HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 22, 2025), HERALD INVESTMENT MANAGEMENT Ltd reported 94 stock positions worth $674.3 million. Its top holding was Celestica (CLS) at 9.0% of the portfolio, followed by Fabrinet (FN, 6.8%) and Pegasystems (PEGA, 5.6%). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 12 and reduced 6. The biggest buy was Pegasystems (PEGA, shares +100%) and the biggest sale an exit from Logility Supply Chain Soluti (LGTY).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$674.3M (Q2 2025)
SEC Filing
0001512022-25-000006 ↗ filed Jul 22, 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 Q1 2025 Q2 2025: $674.3M $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 · $674.3M
CLS Celestica Inc. 9.05% 390,700 $61.0M Reduce -7.7%
FN Fabrinet 6.75% 154,600 $45.5M Reduce -8.8%
PEGA Pegasystems Inc. 5.65% 703,600 $38.1M Add +100.0%
SMCI Super Micro Computer Inc. 5.48% 754,500 $37.0M No change
SIMO Silicon Motion Technol-ADR 4.28% 384,906 $28.9M No change
VRNS Varonis Systems Inc. 3.34% 443,500 $22.5M No change
ARLO Arlo Technologies Inc. 3.21% 1,277,000 $21.6M No change
RDWR Radware Ltd. 2.94% 675,000 $19.8M Reduce -6.9%
DSGX The Descartes Systems Grp 2.79% 185,000 $18.8M No change
CYBR Cyberark Software Ltd./Israel 2.55% 42,300 $17.2M No change
DRS Leonardo DRS Inc. 2.07% 300,000 $13.9M Reduce -6.3%
AVPT Avepoint Inc. 2.00% 700,000 $13.5M No change
MSFT Microsoft Corp. 1.79% 24,300 $12.1M Reduce -9.1%
FROG Jfrog Ltd. 1.63% 250,000 $11.0M No change
VICR Vicor Corp. 1.55% 230,000 $10.4M No change
KLIC Kulicke & Soffa Industries 1.52% 296,100 $10.2M No change
AMZN Amazon.com Inc. 1.51% 46,400 $10.2M No change
CCOI Cogent Communications Holdin 1.48% 207,600 $10.0M Add +3.5%
RDVT Red Violet Inc. 1.46% 200,000 $9.8M No change
QLYS Qualys Inc. 1.38% 65,000 $9.3M No change
GOOGL Alphabet Inc. Class A 1.31% 50,200 $8.8M No change
CEVA Ceva Inc. 1.30% 400,000 $8.8M Add +23.1%
TSEM Tower Semiconductor Ltd. 1.27% 198,000 $8.6M No change
HLIT Harmonic Inc. 1.10% 785,000 $7.4M No change
FIVN FIVE9 Inc. 1.03% 262,000 $6.9M Add +24.4%
SPSC SPS Commerce Inc. 0.96% 47,500 $6.5M No change
FA First Advantage Corp. 0.86% 347,873 $5.8M Add +16.0%
ALKT Alkami Technology Inc. 0.80% 180,000 $5.4M Add +20.0%
IDN Intellicheck Inc. 0.79% 1,000,000 $5.3M No change
HSTM Healthstream Inc. 0.78% 190,000 $5.3M No change
LASR Nlight Inc. 0.76% 260,000 $5.1M No change
AVDX Avidxchange Holdings Inc. 0.73% 500,000 $4.9M No change
BASE Couchbase Inc. 0.72% 200,000 $4.9M No change
OUST Ouster Inc. 0.72% 200,000 $4.8M No change
CLMB Climb Global Solutions Inc. 0.71% 45,000 $4.8M Add +12.5%
SMWB Similarweb Ltd. 0.70% 600,000 $4.7M Add +100.0%
SPIR Spire Global Inc. 0.68% 386,249 $4.6M Add +67.9%
QUIK Quicklogic Corp. 0.66% 730,379 $4.5M No change
MU Micron Technology Inc. 0.66% 36,000 $4.4M No change
AMD Advanced Micro Devices 0.65% 30,920 $4.4M No change
ELVA Electrovaya Inc. 0.64% 1,265,000 $4.3M Add +7.2%
PDFS PDF Solutions Inc. 0.63% 200,000 $4.3M No change
MRAM Everspin Technologies Inc. 0.63% 675,000 $4.2M Add +12.5%
VPG Vishay Precision Group 0.62% 150,000 $4.2M No change
AAPL Apple Inc. 0.62% 20,400 $4.2M Reduce -18.4%
FORM Formfactor Inc. 0.60% 118,300 $4.1M No change
VECO Veeco Instruments Inc. 0.60% 200,000 $4.1M No change
FC Franklin Covey Co. 0.59% 175,000 $4.0M No change
VERX Vertex Inc. Class A 0.58% 110,000 $3.9M No change
AVNW Aviat Networks Inc. 0.55% 155,000 $3.7M No change
RDCM Radcom Ltd. 0.55% 275,000 $3.7M No change
RBBN Ribbon Communications Inc. 0.54% 912,869 $3.7M No change
APPS Digital Turbine Inc. 0.52% 600,000 $3.5M No change
FARO Faro Technologies Inc. 0.52% 80,000 $3.5M No change
OOMA Ooma Inc. 0.50% 260,000 $3.4M No change
NABL N-Able Inc. 0.50% 413,000 $3.3M No change
BAND Bandwidth Inc. Class A 0.50% 210,000 $3.3M No change
OSPN Onespan Inc. 0.49% 200,000 $3.3M No change
RMNI Rimini Street Inc. 0.48% 850,000 $3.2M No change
CMRC Commerce.com Inc. filed as BIGCOMMERCE HLDGS INC 0.46% 625,000 $3.1M No change
BELFB Bel Fuse Inc. Class B 0.43% 30,000 $2.9M No change
AIP Arteris Inc. 0.42% 300,000 $2.9M No change
KD Kyndryl Holdings Inc. 0.42% 67,000 $2.8M No change
DGII Digi International Inc. 0.41% 80,000 $2.8M No change
DT Dynatrace Inc. 0.41% 50,000 $2.8M No change
CINT Ci&t Inc./United States-A 0.40% 450,000 $2.7M Add +26.8%
INUV Inuvo Inc. 0.39% 577,500 $2.7M No change
LTRX Lantronix Inc. 0.38% 900,000 $2.6M No change
VLN Valens Semiconductor Ltd. 0.37% 950,000 $2.5M No change
KOPN Kopin Corp. 0.35% 1,535,000 $2.3M No change
ANET Arista Networks Inc. 0.34% 22,700 $2.3M No change
TGEN Tecogen Inc./Waltham Ma 0.33% 321,078 $2.2M New
POWI Power Integrations Inc. 0.31% 38,000 $2.1M No change
PATH Uipath Inc. Class A 0.31% 161,280 $2.1M No change
HIMX Himax Technologies Inc.-ADR 0.30% 230,000 $2.1M No change
CKP Checkpoint Systems Inc. 0.30% 9,200 $2.0M No change
ZM Zoom Communications Inc. 0.30% 25,910 $2.0M No change
ARW Arrow Electronics Inc. 0.29% 15,200 $1.9M No change
SILC Silicom Ltd. 0.28% 125,000 $1.9M No change
TER Teradyne Inc. 0.27% 20,600 $1.9M No change
ADTN Adtran Holdings Inc. 0.27% 200,000 $1.8M No change
FORR Forrester Research Inc. 0.22% 150,000 $1.5M No change
MPTI M-Tron Industries Inc. 0.22% 35,000 $1.5M No change
FRSH Freshworks Inc. Class A 0.20% 90,000 $1.3M No change
GNSS Genasys Inc. 0.19% 750,000 $1.3M No change
Freightos Ltd 0.18% 500,000 $1.2M No change
MLAB Mesa Laboratories Inc. 0.17% 12,500 $1.2M No change
ACCS Access Newswire Inc. 0.16% 90,000 $1.1M No change
TXN Texas Instruments Inc. 0.13% 4,100 $851K No change
AWRE Aware Inc. 0.12% 430,000 $808K No change
CDNS Cadence Design SYS Inc. 0.11% 2,500 $770K No change
TTEC Ttec Holdings Inc. filed as TTEC HLDGS INC 0.10% 140,000 $673K No change
BELFA Bel Fuse Inc. Class A 0.10% 7,500 $670K No change
INTC Intel Corp. 0.06% 19,000 $425K No change

