HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), HERALD INVESTMENT MANAGEMENT Ltd reported 95 stock positions worth $533.0 million. Its top holding was Fabrinet (FN) at 6.3% of the portfolio, followed by Celestica (CLS, 6.3%) and Super Micro Computer (SMCI, 4.8%). Compared with Q4 2024, it opened 7 new positions, sold out of 6, added to 19 and reduced 11. The biggest buy was a new position in Similarweb (SMWB) and the biggest sale Arista Networks (ANET, shares −63%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$533.0M (Q1 2025)
SEC Filing
0001512022-25-000005 ↗ filed May 12, 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 Q4 2024 Q1 2025: $533.0M $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 95 stocks · $533.0M
FN Fabrinet 6.28% 169,500 $33.5M Reduce -5.1%
CLS Celestica Inc. 6.26% 423,200 $33.3M Reduce -9.1%
SMCI Super Micro Computer Inc. 4.85% 754,500 $25.8M No change
PEGA Pegasystems Inc. 4.58% 351,800 $24.4M Add +1.2%
SIMO Silicon Motion Technol-ADR 3.65% 384,906 $19.5M No change
DSGX The Descartes Systems Grp 3.50% 185,000 $18.6M Reduce -2.6%
VRNS Varonis Systems Inc. 3.36% 443,500 $17.9M No change
RDWR Radware Ltd. 2.93% 725,000 $15.6M No change
CYBR Cyberark Software Ltd./Israel 2.68% 42,300 $14.3M Reduce -10.6%
ARLO Arlo Technologies Inc. 2.36% 1,277,000 $12.6M No change
CCOI Cogent Communications Holdin 2.31% 200,600 $12.3M No change
LGTY Logility Supply Chain Soluti 2.20% 823,655 $11.7M No change
VICR Vicor Corp. 2.02% 230,000 $10.8M Add +15.0%
DRS Leonardo DRS Inc. 1.97% 320,000 $10.5M No change
AVPT Avepoint Inc. 1.90% 700,000 $10.1M No change
MSFT Microsoft Corp. 1.88% 26,745 $10.0M Add +5.9%
KLIC Kulicke & Soffa Industries 1.83% 296,100 $9.8M Add +19.4%
AMZN Amazon.com Inc. 1.66% 46,400 $8.8M Add +6.2%
CEVA Ceva Inc. 1.56% 325,000 $8.3M No change
QLYS Qualys Inc. 1.54% 65,000 $8.2M No change
FROG Jfrog Ltd. 1.50% 250,000 $8.0M No change
GOOGL Alphabet Inc. Class A 1.46% 50,200 $7.8M Add +7.0%
HLIT Harmonic Inc. 1.41% 785,000 $7.5M No change
RDVT Red Violet Inc. 1.41% 200,000 $7.5M No change
TSEM Tower Semiconductor Ltd. 1.32% 198,000 $7.0M No change
SPSC SPS Commerce Inc. 1.18% 47,500 $6.3M Reduce -5.0%
HSTM Healthstream Inc. 1.15% 190,000 $6.1M No change
FIVN FIVE9 Inc. 1.07% 210,600 $5.7M Add +27.6%
AAPL Apple Inc. 1.04% 25,000 $5.6M No change
FC Franklin Covey Co. 0.90% 175,000 $4.8M Add +9.4%
CLMB Climb Global Solutions Inc. 0.83% 40,000 $4.4M No change
AVDX Avidxchange Holdings Inc. 0.80% 500,000 $4.2M Add +11.1%
FA First Advantage Corp. 0.79% 300,000 $4.2M No change
VECO Veeco Instruments Inc. 0.75% 200,000 $4.0M Add +14.3%
ALKT Alkami Technology Inc. 0.74% 150,000 $3.9M No change
