M Q3 2024 Q4 2024: $610.9M Q4 2024 Q1 2025: $533.0M Q1 2025 Q2 2025: $674.3M Q2 2025 Q3 2025: $750.7M Q3 2025 Q4 2025: $765.5M Q4 2025 Q1 2026: $717.5M Q1 2026 Q2 2026: $737.3M $737.3M Q2 2026

Holdings 92 stocks · $737.3M
SIMO Silicon Motion Technol-ADR 6.67% 147,700 $49.2M Reduce -59.8%
CLS Celestica Inc. 4.08% 82,550 $30.1M Reduce -60.6%
VICR Vicor Corp. 3.97% 77,100 $29.3M Reduce -65.0%
TSEM Tower Semiconductor Ltd. 3.50% 99,000 $25.8M Reduce -40.4%
KLIC Kulicke & Soffa Industries 3.20% 176,600 $23.6M Reduce -27.6%
FN Fabrinet 3.17% 41,600 $23.4M Reduce -58.4%
DOCN Digitalocean Holdings Inc. 3.14% 147,500 $23.2M Reduce -32.0%
MU Micron Technology Inc. 2.83% 18,100 $20.8M Reduce -15.8%
CEVA Ceva Inc. 2.36% 369,363 $17.4M Reduce -29.0%
PEGA Pegasystems Inc. 2.25% 554,450 $16.6M Reduce -19.3%
RDVT Red Violet Inc. 2.20% 254,250 $16.2M Add +33.7%
VRNS Varonis Systems Inc. 2.17% 380,834 $16.0M Reduce -17.8%
GOOGL Alphabet Inc. Class A 2.14% 44,100 $15.7M No change
ARLO Arlo Technologies Inc. 2.07% 1,134,325 $15.3M Reduce -17.6%
AIP Arteris Inc. 1.95% 296,800 $14.4M Reduce -25.8%
RDWR Radware Ltd. 1.91% 456,817 $14.1M Reduce -29.7%
FROG Jfrog Ltd. 1.89% 153,550 $14.0M Reduce -23.2%
VPG Vishay Precision Group 1.70% 83,750 $12.5M Reduce -50.7%
SMCI Super Micro Computer Inc. 1.68% 421,600 $12.4M Reduce -39.7%
AMZN Amazon.com Inc. 1.60% 49,400 $11.8M No change
AMD Advanced Micro Devices 1.48% 18,820 $10.9M Reduce -9.2%
VSH Vishay Intertechnology Inc. 1.32% 180,475 $9.7M Reduce -39.8%
MSFT Microsoft Corp. 1.30% 25,800 $9.6M No change
DRS Leonardo DRS Inc. 1.27% 219,500 $9.4M Reduce -23.0%
PDFS PDF Solutions Inc. 1.15% 119,667 $8.5M Reduce -40.2%
LASR Nlight Inc. 1.15% 121,500 $8.5M Reduce -34.3%
POWI Power Integrations Inc. 1.14% 100,384 $8.4M Reduce -42.6%
BAND Bandwidth Inc. Class A 1.06% 124,000 $7.8M Reduce -29.1%
FIVN FIVE9 Inc. 1.02% 354,500 $7.6M Reduce -2.1%
DSGX The Descartes Systems Grp 1.01% 108,000 $7.5M Reduce -25.5%
ELVA Electrovaya Inc. 1.00% 704,500 $7.4M Reduce -38.7%
TER Teradyne Inc. 0.98% 15,000 $7.2M No change
ALKT Alkami Technology Inc. 0.98% 400,000 $7.2M Reduce -20.0%
OUST Ouster Inc. 0.97% 114,500 $7.2M Reduce -23.7%
APPS Digital Turbine Inc. 0.96% 550,329 $7.1M Reduce -6.4%
AAPL Apple Inc. 0.96% 24,500 $7.1M Add +9.9%
QLYS Qualys Inc. 0.88% 47,500 $6.5M Reduce -13.6%
AVPT Avepoint Inc. 0.87% 575,250 $6.4M Reduce -25.8%
VIAV Viavi Solutions Inc. 0.83% 128,167 $6.1M Reduce -43.0%
FORM Formfactor Inc. 0.82% 37,650 $6.0M Reduce -50.0%
BELFB Bel Fuse Inc. Class B 0.81% 17,950 $6.0M Reduce -40.2%
MRAM Everspin Technologies Inc. 0.79% 241,750 $5.8M Reduce -59.7%
MPTI M-Tron Industries Inc. 0.79% 58,500 $5.8M Add +6.4%
FA First Advantage Corp. 0.76% 312,500 $5.6M Reduce -10.7%
PLUS Eplus Inc. 0.76% 67,500 $5.6M Reduce -10.0%
KOPN Kopin Corp. 0.76% 1,247,500 $5.6M Reduce -34.3%
DGII Digi International Inc. 0.76% 74,500 $5.6M Reduce -25.5%
VECO Veeco Instruments Inc. 0.71% 69,500 $5.3M Reduce -65.3%
