HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 7, 2025), HERALD INVESTMENT MANAGEMENT Ltd reported 94 stock positions worth $750.7 million. Its top holding was Celestica (CLS) at 11.0% of the portfolio, followed by Fabrinet (FN, 7.1%) and Pegasystems (PEGA, 5.4%). Compared with Q2 2025, it opened 5 new positions, sold out of 5, added to 20 and reduced 8. The biggest buy was a new position in Workiva (WK) and the biggest sale an exit from Cyberark Software Ltd./Israel (CYBR).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$750.7M (Q3 2025)
SEC Filing
0001512022-25-000011 ↗ filed Nov 7, 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 Q2 2025 Q3 2025: $750.7M $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 · $750.7M
CLS Celestica Inc. 10.99% 335,000 $82.5M Reduce -14.3%
FN Fabrinet 7.08% 145,600 $53.2M Reduce -5.8%
PEGA Pegasystems Inc. 5.39% 703,600 $40.4M No change
SIMO Silicon Motion Technol-ADR 4.85% 384,906 $36.4M No change
SMCI Super Micro Computer Inc. 4.59% 719,500 $34.5M Reduce -4.6%
VRNS Varonis Systems Inc. 3.40% 443,500 $25.5M No change
ARLO Arlo Technologies Inc. 2.88% 1,277,000 $21.6M No change
RDWR Radware Ltd. 2.38% 675,000 $17.9M No change
DSGX The Descartes Systems Grp 2.32% 185,000 $17.4M No change
TSEM Tower Semiconductor Ltd. 1.91% 198,000 $14.3M No change
DRS Leonardo DRS Inc. 1.72% 285,000 $12.9M Reduce -5.0%
MSFT Microsoft Corp. 1.68% 24,300 $12.6M No change
VICR Vicor Corp. 1.65% 250,000 $12.4M Add +8.7%
GOOGL Alphabet Inc. Class A 1.63% 50,200 $12.2M No change
KLIC Kulicke & Soffa Industries 1.60% 296,100 $12.0M No change
CEVA Ceva Inc. 1.58% 450,000 $11.9M Add +12.5%
FROG Jfrog Ltd. 1.57% 250,000 $11.8M No change
AVPT Avepoint Inc. 1.40% 700,000 $10.5M No change
RDVT Red Violet Inc. 1.39% 200,000 $10.5M No change
AMZN Amazon.com Inc. 1.36% 46,400 $10.2M No change
ALKT Alkami Technology Inc. 1.32% 400,000 $9.9M Add +122.2%
CCOI Cogent Communications Holdin 1.24% 242,600 $9.3M Add +16.9%
QLYS Qualys Inc. 1.15% 65,000 $8.6M No change
HLIT Harmonic Inc. 1.07% 785,000 $8.0M No change
ELVA Electrovaya Inc. 0.99% 1,265,000 $7.5M No change
MRAM Everspin Technologies Inc. 0.99% 800,000 $7.4M Add +18.5%
LASR Nlight Inc. 0.99% 250,000 $7.4M Reduce -3.9%
FIVN FIVE9 Inc. 0.91% 282,000 $6.8M Add +7.6%
CLMB Climb Global Solutions Inc. 0.90% 50,000 $6.7M Add +11.1%
VECO Veeco Instruments Inc. 0.81% 200,000 $6.1M No change
MU Micron Technology Inc. 0.80% 36,000 $6.0M No change
SPSC SPS Commerce Inc. 0.76% 55,000 $5.7M Add +15.8%
FA First Advantage Corp. 0.75% 365,000 $5.6M Add +4.9%
SMWB Similarweb Ltd. 0.74% 600,000 $5.6M No change
HSTM Healthstream Inc. 0.71% 190,000 $5.4M No change
AAPL Apple Inc. 0.69% 20,400 $5.2M No change
PDFS PDF Solutions Inc. 0.69% 200,000 $5.2M No change
IDN Intellicheck Inc. 0.69% 1,000,000 $5.2M No change
OUST Ouster Inc. 0.68% 190,000 $5.1M Reduce -5.0%
AMD Advanced Micro Devices 0.67% 30,920 $5.0M No change
AVDX Avidxchange Holdings Inc. 0.66% 500,000 $5.0M No change
VERX Vertex Inc. Class A 0.66% 200,000 $5.0M Add +81.8%
KOPN Kopin Corp. 0.65% 2,000,000 $4.9M Add +30.3%
VPG Vishay Precision Group 0.64% 150,000 $4.8M No change
QUIK Quicklogic Corp. 0.59% 730,379 $4.4M No change
FORM Formfactor Inc. 0.57% 118,300 $4.3M No change
WK Workiva Inc. 0.57% 50,000 $4.3M New
RDCM Radcom Ltd. 0.57% 300,000 $4.3M Add +9.1%
SPIR Spire Global Inc. 0.56% 386,249 $4.2M No change
BELFB Bel Fuse Inc. Class B 0.56% 30,000 $4.2M No change
AIP Arteris Inc. 0.54% 400,000 $4.0M Add +33.3%
CTS CTS Corp. 0.53% 100,000 $4.0M New
RMNI Rimini Street Inc. 0.53% 850,000 $4.0M No change
TGEN Tecogen Inc./Waltham Ma 0.52% 446,078 $3.9M Add +38.9%
APPS Digital Turbine Inc. 0.51% 600,000 $3.8M No change
DGII Digi International Inc. 0.49% 100,000 $3.6M Add +25.0%
SLAB Silicon Laboratories Inc. 0.48% 27,500 $3.6M New
AVNW Aviat Networks Inc. 0.47% 155,000 $3.6M No change
HIMX Himax Technologies Inc.-ADR 0.47% 400,000 $3.5M Add +73.9%
BAND Bandwidth Inc. Class A 0.47% 210,000 $3.5M No change
CMRC Commerce.com Inc. 0.47% 700,000 $3.5M Add +12.0%
RBBN Ribbon Communications Inc. 0.46% 912,869 $3.5M No change
FC Franklin Covey Co. 0.45% 175,000 $3.4M No change
MLAB Mesa Laboratories Inc. 0.45% 50,000 $3.3M Add +300.0%
ANET Arista Networks Inc. 0.44% 22,700 $3.3M No change
NABL N-Able Inc. 0.43% 413,000 $3.2M No change
OSPN Onespan Inc. 0.42% 200,000 $3.2M No change
OOMA Ooma Inc. 0.42% 260,000 $3.1M No change
MPTI M-Tron Industries Inc. 0.40% 55,000 $3.0M Add +57.1%
SLP Simulations Plus Inc. 0.40% 200,000 $3.0M New
TER Teradyne Inc. 0.38% 20,600 $2.8M No change
NOVT Novanta Inc. 0.33% 25,000 $2.5M New
DT Dynatrace Inc. 0.32% 50,000 $2.4M No change
CINT Ci&t Inc./United States-A 0.31% 450,000 $2.3M No change
FRSH Freshworks Inc. Class A 0.30% 190,000 $2.2M Add +111.1%
SILC Silicom Ltd. 0.29% 125,000 $2.2M No change
PATH Uipath Inc. Class A 0.29% 161,280 $2.2M No change
ZM Zoom Communications Inc. 0.28% 25,910 $2.1M No change
INUV Inuvo Inc. 0.27% 573,773 $2.0M Reduce -0.7%
KD Kyndryl Holdings Inc. 0.27% 67,000 $2.0M No change
CKP Checkpoint Systems Inc. 0.25% 9,200 $1.9M No change
ADTN Adtran Holdings Inc. 0.25% 200,000 $1.9M No change
ARW Arrow Electronics Inc. 0.24% 15,200 $1.8M No change
LTRX Lantronix Inc. 0.24% 400,000 $1.8M Reduce -55.6%
GNSS Genasys Inc. 0.24% 750,000 $1.8M No change
VLN Valens Semiconductor Ltd. 0.23% 950,000 $1.7M No change
Freightos Ltd 0.22% 500,000 $1.6M No change
FORR Forrester Research Inc. 0.21% 150,000 $1.6M No change
POWI Power Integrations Inc. 0.20% 38,000 $1.5M No change
AWRE Aware Inc. 0.13% 430,000 $1.0M No change
ACCS Access Newswire Inc. 0.13% 90,000 $956K No change
BELFA Bel Fuse Inc. Class A 0.12% 7,500 $872K No change
TXN Texas Instruments Inc. 0.10% 4,100 $753K No change
INTC Intel Corp. 0.08% 19,000 $637K No change