VERX Vertex Inc. Class A 0.72% 110,000 $3.8M Reduce -8.3%
PDFS PDF Solutions Inc. 0.72% 200,000 $3.8M Add +166.7%
QUIK Quicklogic Corp. 0.70% 730,379 $3.7M No change
VPG Vishay Precision Group 0.68% 150,000 $3.6M Add +50.0%
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.68% 625,000 $3.6M Add +25.0%
RBBN Ribbon Communications Inc. 0.67% 912,869 $3.6M Reduce -18.8%
OOMA Ooma Inc. 0.64% 260,000 $3.4M No change
FORM Formfactor Inc. 0.63% 118,300 $3.3M No change
AMD Advanced Micro Devices 0.60% 30,920 $3.2M Reduce -19.1%
BASE Couchbase Inc. 0.59% 200,000 $3.1M Add +11.1%
RDCM Radcom Ltd. 0.59% 275,000 $3.1M No change
MU Micron Technology Inc. 0.59% 36,000 $3.1M No change
MRAM Everspin Technologies Inc. 0.57% 600,000 $3.1M No change
OSPN Onespan Inc. 0.57% 200,000 $3.0M No change
IDN Intellicheck Inc. 0.56% 1,000,000 $3.0M No change
AVNW Aviat Networks Inc. 0.56% 155,000 $3.0M No change
RMNI Rimini Street Inc. 0.55% 850,000 $3.0M No change
NABL N-Able Inc. 0.55% 413,000 $2.9M No change
BAND Bandwidth Inc. Class A 0.52% 210,000 $2.7M No change
ELVA Electrovaya Inc. 0.51% 1,180,000 $2.7M No change
SMWB Similarweb Ltd. 0.46% 300,000 $2.5M New
DT Dynatrace Inc. 0.44% 50,000 $2.4M No change
BELFB Bel Fuse Inc. Class B 0.42% 30,000 $2.2M Add +25.0%
LTRX Lantronix Inc. 0.42% 900,000 $2.2M Reduce -2.7%
DGII Digi International Inc. 0.42% 80,000 $2.2M New
FARO Faro Technologies Inc. 0.41% 80,000 $2.2M New
CINT Ci&t Inc./United States-A 0.40% 355,000 $2.1M No change
KD Kyndryl Holdings Inc. 0.39% 67,000 $2.1M No change
CKP Checkpoint Systems Inc. 0.39% 9,200 $2.1M No change
INUV Inuvo Inc. 0.39% 5,775,000 $2.1M No change
AIP Arteris Inc. 0.39% 300,000 $2.1M No change
LASR Nlight Inc. 0.38% 260,000 $2.0M No change
VLN Valens Semiconductor Ltd. 0.36% 950,000 $1.9M No change
POWI Power Integrations Inc. 0.36% 38,000 $1.9M No change
ZM Zoom Communications Inc. 0.36% 25,910 $1.9M No change
SPIR Spire Global Inc. 0.35% 230,000 $1.9M Add +6.5%
SILC Silicom Ltd. 0.34% 125,000 $1.8M No change
OUST Ouster Inc. 0.34% 200,000 $1.8M New
ANET Arista Networks Inc. 0.33% 22,700 $1.8M Reduce -63.1%
ADTN Adtran Holdings Inc. 0.33% 200,000 $1.7M Reduce -33.3%
GNSS Genasys Inc. 0.32% 750,000 $1.7M No change
TER Teradyne Inc. 0.32% 20,600 $1.7M No change
HIMX Himax Technologies Inc.-ADR 0.32% 230,000 $1.7M New
PATH Uipath Inc. Class A 0.31% 161,280 $1.7M Add +85.4%
APPS Digital Turbine Inc. 0.30% 600,000 $1.6M No change
ARW Arrow Electronics Inc. 0.30% 15,200 $1.6M No change
MPTI M-Tron Industries Inc. 0.29% 35,000 $1.5M New
MLAB Mesa Laboratories Inc. 0.28% 12,500 $1.5M Add +68.5%
KOPN Kopin Corp. 0.27% 1,535,000 $1.4M No change
FORR Forrester Research Inc. 0.26% 150,000 $1.4M New
