HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), HERALD INVESTMENT MANAGEMENT Ltd reported 94 stock positions worth $610.9 million. Its top holding was Celestica (CLS) at 7.0% of the portfolio, followed by Fabrinet (FN, 6.4%) and Pegasystems (PEGA, 5.3%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 9 and reduced 18. The biggest buy was Quicklogic (QUIK, shares +46%) and the biggest sale Varonis Systems (VRNS, shares −3%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$610.9M (Q4 2024)
SEC Filing
0001512022-25-000002 ↗ filed Feb 13, 2025

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 $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 · $610.9M
CLS Celestica Inc. 7.03% 465,700 $43.0M Reduce -6.0%
FN Fabrinet 6.42% 178,550 $39.2M Reduce -2.7%
PEGA Pegasystems Inc. 5.30% 347,500 $32.4M No change
SMCI Super Micro Computer Inc. 3.77% 754,500 $23.0M Add +772.8%
DSGX The Descartes Systems Grp 3.53% 190,000 $21.6M Reduce -9.5%
SIMO Silicon Motion Technol-ADR 3.40% 384,906 $20.8M No change
VRNS Varonis Systems Inc. 3.22% 443,500 $19.7M Reduce -3.3%
RDWR Radware Ltd. 2.66% 725,000 $16.3M Reduce -3.3%
CYBR Cyberark Software Ltd./Israel 2.58% 47,300 $15.8M Reduce -2.1%
CCOI Cogent Communications Holdin 2.53% 200,600 $15.4M No change
ARLO Arlo Technologies Inc. 2.34% 1,277,000 $14.3M No change
KLIC Kulicke & Soffa Industries 1.89% 248,100 $11.6M Add +39.3%
AVPT Avepoint Inc. 1.89% 700,000 $11.5M No change
MSFT Microsoft Corp. 1.74% 25,245 $10.6M Reduce -2.9%
HLIT Harmonic Inc. 1.70% 785,000 $10.4M No change
DRS Leonardo DRS Inc. 1.69% 320,000 $10.3M Reduce -4.5%
CEVA Ceva Inc. 1.68% 325,000 $10.3M No change
TSEM Tower Semiconductor Ltd. 1.67% 198,000 $10.2M No change
VICR Vicor Corp. 1.58% 200,000 $9.7M No change
AMZN Amazon.com Inc. 1.57% 43,700 $9.6M No change
SPSC SPS Commerce Inc. 1.51% 50,000 $9.2M Reduce -5.2%
LGTY Logility Supply Chain Soluti 1.49% 823,655 $9.1M Add +3.0%
QLYS Qualys Inc. 1.49% 65,000 $9.1M Reduce -12.2%
GOOGL Alphabet Inc. Class A 1.45% 46,900 $8.9M No change
QUIK Quicklogic Corp. 1.35% 730,379 $8.2M Add +46.1%
FROG Jfrog Ltd. 1.20% 250,000 $7.3M No change
RDVT Red Violet Inc. 1.18% 200,000 $7.2M No change
ANET Arista Networks Inc. 1.11% 61,464 $6.8M Reduce -9.6%
FIVN FIVE9 Inc. 1.10% 165,000 $6.7M Add +32.0%
VERX Vertex Inc. Class A 1.05% 120,000 $6.4M No change
AAPL Apple Inc. 1.02% 25,000 $6.3M No change
HSTM Healthstream Inc. 0.99% 190,000 $6.0M No change
FC Franklin Covey Co. 0.98% 160,000 $6.0M No change
FA First Advantage Corp. 0.92% 300,000 $5.6M No change
ALKT Alkami Technology Inc. 0.90% 150,000 $5.5M No change
FORM Formfactor Inc. 0.85% 118,300 $5.2M No change
CLMB Climb Global Solutions Inc. 0.83% 40,000 $5.1M No change
VECO Veeco Instruments Inc. 0.77% 175,000 $4.7M Add +25.0%
RBBN Ribbon Communications Inc. 0.77% 1,123,678 $4.7M Reduce -20.6%
AVDX Avidxchange Holdings Inc. 0.76% 450,000 $4.7M No change
AMD Advanced Micro Devices 0.76% 38,220 $4.6M Reduce -9.8%
NABL N-Able Inc. 0.63% 413,000 $3.9M No change
MRAM Everspin Technologies Inc. 0.63% 600,000 $3.8M Add +20.0%
LTRX Lantronix Inc. 0.62% 925,000 $3.8M Reduce -7.5%
OSPN Onespan Inc. 0.61% 200,000 $3.7M No change
OOMA Ooma Inc. 0.60% 260,000 $3.6M No change
INUV Inuvo Inc. 0.59% 5,775,000 $3.6M Reduce -5.2%
BAND Bandwidth Inc. Class A 0.58% 210,000 $3.6M No change
RDCM Radcom Ltd. 0.55% 275,000 $3.3M No change
YELP Yelp Inc. 0.51% 80,000 $3.1M No change
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.50% 500,000 $3.1M Add +42.9%
AIP Arteris Inc. 0.50% 300,000 $3.0M No change
SPIR Spire Global Inc. 0.50% 216,000 $3.0M No change
MU Micron Technology Inc. 0.50% 36,000 $3.0M No change
ELVA Electrovaya Inc. 0.47% 1,180,000 $2.9M Add +372.0%
BASE Couchbase Inc. 0.46% 180,000 $2.8M No change
AVNW Aviat Networks Inc. 0.46% 155,000 $2.8M No change
IDN Intellicheck Inc. 0.46% 1,000,000 $2.8M No change
LASR Nlight Inc. 0.45% 260,000 $2.7M No change
DT Dynatrace Inc. 0.45% 50,000 $2.7M No change
TER Teradyne Inc. 0.42% 20,600 $2.6M No change
ADTN Adtran Holdings Inc. 0.41% 300,000 $2.5M Reduce -25.0%
VLN Valens Semiconductor Ltd. 0.40% 950,000 $2.5M No change
VPG Vishay Precision Group 0.38% 100,000 $2.3M No change
POWI Power Integrations Inc. 0.38% 38,000 $2.3M No change
KD Kyndryl Holdings Inc. 0.38% 67,000 $2.3M No change
RMNI Rimini Street Inc. 0.37% 850,000 $2.3M No change
CINT Ci&t Inc./United States-A 0.35% 355,000 $2.2M No change
SCWX Secureworks Corp. Class A 0.35% 250,000 $2.1M No change
ZM Zoom Communications Inc. 0.35% 25,910 $2.1M No change
JAMF Jamf Holding Corp. filed as JAMF HLDG CORP 0.34% 150,000 $2.1M No change
IAS Integral Ad Science Holding 0.34% 200,000 $2.1M No change
KOPN Kopin Corp. 0.34% 1,535,000 $2.1M No change
PDFS PDF Solutions Inc. 0.33% 75,000 $2.0M No change
SILC Silicom Ltd. 0.33% 125,000 $2.0M No change
BELFB Bel Fuse Inc. Class B 0.32% 24,000 $2.0M New
GNSS Genasys Inc. 0.32% 750,000 $1.9M No change
TSM Taiwan Semiconductor-SP ADR 0.31% 9,500 $1.9M No change
THRY Thryv Holdings Inc. 0.30% 125,085 $1.9M Reduce -7.1%
ARW Arrow Electronics Inc. 0.28% 15,200 $1.7M No change
CKP Checkpoint Systems Inc. 0.28% 9,200 $1.7M No change
Freightos Ltd 0.25% 500,000 $1.5M New
FRSH Freshworks Inc. Class A 0.24% 90,000 $1.5M No change
AKAM Akamai Technologies Inc. 0.24% 15,200 $1.5M No change
PATH Uipath Inc. Class A 0.18% 87,000 $1.1M No change
APPS Digital Turbine Inc. 0.17% 600,000 $1.0M No change
MLAB Mesa Laboratories Inc. 0.16% 7,417 $977K New
AWRE Aware Inc. 0.14% 430,000 $839K No change
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP 0.13% 90,000 $783K No change
TXN Texas Instruments Inc. 0.13% 4,100 $769K No change
CDNS Cadence Design SYS Inc. 0.12% 2,500 $751K Reduce -50.0%
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.11% 140,000 $697K No change
INTC Intel Corp. 0.06% 19,000 $381K No change
BELFA Bel Fuse Inc. Class A 0.06% 4,000 $360K New