QUIK Quicklogic Corp. 0.71% 261,500 $5.2M Reduce -57.3%
CLMB Climb Global Solutions Inc. 0.70% 221,836 $5.1M Reduce -25.3%
CTS CTS Corp. 0.64% 72,500 $4.7M Reduce -27.5%
SPIR Spire Global Inc. 0.64% 253,000 $4.7M Reduce -25.6%
NOVT Novanta Inc. 0.63% 28,780 $4.7M No change
RDCM Radcom Ltd. 0.62% 325,000 $4.6M No change
SILC Silicom Ltd. 0.61% 95,800 $4.5M Reduce -22.3%
HLIT Harmonic Inc. 0.59% 267,000 $4.4M Reduce -66.0%
POWL Powell Industries Inc. 0.58% 15,000 $4.3M No change
FC Franklin Covey Co. 0.58% 175,000 $4.3M No change
MLAB Mesa Laboratories Inc. 0.57% 42,500 $4.2M Reduce -15.0%
ALNT Allient Inc. 0.56% 40,000 $4.1M No change
HSTM Healthstream Inc. 0.55% 150,000 $4.1M No change
SPSC SPS Commerce Inc. 0.54% 70,000 $4.0M No change
SMWB Similarweb Ltd. 0.54% 645,465 $4.0M No change
HIMX Himax Technologies Inc.-ADR 0.52% 252,000 $3.9M Reduce -37.0%
SLP Simulations Plus Inc. 0.50% 200,000 $3.7M No change
VERX Vertex Inc. Class A 0.47% 300,000 $3.4M Add +50.0%
CCOI Cogent Communications Holdin 0.46% 242,600 $3.4M No change
CINT Ci&t Inc./United States-A 0.44% 1,000,000 $3.3M Add +90.5%
ARW Arrow Electronics Inc. 0.44% 15,200 $3.2M No change
PATH Uipath Inc. Class A 0.44% 296,280 $3.2M Add +46.5%
ANET Arista Networks Inc. 0.43% 18,700 $3.2M No change
CMRC Commerce.com Inc. 0.43% 1,060,000 $3.1M Add +51.4%
AVT Avnet Inc. 0.40% 33,000 $2.9M No change
OOMA Ooma Inc. 0.39% 150,000 $2.9M No change
ADTN Adtran Holdings Inc. 0.38% 200,000 $2.8M No change
SLAB Silicon Laboratories Inc. 0.37% 12,500 $2.7M Reduce -54.5%
BRZE Braze Inc. Class A 0.37% 125,000 $2.7M No change
INTC Intel Corp. 0.36% 19,000 $2.7M No change
ZM Zoom Communications Inc. 0.30% 25,910 $2.2M No change
DT Dynatrace Inc. 0.30% 50,000 $2.2M No change
TGEN Tecogen Inc./Waltham Ma 0.30% 420,000 $2.2M No change
VLN Valens Semiconductor Ltd. 0.29% 950,000 $2.1M No change
FRSH Freshworks Inc. Class A 0.26% 190,000 $1.9M No change
RMNI Rimini Street Inc. 0.20% 350,000 $1.5M Reduce -65.0%
BELFA Bel Fuse Inc. Class A 0.20% 5,000 $1.5M No change
IDN Intellicheck Inc. 0.17% 300,000 $1.2M Reduce -63.4%
TXN Texas Instruments Inc. 0.17% 4,100 $1.2M No change
CKP Checkpoint Systems Inc. 0.16% 9,200 $1.2M No change
AVNW Aviat Networks Inc. 0.16% 53,000 $1.2M Reduce -65.8%
KD Kyndryl Holdings Inc. 0.12% 80,000 $905K No change
Freightos Ltd 0.10% 500,000 $735K No change
AWRE Aware Inc. 0.04% 234,058 $311K Reduce -45.6%

Portfolio Sells Q1 2026 → Q2 2026
CLS Celestica Inc. Reduce -60.6% 4.08% −4.13
FN Fabrinet Reduce -58.4% 3.17% −4.10
PEGA Pegasystems Inc. Reduce -19.3% 2.25% −1.82
VICR Vicor Corp. Reduce -65.0% 3.97% −0.96
ARLO Arlo Technologies Inc. Reduce -17.6% 2.07% −0.66
IDN Intellicheck Inc. Reduce -63.4% 0.17% −0.63
TSEM Tower Semiconductor Ltd. Reduce -40.4% 3.50% −0.56
SMCI Super Micro Computer Inc. Reduce -39.7% 1.68% −0.54
DRS Leonardo DRS Inc. Reduce -23.0% 1.27% −0.50
RDWR Radware Ltd. Reduce -29.7% 1.91% −0.47
