HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), HERALD INVESTMENT MANAGEMENT Ltd reported 94 stock positions worth $580.4 million. Its top holding was Fabrinet (FN) at 7.5% of the portfolio, followed by Super Micro Computer (SMCI, 6.2%) and Varonis Systems (VRNS, 4.5%). Compared with Q2 2024, it opened 2 new positions, sold out of 4, added to 7 and reduced 7. The biggest buy was a new position in Super Micro Computer (SMCI) and the biggest sale an exit from Super Micro Computer (SMCI).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$580.4M (Q3 2024)
SEC Filing
0001512022-24-000009 ↗ filed Nov 13, 2024

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 $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 94 stocks · $580.4M
FN Fabrinet 7.48% 183,550 $43.4M No change
SMCI Super Micro Computer Inc. 6.20% 86,450 $36.0M New
VRNS Varonis Systems Inc. 4.46% 458,500 $25.9M Reduce -4.2%
PEGA Pegasystems Inc. 4.37% 347,500 $25.4M No change
CLS Celestica Inc. 4.37% 495,700 $25.3M No change
SIMO Silicon Motion Technol-ADR 4.02% 384,906 $23.3M No change
DSGX The Descartes Systems Grp 3.72% 210,000 $21.6M Reduce -8.7%
RDWR Radware Ltd. 2.87% 750,000 $16.6M Reduce -6.3%
ARLO Arlo Technologies Inc. 2.66% 1,277,000 $15.4M No change
CCOI Cogent Communications Holdin 2.62% 200,600 $15.2M No change
CYBR Cyberark Software Ltd./Israel 2.42% 48,300 $14.1M No change
HLIT Harmonic Inc. 1.97% 785,000 $11.4M No change
MSFT Microsoft Corp. 1.93% 26,000 $11.2M No change
SPSC SPS Commerce Inc. 1.76% 52,716 $10.2M Reduce -12.1%
QLYS Qualys Inc. 1.64% 74,000 $9.5M No change
DRS Leonardo DRS Inc. 1.63% 335,000 $9.5M Reduce -4.3%
LGTY Logility Supply Chain Soluti filed as AMER SOFTWARE INC 1.54% 800,000 $8.9M Add +6.7%
TSEM Tower Semiconductor Ltd. 1.51% 198,000 $8.8M No change
VICR Vicor Corp. 1.45% 200,000 $8.4M No change
AVPT Avepoint Inc. 1.42% 700,000 $8.2M No change
AMZN Amazon.com Inc. 1.40% 43,700 $8.1M No change
KLIC Kulicke & Soffa Industries 1.39% 178,100 $8.0M No change
CEVA Ceva Inc. 1.35% 325,000 $7.8M No change
GOOGL Alphabet Inc. Class A 1.34% 46,900 $7.8M No change
FROG Jfrog Ltd. 1.25% 250,000 $7.3M Add +31.6%
AMD Advanced Micro Devices 1.20% 42,350 $6.9M No change
FC Franklin Covey Co. 1.13% 160,000 $6.6M No change
ANET Arista Networks Inc. 1.12% 17,000 $6.5M No change
FA First Advantage Corp. 1.03% 300,000 $6.0M No change
AAPL Apple Inc. 1.00% 25,000 $5.8M No change
RDVT Red Violet Inc. 0.98% 200,000 $5.7M No change
HSTM Healthstream Inc. 0.94% 190,000 $5.5M Reduce -5.0%
FORM Formfactor Inc. 0.94% 118,300 $5.4M No change
NABL N-Able Inc. 0.93% 413,000 $5.4M No change
ALKT Alkami Technology Inc. 0.81% 150,000 $4.7M No change
VECO Veeco Instruments Inc. 0.80% 140,000 $4.6M No change
VERX Vertex Inc. Class A 0.80% 120,000 $4.6M No change
RBBN Ribbon Communications Inc. 0.79% 1,415,869 $4.6M No change
LTRX Lantronix Inc. 0.71% 1,000,000 $4.1M No change
CLMB Climb Global Solutions Inc. 0.68% 40,000 $4.0M No change
QUIK Quicklogic Corp. 0.66% 500,000 $3.8M Add +10.1%
MU Micron Technology Inc. 0.64% 36,000 $3.7M No change
BAND Bandwidth Inc. Class A 0.63% 210,000 $3.7M No change
AVDX Avidxchange Holdings Inc. 0.63% 450,000 $3.6M Add +28.6%
FIVN FIVE9 Inc. 0.62% 125,000 $3.6M Add +92.3%
AVNW Aviat Networks Inc. 0.58% 155,000 $3.3M No change
OSPN Onespan Inc. 0.57% 200,000 $3.3M No change
OOMA Ooma Inc. 0.51% 260,000 $3.0M No change
MRAM Everspin Technologies Inc. 0.51% 500,000 $2.9M Add +5.3%
BASE Couchbase Inc. 0.50% 180,000 $2.9M No change
YELP Yelp Inc. 0.48% 80,000 $2.8M No change
RDCM Radcom Ltd. 0.48% 275,000 $2.8M No change
LASR Nlight Inc. 0.48% 260,000 $2.8M No change
TER Teradyne Inc. 0.47% 20,600 $2.8M No change
DT Dynatrace Inc. 0.46% 50,000 $2.7M No change
GNSS Genasys Inc. 0.46% 750,000 $2.7M No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 0.45% 150,000 $2.6M No change
VPG Vishay Precision Group 0.45% 100,000 $2.6M No change
POWI Power Integrations Inc. 0.42% 38,000 $2.4M No change
CINT Ci&t Inc./United States-A 0.41% 355,000 $2.4M No change
PDFS PDF Solutions Inc. 0.41% 75,000 $2.4M No change
ADTN Adtran Holdings Inc. 0.41% 400,000 $2.4M No change
THRY Thryv Holdings Inc. 0.40% 134,651 $2.3M No change
AIP Arteris Inc. 0.40% 300,000 $2.3M No change
SCWX Secureworks Corp. Class A 0.38% 250,000 $2.2M No change
IAS Integral Ad Science Holding 0.37% 200,000 $2.2M No change
SPIR Spire Global Inc. 0.37% 216,000 $2.2M Add +30.9%
IDN Intellicheck Inc. 0.37% 1,000,000 $2.1M No change
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.35% 350,000 $2.0M No change
VLN Valens Semiconductor Ltd. 0.35% 950,000 $2.0M Reduce -4.9%
ARW Arrow Electronics Inc. 0.35% 15,200 $2.0M No change
APPS Digital Turbine Inc. 0.32% 600,000 $1.8M No change
IMOS Chipmos Technologies Inc.-ADR 0.32% 78,394 $1.8M No change
ZM Zoom Communications Inc. filed as ZOOM VIDEO COMMUNICATIONS IN 0.31% 25,910 $1.8M No change
CKP Checkpoint Systems Inc. 0.31% 9,200 $1.8M No change
SILC Silicom Ltd. 0.29% 125,000 $1.7M No change
TSM Taiwan Semiconductor-SP ADR 0.28% 9,500 $1.6M No change
RMNI Rimini Street Inc. 0.27% 850,000 $1.6M No change
KD Kyndryl Holdings Inc. 0.27% 67,000 $1.5M No change
AKAM Akamai Technologies Inc. 0.26% 15,200 $1.5M No change
INUV Inuvo Inc. 0.25% 6,092,857 $1.5M No change
CDNS Cadence Design SYS Inc. 0.23% 5,000 $1.4M No change
KOPN Kopin Corp. 0.19% 1,535,000 $1.1M New
PATH Uipath Inc. Class A 0.19% 87,000 $1.1M No change
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP 0.18% 90,000 $1.0M No change
FRSH Freshworks Inc. Class A 0.18% 90,000 $1.0M No change
CGNT Cognyte Software Ltd. 0.18% 150,000 $1.0M No change
BCOV Brightcove 0.16% 425,000 $918K No change
TXN Texas Instruments Inc. 0.15% 4,100 $847K No change
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.14% 140,000 $820K No change
AWRE Aware Inc. 0.14% 430,000 $800K No change
ELVA Electrovaya Inc. 0.10% 250,000 $583K No change
INTC Intel Corp. 0.08% 19,000 $446K No change
SEDG Solaredge Technologies Inc. 0.02% 4,400 $101K No change