FRSH Freshworks Inc. Class A 0.24% 90,000 $1.3M No change
AKAM Akamai Technologies Inc. 0.23% 15,200 $1.2M No change
Freightos Ltd 0.22% 500,000 $1.2M No change
ACCS Access Newswire Inc. 0.15% 90,000 $795K No change
TXN Texas Instruments Inc. 0.14% 4,100 $737K No change
AWRE Aware Inc. 0.13% 430,000 $679K No change
CDNS Cadence Design SYS Inc. 0.12% 2,500 $636K No change
BELFA Bel Fuse Inc. Class A 0.10% 7,500 $540K Add +87.5%
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.09% 140,000 $461K No change
INTC Intel Corp. 0.08% 19,000 $431K No change

Portfolio Sells Q4 2024 → Q1 2025
ANET Arista Networks Inc. Reduce -63.1% 0.33% −0.78
CLS Celestica Inc. Reduce -9.1% 6.26% −0.78
YELP Yelp Inc. Sold out 0.00% −0.51
SCWX Secureworks Corp. Class A Sold out 0.00% −0.35
JAMF Jamf Holding Corp. Sold out 0.00% −0.34
IAS Integral Ad Science Holding Sold out 0.00% −0.34
VERX Vertex Inc. Class A Reduce -8.3% 0.72% −0.33
SPSC SPS Commerce Inc. Reduce -5.0% 1.18% −0.32
TSM Taiwan Semiconductor-SP ADR Sold out 0.00% −0.31
THRY Thryv Holdings Inc. Sold out 0.00% −0.30
LTRX Lantronix Inc. Reduce -2.7% 0.42% −0.20
AMD Advanced Micro Devices Reduce -19.1% 0.60% −0.16
FN Fabrinet Reduce -5.1% 6.28% −0.14
RBBN Ribbon Communications Inc. Reduce -18.8% 0.67% −0.09
ADTN Adtran Holdings Inc. Reduce -33.3% 0.33% −0.08
DSGX The Descartes Systems Grp Reduce -2.6% 3.50% −0.04
CYBR Cyberark Software Ltd./Israel Reduce -10.6% 2.68% +0.10

Portfolio Buys Q4 2024 → Q1 2025
SMWB Similarweb Ltd. New 0.46% +0.46
VICR Vicor Corp. Add +15.0% 2.02% +0.44
DGII Digi International Inc. New 0.42% +0.42
FARO Faro Technologies Inc. New 0.41% +0.41
PDFS PDF Solutions Inc. Add +166.7% 0.72% +0.38
OUST Ouster Inc. New 0.34% +0.34
HIMX Himax Technologies Inc.-ADR New 0.32% +0.32
VPG Vishay Precision Group Add +50.0% 0.68% +0.29
MPTI M-Tron Industries Inc. New 0.29% +0.29
FORR Forrester Research Inc. New 0.26% +0.26
CMRC Commerce.com Inc. Add +25.0% 0.68% +0.18
MSFT Microsoft Corp. Add +5.9% 1.88% +0.14
BASE Couchbase Inc. Add +11.1% 0.59% +0.13
PATH Uipath Inc. Class A Add +85.4% 0.31% +0.13
MLAB Mesa Laboratories Inc. Add +68.5% 0.28% +0.12
BELFB Bel Fuse Inc. Class B Add +25.0% 0.42% +0.10
AMZN Amazon.com Inc. Add +6.2% 1.66% +0.09
BELFA Bel Fuse Inc. Class A Add +87.5% 0.10% +0.04
AVDX Avidxchange Holdings Inc. Add +11.1% 0.80% +0.03
GOOGL Alphabet Inc. Class A Add +7.0% 1.46% +0.00
VECO Veeco Instruments Inc. Add +14.3% 0.75% −0.02
FIVN FIVE9 Inc. Add +27.6% 1.07% −0.02
KLIC Kulicke & Soffa Industries Add +19.4% 1.83% −0.07
FC Franklin Covey Co. Add +9.4% 0.90% −0.08
SPIR Spire Global Inc. Add +6.5% 0.35% −0.15
PEGA Pegasystems Inc. Add +1.2% 4.58% −0.72

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