HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), HERALD INVESTMENT MANAGEMENT Ltd reported 98 stock positions worth $616.8 million. Its top holding was Super Micro Computer (SMCI) at 14.0% of the portfolio, followed by Fabrinet (FN, 5.7%) and Silicon Motion Technol-ADR (SIMO, 4.8%). Compared with Q4 2023, it opened 10 new positions, sold out of 10, added to 32 and reduced 10. The biggest buy was a new position in Celestica (CLS) and the biggest sale an exit from Celestica (CLS).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$616.8M (Q1 2024)
SEC Filing
0001512022-24-000004 ↗ filed May 13, 2024

Holdings Value

0$200.0M$400.0M$600.0M$800.0M Q1 2024: $616.8M $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 Q2 2026

Holdings 98 stocks · $616.8M
SMCI Super Micro Computer Inc. 13.96% 85,300 $86.1M Reduce -61.3%
FN Fabrinet 5.70% 186,050 $35.1M Reduce -3.6%
SIMO Silicon Motion Technol-ADR 4.80% 384,906 $29.6M No change
VRNS Varonis Systems Inc. 3.66% 478,500 $22.6M Reduce -2.0%
PEGA Pegasystems Inc. 3.64% 347,500 $22.5M Add +6.4%
CLS Celestica Inc. 3.61% 495,700 $22.3M New
DSGX The Descartes Systems Grp 3.56% 240,000 $21.9M Reduce -5.9%
ARLO Arlo Technologies Inc. 2.62% 1,277,000 $16.1M Add +17.1%
RDWR Radware Ltd. 2.43% 800,000 $15.0M No change
CCOI Cogent Communications Holdin 2.12% 200,600 $13.1M Add +9.0%
CYBR Cyberark Software Ltd./Israel 2.08% 48,300 $12.8M Add +9.0%
QLYS Qualys Inc. 2.00% 74,000 $12.3M No change
SPSC SPS Commerce Inc. 1.94% 65,000 $12.0M Reduce -3.7%
MSFT Microsoft Corp. 1.84% 27,000 $11.3M Add +6.1%
HLIT Harmonic Inc. 1.63% 750,000 $10.1M Add +15.4%
KLIC Kulicke & Soffa Industries 1.45% 178,100 $9.0M Reduce -17.6%
FROG Jfrog Ltd. 1.36% 190,000 $8.4M No change
LGTY Logility Supply Chain Soluti filed as AMER SOFTWARE INC 1.30% 700,000 $8.0M Add +102.9%
AMZN Amazon.com Inc. 1.28% 43,700 $7.9M Add +7.4%
DRS Leonardo DRS Inc. 1.25% 350,000 $7.7M No change
AMD Advanced Micro Devices 1.24% 42,350 $7.6M Reduce -9.7%
CEVA Ceva Inc. 1.19% 325,000 $7.4M No change
QUIK Quicklogic Corp. 1.18% 454,154 $7.3M Add +11.5%
GOOGL Alphabet Inc. Class A 1.15% 46,900 $7.1M No change
VICR Vicor Corp. 1.11% 180,000 $6.9M Add +28.6%
TSEM Tower Semiconductor Ltd. 1.07% 198,000 $6.6M No change
FC Franklin Covey Co. 1.02% 160,000 $6.3M Add +220.0%
AVNW Aviat Networks Inc. 0.93% 150,000 $5.7M Add +20.0%
AVPT Avepoint Inc. 0.90% 700,000 $5.5M Add +64.7%
FORM Formfactor Inc. 0.87% 118,300 $5.4M No change
NABL N-Able Inc. 0.87% 413,000 $5.4M Add +13.8%
HSTM Healthstream Inc. 0.86% 200,000 $5.3M Add +14.3%
ANET Arista Networks Inc. 0.80% 17,000 $4.9M Reduce -7.6%
FA First Advantage Corp. 0.79% 300,000 $4.9M Add +33.3%
AVDX Avidxchange Holdings Inc. 0.74% 350,000 $4.6M Add +52.2%
RBBN Ribbon Communications Inc. 0.73% 1,415,869 $4.5M No change
BASE Couchbase Inc. 0.70% 165,000 $4.3M Add +10.0%
AAPL Apple Inc. 0.69% 25,000 $4.3M No change
MU Micron Technology Inc. 0.69% 36,000 $4.2M No change
VECO Veeco Instruments Inc. 0.68% 120,000 $4.2M New
RDVT Red Violet Inc. 0.63% 200,000 $3.9M New
BAND Bandwidth Inc. Class A 0.62% 210,000 $3.8M Add +16.7%
