HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), HERALD INVESTMENT MANAGEMENT Ltd reported 97 stock positions worth $765.5 million. Its top holding was Celestica (CLS) at 8.9% of the portfolio, followed by Fabrinet (FN, 6.4%) and Pegasystems (PEGA, 5.5%). Compared with Q3 2025, it opened 7 new positions, sold out of 4, added to 27 and reduced 19. The biggest buy was a new position in Digitalocean (DOCN) and the biggest sale Celestica (CLS, shares −31%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$765.5M (Q4 2025)
SEC Filing
0001512022-26-000004 ↗ filed Feb 13, 2026

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 Q3 2025 Q4 2025: $765.5M $765.5M Q4 2025 Q1 2026: $717.5M Q1 2026 Q2 2026: $737.3M Q2 2026

Holdings 97 stocks · $765.5M
CLS Celestica Inc. 8.87% 229,500 $67.9M Reduce -31.5%
FN Fabrinet 6.39% 107,600 $48.9M Reduce -26.1%
PEGA Pegasystems Inc. 5.49% 703,600 $42.0M No change
SIMO Silicon Motion Technol-ADR 4.66% 384,906 $35.6M No change
VICR Vicor Corp. 3.51% 245,000 $26.8M Reduce -2.0%
TSEM Tower Semiconductor Ltd. 2.76% 180,000 $21.1M Reduce -9.1%
SMCI Super Micro Computer Inc. 2.71% 709,500 $20.8M Reduce -1.4%
ARLO Arlo Technologies Inc. 2.39% 1,307,000 $18.3M Add +2.4%
RDWR Radware Ltd. 2.12% 675,000 $16.3M No change
DSGX The Descartes Systems Grp 2.12% 185,000 $16.2M No change
VRNS Varonis Systems Inc. 2.07% 483,500 $15.9M Add +9.0%
FROG Jfrog Ltd. 1.87% 230,000 $14.3M Reduce -8.0%
GOOGL Alphabet Inc. Class A 1.80% 44,100 $13.8M Reduce -12.2%
KLIC Kulicke & Soffa Industries 1.64% 276,100 $12.6M Reduce -6.8%
MSFT Microsoft Corp. 1.63% 25,800 $12.5M Add +6.2%
AVPT Avepoint Inc. 1.54% 850,000 $11.8M Add +21.4%
ALKT Alkami Technology Inc. 1.51% 500,000 $11.5M Add +25.0%
AMZN Amazon.com Inc. 1.49% 49,400 $11.4M Add +6.5%
RDVT Red Violet Inc. 1.49% 200,000 $11.4M No change
ELVA Electrovaya Inc. 1.48% 1,440,000 $11.3M Add +13.8%
CEVA Ceva Inc. 1.46% 520,000 $11.2M Add +15.6%
DRS Leonardo DRS Inc. 1.27% 285,000 $9.7M No change
DOCN Digitalocean Holdings Inc. 1.27% 202,000 $9.7M New
MU Micron Technology Inc. 1.25% 33,500 $9.6M Reduce -6.9%
QLYS Qualys Inc. 1.13% 65,000 $8.6M No change
LASR Nlight Inc. 1.05% 215,000 $8.1M Reduce -14.0%
HLIT Harmonic Inc. 1.01% 785,000 $7.8M No change
CLMB Climb Global Solutions Inc. 1.01% 75,000 $7.7M Add +50.0%
MRAM Everspin Technologies Inc. 0.97% 800,000 $7.4M No change
VPG Vishay Precision Group 0.96% 190,000 $7.3M Add +26.7%
FIVN FIVE9 Inc. 0.95% 362,000 $7.3M Add +28.4%
PLUS Eplus Inc. 0.86% 75,000 $6.6M New
IDN Intellicheck Inc. 0.85% 975,569 $6.5M Reduce -2.4%
PDFS PDF Solutions Inc. 0.84% 225,000 $6.4M Add +12.5%
SPSC SPS Commerce Inc. 0.81% 70,000 $6.2M Add +27.3%
AIP Arteris Inc. 0.81% 400,000 $6.2M No change
FORM Formfactor Inc. 0.79% 108,300 $6.0M Reduce -8.4%
FA First Advantage Corp. 0.76% 400,000 $5.8M Add +9.6%
VECO Veeco Instruments Inc. 0.75% 200,000 $5.7M No change
AAPL Apple Inc. 0.72% 20,400 $5.5M No change
POWI Power Integrations Inc. 0.70% 150,000 $5.3M Add +294.7%