Portfolio Sells Q1 2025 → Q2 2025
LGTY Logility Supply Chain Soluti Sold out 0.00% −2.20
AAPL Apple Inc. Reduce -18.4% 0.62% −0.42
AKAM Akamai Technologies Inc. Sold out 0.00% −0.23
MSFT Microsoft Corp. Reduce -9.1% 1.79% −0.09
RDWR Radware Ltd. Reduce -6.9% 2.94% +0.00
DRS Leonardo DRS Inc. Reduce -6.3% 2.07% +0.09
FN Fabrinet Reduce -8.8% 6.75% +0.47
CLS Celestica Inc. Reduce -7.7% 9.05% +2.79

Portfolio Buys Q1 2025 → Q2 2025
PEGA Pegasystems Inc. Add +100.0% 5.65% +1.07
SPIR Spire Global Inc. Add +67.9% 0.68% +0.33
TGEN Tecogen Inc./Waltham Ma New 0.33% +0.33
SMWB Similarweb Ltd. Add +100.0% 0.70% +0.23
ELVA Electrovaya Inc. Add +7.2% 0.64% +0.13
ALKT Alkami Technology Inc. Add +20.0% 0.80% +0.07
FA First Advantage Corp. Add +16.0% 0.86% +0.06
MRAM Everspin Technologies Inc. Add +12.5% 0.63% +0.05
CINT Ci&t Inc./United States-A Add +26.8% 0.40% +0.00
FIVN FIVE9 Inc. Add +24.4% 1.03% −0.04
CLMB Climb Global Solutions Inc. Add +12.5% 0.71% −0.11
CEVA Ceva Inc. Add +23.1% 1.30% −0.26
CCOI Cogent Communications Holdin Add +3.5% 1.48% −0.82

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