CSGS CSG Systems Intl Inc. Sold out 0.00% −0.46
DSGX The Descartes Systems Grp Reduce -25.5% 1.01% −0.43
SLAB Silicon Laboratories Inc. Reduce -54.5% 0.37% −0.43
HLIT Harmonic Inc. Reduce -66.0% 0.59% −0.39
AVNW Aviat Networks Inc. Reduce -65.8% 0.16% −0.33
LASR Nlight Inc. Reduce -34.3% 1.15% −0.32
ELVA Electrovaya Inc. Reduce -38.7% 1.00% −0.26
RMNI Rimini Street Inc. Reduce -65.0% 0.20% −0.25
VECO Veeco Instruments Inc. Reduce -65.3% 0.71% −0.23
VIAV Viavi Solutions Inc. Reduce -43.0% 0.83% −0.21
FORM Formfactor Inc. Reduce -50.0% 0.82% −0.20
AVPT Avepoint Inc. Reduce -25.8% 0.87% −0.15
CLMB Climb Global Solutions Inc. Reduce -25.3% 0.70% −0.12
ALKT Alkami Technology Inc. Reduce -20.0% 0.98% −0.11
POWI Power Integrations Inc. Reduce -42.6% 1.14% −0.11
GNSS Genasys Inc. Sold out 0.00% −0.11
QUIK Quicklogic Corp. Reduce -57.3% 0.71% −0.09
NABL N-Able Inc. Sold out 0.00% −0.04
MLAB Mesa Laboratories Inc. Reduce -15.0% 0.57% −0.04
AWRE Aware Inc. Reduce -45.6% 0.04% −0.03
RBBN Ribbon Communications Inc. Sold out 0.00% −0.03
PLUS Eplus Inc. Reduce -10.0% 0.76% −0.03
CTS CTS Corp. Reduce -27.5% 0.64% −0.02
BELFB Bel Fuse Inc. Class B Reduce -40.2% 0.81% −0.02
SPIR Spire Global Inc. Reduce -25.6% 0.64% +0.04
MRAM Everspin Technologies Inc. Reduce -59.7% 0.79% +0.06
DGII Digi International Inc. Reduce -25.5% 0.76% +0.08
HIMX Himax Technologies Inc.-ADR Reduce -37.0% 0.52% +0.09
KOPN Kopin Corp. Reduce -34.3% 0.76% +0.16
FA First Advantage Corp. Reduce -10.7% 0.76% +0.19
QLYS Qualys Inc. Reduce -13.6% 0.88% +0.21
PDFS PDF Solutions Inc. Reduce -40.2% 1.15% +0.24
SILC Silicom Ltd. Reduce -22.3% 0.61% +0.25
FIVN FIVE9 Inc. Reduce -2.1% 1.02% +0.26
DOCN Digitalocean Holdings Inc. Reduce -32.0% 3.14% +0.55
VSH Vishay Intertechnology Inc. Reduce -39.8% 1.32% +0.56
FROG Jfrog Ltd. Reduce -23.2% 1.89% +0.58
OUST Ouster Inc. Reduce -23.7% 0.97% +0.59
BAND Bandwidth Inc. Class A Reduce -29.1% 1.06% +0.63
VPG Vishay Precision Group Reduce -50.7% 1.70% +0.67

Portfolio Buys Q1 2026 → Q2 2026
RDVT Red Violet Inc. Add +33.7% 2.20% +1.28
MPTI M-Tron Industries Inc. Add +6.4% 0.79% +0.27
AAPL Apple Inc. Add +9.9% 0.96% +0.17
CMRC Commerce.com Inc. Add +51.4% 0.43% +0.17
VERX Vertex Inc. Class A Add +50.0% 0.47% +0.14
PATH Uipath Inc. Class A Add +46.5% 0.44% +0.12
CINT Ci&t Inc./United States-A Add +90.5% 0.44% +0.07

Notes & Other Activity Q1 2026 → Q2 2026
M-TRON INDUSTRIES INC RIGHT 04/15/2026 Sold out 55,000 $116Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 92$737.3MSIMO, CLS, VICR, TSEM, KLIC
Q1 2026 96$717.5MCLS, FN, SIMO, VICR, PEGA
Q4 2025 97$765.5MCLS, FN, PEGA, SIMO, VICR
Q3 2025 94$750.7MCLS, FN, PEGA, SIMO, SMCI
Q2 2025 94$674.3MCLS, FN, PEGA, SMCI, SIMO
Q1 2025 95$533.0MFN, CLS, SMCI, PEGA, SIMO
Q4 2024 94$610.9MCLS, FN, PEGA, SMCI, DSGX
Q3 2024 94$580.4MFN, SMCI, VRNS, PEGA, CLS
Q2 2024 96$610.2MSMCI, FN, SIMO, CLS, VRNS
Q1 2024 98$616.8MSMCI, FN, SIMO, VRNS, PEGA