CCOI Cogent Communications Holdin 0.68% 242,600 $5.2M No change
DGII Digi International Inc. 0.68% 120,000 $5.2M Add +20.0%
BELFB Bel Fuse Inc. Class B 0.66% 30,000 $5.1M No change
VIAV Viavi Solutions Inc. 0.64% 275,000 $4.9M New
SMWB Similarweb Ltd. 0.63% 645,465 $4.9M Add +7.6%
CTS CTS Corp. 0.62% 110,000 $4.7M Add +10.0%
HSTM Healthstream Inc. 0.60% 200,000 $4.6M Add +5.3%
AMD Advanced Micro Devices 0.58% 20,720 $4.4M Reduce -33.0%
KOPN Kopin Corp. 0.58% 1,900,000 $4.4M Reduce -5.0%
QUIK Quicklogic Corp. 0.57% 730,379 $4.4M No change
OUST Ouster Inc. 0.57% 200,000 $4.3M Add +5.3%
WK Workiva Inc. 0.56% 50,000 $4.3M No change
BRZE Braze Inc. Class A 0.56% 125,000 $4.3M New
RDCM Radcom Ltd. 0.55% 325,000 $4.2M Add +8.3%
NOVT Novanta Inc. 0.54% 35,000 $4.2M Add +40.0%
VERX Vertex Inc. Class A 0.52% 200,000 $4.0M No change
MLAB Mesa Laboratories Inc. 0.51% 50,000 $3.9M No change
RMNI Rimini Street Inc. 0.51% 1,000,000 $3.9M Add +17.6%
SLP Simulations Plus Inc. 0.48% 200,000 $3.6M No change
SLAB Silicon Laboratories Inc. 0.47% 27,500 $3.6M No change
MPTI M-Tron Industries Inc. 0.46% 67,000 $3.6M Add +21.8%
AVNW Aviat Networks Inc. 0.43% 155,000 $3.3M No change
PATH Uipath Inc. Class A 0.43% 202,280 $3.3M Add +25.4%
HIMX Himax Technologies Inc.-ADR 0.43% 400,000 $3.3M No change
BAND Bandwidth Inc. Class A 0.42% 210,000 $3.2M No change
TER Teradyne Inc. 0.42% 16,600 $3.2M Reduce -19.4%
POWL Powell Industries Inc. 0.42% 10,000 $3.2M New
CSGS CSG Systems Intl Inc. 0.41% 41,240 $3.2M New
NABL N-Able Inc. 0.40% 413,000 $3.1M No change
OOMA Ooma Inc. 0.40% 260,000 $3.0M No change
APPS Digital Turbine Inc. 0.39% 600,000 $3.0M No change
FC Franklin Covey Co. 0.38% 175,000 $2.9M No change
SPIR Spire Global Inc. 0.38% 386,249 $2.9M No change
CMRC Commerce.com Inc. 0.38% 700,000 $2.9M No change
OSPN Onespan Inc. 0.34% 200,000 $2.6M No change
ANET Arista Networks Inc. 0.32% 18,700 $2.4M Reduce -17.6%
CINT Ci&t Inc./United States-A 0.32% 600,000 $2.4M Add +33.3%
FRSH Freshworks Inc. Class A 0.30% 190,000 $2.3M No change
RBBN Ribbon Communications Inc. 0.30% 800,000 $2.3M Reduce -12.4%
ZM Zoom Communications Inc. 0.29% 25,910 $2.2M No change
DT Dynatrace Inc. 0.28% 50,000 $2.2M No change
ALNT Allient Inc. 0.28% 40,000 $2.1M New
KD Kyndryl Holdings Inc. 0.28% 80,000 $2.1M Add +19.4%
TGEN Tecogen Inc./Waltham Ma 0.27% 420,000 $2.1M Reduce -5.8%
SILC Silicom Ltd. 0.24% 125,000 $1.8M No change
ADTN Adtran Holdings Inc. 0.23% 200,000 $1.7M No change
CKP Checkpoint Systems Inc. 0.22% 9,200 $1.7M No change
ARW Arrow Electronics Inc. 0.22% 15,200 $1.7M No change
GNSS Genasys Inc. 0.20% 700,000 $1.5M Reduce -6.7%
VLN Valens Semiconductor Ltd. 0.17% 950,000 $1.3M No change
FORR Forrester Research Inc. 0.16% 150,000 $1.2M No change
Freightos Ltd 0.15% 500,000 $1.1M No change
BELFA Bel Fuse Inc. Class A 0.15% 7,500 $1.1M No change
AWRE Aware Inc. 0.10% 430,000 $796K No change
TXN Texas Instruments Inc. 0.09% 4,100 $711K No change
INTC Intel Corp. 0.09% 19,000 $701K No change