Portfolio Sells Q2 2025 → Q3 2025
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −2.55
SMCI Super Micro Computer Inc. Reduce -4.6% 4.59% −0.89
BASE Couchbase Inc. Sold out 0.00% −0.72
FARO Faro Technologies Inc. Sold out 0.00% −0.52
DRS Leonardo DRS Inc. Reduce -5.0% 1.72% −0.34
LTRX Lantronix Inc. Reduce -55.6% 0.24% −0.14
INUV Inuvo Inc. Reduce -0.7% 0.27% −0.13
CDNS Cadence Design SYS Inc. Sold out 0.00% −0.11
TTEC Ttec Holdings Inc. Sold out 0.00% −0.10
OUST Ouster Inc. Reduce -5.0% 0.68% −0.03
LASR Nlight Inc. Reduce -3.9% 0.99% +0.23
FN Fabrinet Reduce -5.8% 7.08% +0.33
CLS Celestica Inc. Reduce -14.3% 10.99% +1.94

Portfolio Buys Q2 2025 → Q3 2025
WK Workiva Inc. New 0.57% +0.57
CTS CTS Corp. New 0.53% +0.53
ALKT Alkami Technology Inc. Add +122.2% 1.32% +0.52
SLAB Silicon Laboratories Inc. New 0.48% +0.48
SLP Simulations Plus Inc. New 0.40% +0.40
MRAM Everspin Technologies Inc. Add +18.5% 0.99% +0.36
NOVT Novanta Inc. New 0.33% +0.33
KOPN Kopin Corp. Add +30.3% 0.65% +0.30
CEVA Ceva Inc. Add +12.5% 1.58% +0.28
MLAB Mesa Laboratories Inc. Add +300.0% 0.45% +0.27
TGEN Tecogen Inc./Waltham Ma Add +38.9% 0.52% +0.19
MPTI M-Tron Industries Inc. Add +57.1% 0.40% +0.19
CLMB Climb Global Solutions Inc. Add +11.1% 0.90% +0.18
HIMX Himax Technologies Inc.-ADR Add +73.9% 0.47% +0.17
AIP Arteris Inc. Add +33.3% 0.54% +0.11
VICR Vicor Corp. Add +8.7% 1.65% +0.11
FRSH Freshworks Inc. Class A Add +111.1% 0.30% +0.10
VERX Vertex Inc. Class A Add +81.8% 0.66% +0.08
DGII Digi International Inc. Add +25.0% 0.49% +0.07
RDCM Radcom Ltd. Add +9.1% 0.57% +0.02
CMRC Commerce.com Inc. Add +12.0% 0.47% +0.00
FA First Advantage Corp. Add +4.9% 0.75% −0.11
FIVN FIVE9 Inc. Add +7.6% 0.91% −0.12
SPSC SPS Commerce Inc. Add +15.8% 0.76% −0.20
CCOI Cogent Communications Holdin Add +16.9% 1.24% −0.25

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