Portfolio Sells Q2 2024 → Q3 2024
SMCI Super Micro Computer Inc. Sold out 0.00% −11.41
VLN Valens Semiconductor Ltd. Reduce -4.9% 0.35% −0.17
OSS One Stop Systems Inc. Sold out 0.00% −0.15
SPSC SPS Commerce Inc. Reduce -12.1% 1.76% −0.09
QMCO Quantum Corp. Sold out 0.00% −0.07
STREAMLINE HEALTH SOLUTIONS Sold out 0.00% −0.06
HSTM Healthstream Inc. Reduce -5.0% 0.94% +0.03
DSGX The Descartes Systems Grp Reduce -8.7% 3.72% +0.07
DRS Leonardo DRS Inc. Reduce -4.3% 1.63% +0.17
RDWR Radware Ltd. Reduce -6.3% 2.87% +0.48
VRNS Varonis Systems Inc. Reduce -4.2% 4.46% +0.70

Portfolio Buys Q2 2024 → Q3 2024
SMCI Super Micro Computer Inc. New 6.20% +6.20
LGTY Logility Supply Chain Soluti Add +6.7% 1.54% +0.42
KOPN Kopin Corp. New 0.19% +0.19
FIVN FIVE9 Inc. Add +92.3% 0.62% +0.15
FROG Jfrog Ltd. Add +31.6% 1.25% +0.08
SPIR Spire Global Inc. Add +30.9% 0.37% +0.08
MRAM Everspin Technologies Inc. Add +5.3% 0.51% +0.04
AVDX Avidxchange Holdings Inc. Add +28.6% 0.63% −0.06
QUIK Quicklogic Corp. Add +10.1% 0.66% −0.11

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