Portfolio Sells Q3 2024 → Q4 2024
VRNS Varonis Systems Inc. Reduce -3.3% 3.22% −1.24
FN Fabrinet Reduce -2.7% 6.42% −1.06
AMD Advanced Micro Devices Reduce -9.8% 0.76% −0.44
IMOS Chipmos Technologies Inc.-ADR Sold out 0.00% −0.32
SPSC SPS Commerce Inc. Reduce -5.2% 1.51% −0.26
RDWR Radware Ltd. Reduce -3.3% 2.66% −0.20
MSFT Microsoft Corp. Reduce -2.9% 1.74% −0.19
DSGX The Descartes Systems Grp Reduce -9.5% 3.53% −0.18
CGNT Cognyte Software Ltd. Sold out 0.00% −0.18
BCOV Brightcove Sold out 0.00% −0.16
QLYS Qualys Inc. Reduce -12.2% 1.49% −0.15
CDNS Cadence Design SYS Inc. Reduce -50.0% 0.12% −0.11
THRY Thryv Holdings Inc. Reduce -7.1% 0.30% −0.10
LTRX Lantronix Inc. Reduce -7.5% 0.62% −0.09
RBBN Ribbon Communications Inc. Reduce -20.6% 0.77% −0.03
SEDG Solaredge Technologies Inc. Sold out 0.00% −0.02
ANET Arista Networks Inc. Reduce -9.6% 1.11% −0.01
ADTN Adtran Holdings Inc. Reduce -25.0% 0.41% +0.00
DRS Leonardo DRS Inc. Reduce -4.5% 1.69% +0.06
CYBR Cyberark Software Ltd./Israel Reduce -2.1% 2.58% +0.16
INUV Inuvo Inc. Reduce -5.2% 0.59% +0.34
CLS Celestica Inc. Reduce -6.0% 7.03% +2.67

Portfolio Buys Q3 2024 → Q4 2024
QUIK Quicklogic Corp. Add +46.1% 1.35% +0.69
KLIC Kulicke & Soffa Industries Add +39.3% 1.89% +0.51
FIVN FIVE9 Inc. Add +32.0% 1.10% +0.48
ELVA Electrovaya Inc. Add +372.0% 0.47% +0.37
BELFB Bel Fuse Inc. Class B New 0.32% +0.32
Freightos Ltd New 0.25% +0.25
MLAB Mesa Laboratories Inc. New 0.16% +0.16
CMRC Commerce.com Inc. Add +42.9% 0.50% +0.15
MRAM Everspin Technologies Inc. Add +20.0% 0.63% +0.12
BELFA Bel Fuse Inc. Class A New 0.06% +0.06
VECO Veeco Instruments Inc. Add +25.0% 0.77% −0.03
LGTY Logility Supply Chain Soluti Add +3.0% 1.49% −0.05
SMCI Super Micro Computer Inc. Add +772.8% 3.77% −2.44

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