Portfolio Sells Q3 2025 → Q4 2025
CLS Celestica Inc. Reduce -31.5% 8.87% −2.12
SMCI Super Micro Computer Inc. Reduce -1.4% 2.71% −1.88
FN Fabrinet Reduce -26.1% 6.39% −0.69
AVDX Avidxchange Holdings Inc. Sold out 0.00% −0.66
INUV Inuvo Inc. Sold out 0.00% −0.27
TGEN Tecogen Inc./Waltham Ma Reduce -5.8% 0.27% −0.25
LTRX Lantronix Inc. Sold out 0.00% −0.24
RBBN Ribbon Communications Inc. Reduce -12.4% 0.30% −0.16
ACCS Access Newswire Inc. Sold out 0.00% −0.13
ANET Arista Networks Inc. Reduce -17.6% 0.32% −0.12
AMD Advanced Micro Devices Reduce -33.0% 0.58% −0.09
KOPN Kopin Corp. Reduce -5.0% 0.58% −0.07
GNSS Genasys Inc. Reduce -6.7% 0.20% −0.05
KLIC Kulicke & Soffa Industries Reduce -6.8% 1.64% +0.04
TER Teradyne Inc. Reduce -19.4% 0.42% +0.04
LASR Nlight Inc. Reduce -14.0% 1.05% +0.07
IDN Intellicheck Inc. Reduce -2.4% 0.85% +0.16
GOOGL Alphabet Inc. Class A Reduce -12.2% 1.80% +0.18
FORM Formfactor Inc. Reduce -8.4% 0.79% +0.21
FROG Jfrog Ltd. Reduce -8.0% 1.87% +0.30
MU Micron Technology Inc. Reduce -6.9% 1.25% +0.45
TSEM Tower Semiconductor Ltd. Reduce -9.1% 2.76% +0.85
VICR Vicor Corp. Reduce -2.0% 3.51% +1.85

Portfolio Buys Q3 2025 → Q4 2025
DOCN Digitalocean Holdings Inc. New 1.27% +1.27
PLUS Eplus Inc. New 0.86% +0.86
VIAV Viavi Solutions Inc. New 0.64% +0.64
BRZE Braze Inc. Class A New 0.56% +0.56
POWI Power Integrations Inc. Add +294.7% 0.70% +0.49
ELVA Electrovaya Inc. Add +13.8% 1.48% +0.49
POWL Powell Industries Inc. New 0.42% +0.42
CSGS CSG Systems Intl Inc. New 0.41% +0.41
VPG Vishay Precision Group Add +26.7% 0.96% +0.32
ALNT Allient Inc. New 0.28% +0.28
NOVT Novanta Inc. Add +40.0% 0.54% +0.21
DGII Digi International Inc. Add +20.0% 0.68% +0.19
ALKT Alkami Technology Inc. Add +25.0% 1.51% +0.18
PDFS PDF Solutions Inc. Add +12.5% 0.84% +0.15
PATH Uipath Inc. Class A Add +25.4% 0.43% +0.15
AVPT Avepoint Inc. Add +21.4% 1.54% +0.14
AMZN Amazon.com Inc. Add +6.5% 1.49% +0.13
CLMB Climb Global Solutions Inc. Add +50.0% 1.01% +0.11
CTS CTS Corp. Add +10.0% 0.62% +0.08
MPTI M-Tron Industries Inc. Add +21.8% 0.46% +0.06
SPSC SPS Commerce Inc. Add +27.3% 0.81% +0.05
FIVN FIVE9 Inc. Add +28.4% 0.95% +0.04
CINT Ci&t Inc./United States-A Add +33.3% 0.32% +0.01
FA First Advantage Corp. Add +9.6% 0.76% +0.01
KD Kyndryl Holdings Inc. Add +19.4% 0.28% +0.01
RDCM Radcom Ltd. Add +8.3% 0.55% −0.02
RMNI Rimini Street Inc. Add +17.6% 0.51% −0.02
MSFT Microsoft Corp. Add +6.2% 1.63% −0.05
SMWB Similarweb Ltd. Add +7.6% 0.63% −0.11
HSTM Healthstream Inc. Add +5.3% 0.60% −0.11
OUST Ouster Inc. Add +5.3% 0.57% −0.12
CEVA Ceva Inc. Add +15.6% 1.46% −0.12
ARLO Arlo Technologies Inc. Add +2.4% 2.39% −0.49
VRNS Varonis Systems Inc. Add +9.0% 2.07% −1.32

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