VERX Vertex Inc. Class A 0.62% 120,000 $3.8M No change
FIVN FIVE9 Inc. 0.61% 61,000 $3.8M Add +14.7%
ALKT Alkami Technology Inc. 0.60% 150,000 $3.7M No change
VPG Vishay Precision Group 0.57% 100,000 $3.5M New
IDN Intellicheck Inc. 0.56% 1,000,000 $3.5M Add +11.1%
LASR Nlight Inc. 0.53% 250,000 $3.2M Add +150.0%
YELP Yelp Inc. 0.51% 80,000 $3.2M No change
RDCM Radcom Ltd. 0.49% 275,000 $3.0M Add +30.9%
LTRX Lantronix Inc. 0.49% 850,000 $3.0M No change
THRY Thryv Holdings Inc. 0.48% 134,651 $3.0M No change
RMNI Rimini Street Inc. 0.45% 850,000 $2.8M No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 0.45% 150,000 $2.7M Add +20.0%
POWI Power Integrations Inc. 0.44% 38,000 $2.7M No change
CLMB Climb Global Solutions Inc. 0.43% 38,841 $2.7M Add +11.0%
MRAM Everspin Technologies Inc. 0.43% 335,000 $2.7M Add +21.8%
AKTSQ Akoustis Technologies Inc. 0.41% 4,303,636 $2.5M Add +230.1%
IMOS Chipmos Technologies Inc.-ADR 0.40% 78,394 $2.5M No change
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.39% 350,000 $2.4M New
VLN Valens Semiconductor Ltd. 0.38% 998,963 $2.3M No change
TER Teradyne Inc. 0.38% 20,600 $2.3M Add +15.1%
OSPN Onespan Inc. 0.38% 200,000 $2.3M No change
DT Dynatrace Inc. 0.38% 50,000 $2.3M Add +11.1%
OOMA Ooma Inc. 0.36% 260,000 $2.2M No change
AIP Arteris Inc. 0.35% 300,000 $2.2M Add +26.5%
ADTN Adtran Holdings Inc. 0.35% 400,000 $2.2M No change
INUV Inuvo Inc. 0.34% 6,092,857 $2.1M No change
IAS Integral Ad Science Holding 0.32% 200,000 $2.0M New
PATH Uipath Inc. Class A 0.32% 87,000 $2.0M New
ARW Arrow Electronics Inc. 0.32% 15,200 $2.0M No change
SILC Silicom Ltd. 0.30% 125,000 $1.9M No change
VSAT Viasat Inc. 0.29% 100,000 $1.8M No change
SPIR Spire Global Inc. 0.29% 150,000 $1.8M New
GNSS Genasys Inc. 0.29% 750,000 $1.8M No change
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.27% 25,910 $1.7M No change
AKAM Akamai Technologies Inc. 0.27% 15,200 $1.7M No change
SCWX Secureworks Corp. Class A 0.27% 250,000 $1.6M No change
FRSH Freshworks Inc. Class A 0.27% 90,000 $1.6M Add +47.5%
APPS Digital Turbine Inc. 0.25% 600,000 $1.6M Add +200.0%
OSS One Stop Systems Inc. 0.25% 484,329 $1.6M Reduce -22.7%
CDNS Cadence Design SYS Inc. 0.25% 5,000 $1.6M No change
CKP Checkpoint Systems Inc. 0.24% 9,200 $1.5M No change
CINT Ci&t Inc./United States-A 0.24% 355,000 $1.5M No change
KD Kyndryl Holdings Inc. 0.24% 67,000 $1.5M New
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.24% 140,000 $1.5M No change
TSM Taiwan Semiconductor-SP ADR 0.21% 9,500 $1.3M No change
CGNT Cognyte Software Ltd. 0.20% 150,000 $1.2M No change
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP 0.19% 90,000 $1.2M No change
ELVA Electrovaya Inc. 0.15% 250,000 $905K New
INTC Intel Corp. 0.14% 19,000 $838K No change
BCOV Brightcove 0.13% 425,000 $825K No change
AWRE Aware Inc. 0.13% 430,000 $778K No change
TXN Texas Instruments Inc. 0.12% 4,100 $714K No change
EMKR Emcore Corp. 0.11% 2,000,000 $690K No change
QMCO Quantum Corp. 0.10% 1,000,000 $595K No change
STREAMLINE HEALTH SOLUTIONS 0.07% 935,464 $449K Reduce -4.4%
SEDG Solaredge Technologies Inc. 0.05% 4,400 $312K No change

Portfolio Sells Q4 2023 → Q1 2024
CLS Celestica Inc. Sold out 0.00% −2.52
FN Fabrinet Reduce -3.6% 5.70% −1.31
ESMT Engagesmart Inc. Sold out 0.00% −0.87
KLIC Kulicke & Soffa Industries Reduce -17.6% 1.45% −0.80
VRNS Varonis Systems Inc. Reduce -2.0% 3.66% −0.57
SPSC SPS Commerce Inc. Reduce -3.7% 1.94% −0.56
DSGX The Descartes Systems Grp Reduce -5.9% 3.56% −0.53
TDC Teradata Corp. Sold out 0.00% −0.46
LIVEPERSON INC Sold out 0.00% −0.31
NTAP Netapp Inc. Sold out 0.00% −0.21
BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.09
AMD Advanced Micro Devices Reduce -9.7% 1.24% −0.08
IRBTQ Irobot Corp. Sold out 0.00% −0.07
TGEN Tecogen Inc./Waltham Ma Sold out 0.00% −0.05
FALC Falconstor Software Inc. Sold out 0.00% −0.04
ANET Arista Networks Inc. Reduce -7.6% 0.80% −0.03
CAMPQ Calamp Corp. Sold out 0.00% −0.01
STREAMLINE HEALTH SOLUTIONS Reduce -4.4% 0.07% −0.01
OSS One Stop Systems Inc. Reduce -22.7% 0.25% +0.00
SMCI Super Micro Computer Inc. Reduce -61.3% 13.96% +2.00

Portfolio Buys Q4 2023 → Q1 2024
CLS Celestica Inc. New 3.61% +3.61
VECO Veeco Instruments Inc. New 0.68% +0.68
ARLO Arlo Technologies Inc. Add +17.1% 2.62% +0.63
RDVT Red Violet Inc. New 0.63% +0.63
FC Franklin Covey Co. Add +220.0% 1.02% +0.60
PEGA Pegasystems Inc. Add +6.4% 3.64% +0.59
VPG Vishay Precision Group New 0.57% +0.57
LGTY Logility Supply Chain Soluti Add +102.9% 1.30% +0.55
CMRC Commerce.com Inc. New 0.39% +0.39
IAS Integral Ad Science Holding New 0.32% +0.32
PATH Uipath Inc. Class A New 0.32% +0.32
SPIR Spire Global Inc. New 0.29% +0.29
LASR Nlight Inc. Add +150.0% 0.53% +0.27
KD Kyndryl Holdings Inc. New 0.24% +0.24
IDN Intellicheck Inc. Add +11.1% 0.56% +0.24
AVPT Avepoint Inc. Add +64.7% 0.90% +0.23
CYBR Cyberark Software Ltd./Israel Add +9.0% 2.08% +0.22
AKTSQ Akoustis Technologies Inc. Add +230.1% 0.41% +0.20
AVDX Avidxchange Holdings Inc. Add +52.2% 0.74% +0.20
RDCM Radcom Ltd. Add +30.9% 0.49% +0.18
AVNW Aviat Networks Inc. Add +20.0% 0.93% +0.15
ELVA Electrovaya Inc. New 0.15% +0.15
BAND Bandwidth Inc. Class A Add +16.7% 0.62% +0.12
QUIK Quicklogic Corp. Add +11.5% 1.18% +0.11
AMZN Amazon.com Inc. Add +7.4% 1.28% +0.10
AIP Arteris Inc. Add +26.5% 0.35% +0.09
FA First Advantage Corp. Add +33.3% 0.79% +0.08
CLMB Climb Global Solutions Inc. Add +11.0% 0.43% +0.07
BASE Couchbase Inc. Add +10.0% 0.70% +0.06
JAMF Jamf Holding Corp. Add +20.0% 0.45% +0.01
HLIT Harmonic Inc. Add +15.4% 1.63% +0.01
MSFT Microsoft Corp. Add +6.1% 1.84% +0.01
TER Teradyne Inc. Add +15.1% 0.38% +0.01
APPS Digital Turbine Inc. Add +200.0% 0.25% −0.01
FRSH Freshworks Inc. Class A Add +47.5% 0.27% −0.01
HSTM Healthstream Inc. Add +14.3% 0.86% −0.04
MRAM Everspin Technologies Inc. Add +21.8% 0.43% −0.04
NABL N-Able Inc. Add +13.8% 0.87% −0.04
VICR Vicor Corp. Add +28.6% 1.11% −0.09
DT Dynatrace Inc. Add +11.1% 0.38% −0.09
FIVN FIVE9 Inc. Add +14.7% 0.61% −0.19
CCOI Cogent Communications Holdin Add +9.0% 2.12% −0.55

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