HERALD INVESTMENT MANAGEMENT Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), HERALD INVESTMENT MANAGEMENT Ltd reported 96 stock positions worth $717.5 million. Its top holding was Celestica (CLS) at 8.2% of the portfolio, followed by Fabrinet (FN, 7.3%) and Silicon Motion Technol-ADR (SIMO, 5.8%). Compared with Q4 2025, it opened 2 new positions, sold out of 3, added to 4 and reduced 45. The biggest buy was Digitalocean (DOCN, shares +7%) and the biggest sale Pegasystems (PEGA, shares −2%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001512022
Portfolio Value
$717.5M (Q1 2026)
SEC Filing
0001512022-26-000005 ↗ filed May 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 Q4 2025 Q1 2026: $717.5M $717.5M Q1 2026 Q2 2026: $737.3M Q2 2026

Holdings 96 stocks · $717.5M
CLS Celestica Inc. 8.21% 209,500 $58.9M Reduce -8.7%
FN Fabrinet 7.27% 100,100 $52.2M Reduce -7.0%
SIMO Silicon Motion Technol-ADR 5.75% 367,700 $41.3M Reduce -4.5%
VICR Vicor Corp. 4.93% 220,000 $35.4M Reduce -10.2%
PEGA Pegasystems Inc. 4.07% 686,600 $29.2M Reduce -2.4%
TSEM Tower Semiconductor Ltd. 4.06% 166,000 $29.1M Reduce -7.8%
ARLO Arlo Technologies Inc. 2.73% 1,377,000 $19.6M Add +5.4%
DOCN Digitalocean Holdings Inc. 2.59% 217,000 $18.6M Add +7.4%
RDWR Radware Ltd. 2.38% 650,000 $17.1M Reduce -3.7%
KLIC Kulicke & Soffa Industries 2.24% 244,100 $16.0M Reduce -11.6%
SMCI Super Micro Computer Inc. 2.22% 699,500 $15.9M Reduce -1.4%
DRS Leonardo DRS Inc. 1.77% 285,000 $12.7M No change
GOOGL Alphabet Inc. Class A 1.77% 44,100 $12.7M No change
LASR Nlight Inc. 1.47% 185,000 $10.5M Reduce -13.9%
DSGX The Descartes Systems Grp 1.45% 145,000 $10.4M Reduce -21.6%
AMZN Amazon.com Inc. 1.43% 49,400 $10.3M No change
VRNS Varonis Systems Inc. 1.39% 463,500 $10.0M Reduce -4.1%
CEVA Ceva Inc. 1.35% 520,000 $9.7M No change
MSFT Microsoft Corp. 1.33% 25,800 $9.5M No change
FROG Jfrog Ltd. 1.31% 200,000 $9.4M Reduce -13.0%
ELVA Electrovaya Inc. 1.25% 1,150,000 $9.0M Reduce -20.1%
POWI Power Integrations Inc. 1.25% 175,000 $9.0M Add +16.7%
ALKT Alkami Technology Inc. 1.09% 500,000 $7.8M No change
VIAV Viavi Solutions Inc. 1.04% 225,000 $7.5M Reduce -18.2%
VPG Vishay Precision Group 1.03% 170,000 $7.4M Reduce -10.5%
AVPT Avepoint Inc. 1.03% 775,000 $7.4M Reduce -8.8%
FORM Formfactor Inc. 1.02% 75,300 $7.3M Reduce -30.5%
MU Micron Technology Inc. 1.01% 21,500 $7.3M Reduce -35.8%
HLIT Harmonic Inc. 0.98% 785,000 $7.0M No change
VECO Veeco Instruments Inc. 0.94% 200,000 $6.8M No change
AIP Arteris Inc. 0.92% 400,000 $6.6M No change
RDVT Red Violet Inc. 0.92% 190,208 $6.6M Reduce -4.9%
PDFS PDF Solutions Inc. 0.91% 200,000 $6.5M Reduce -11.1%
BELFB Bel Fuse Inc. Class B 0.83% 30,000 $5.9M No change
CLMB Climb Global Solutions Inc. 0.82% 296,836 $5.9M Reduce -1.1%
QUIK Quicklogic Corp. 0.80% 612,547 $5.7M Reduce -16.1%
SLAB Silicon Laboratories Inc. 0.80% 27,500 $5.7M No change
IDN Intellicheck Inc. 0.80% 819,816 $5.7M Reduce -16.0%
AAPL Apple Inc. 0.79% 22,300 $5.7M Add +9.3%
PLUS Eplus Inc. 0.79% 75,000 $5.6M No change
FIVN FIVE9 Inc. 0.77% 362,000 $5.5M No change
VSH Vishay Intertechnology Inc. 0.75% 300,000 $5.4M New
MRAM Everspin Technologies Inc. 0.73% 600,000 $5.2M Reduce -25.0%
QLYS Qualys Inc. 0.67% 55,000 $4.8M Reduce -15.4%
DGII Digi International Inc. 0.67% 100,000 $4.8M Reduce -16.7%
CTS CTS Corp. 0.67% 100,000 $4.8M Reduce -9.1%
CCOI Cogent Communications Holdin 0.64% 242,600 $4.6M No change
TER Teradyne Inc. 0.62% 15,000 $4.4M Reduce -9.6%
MLAB Mesa Laboratories Inc. 0.61% 50,000 $4.4M No change
KOPN Kopin Corp. 0.60% 1,900,000 $4.3M No change
SPIR Spire Global Inc. 0.60% 340,000 $4.3M Reduce -12.0%
AMD Advanced Micro Devices 0.59% 20,720 $4.2M No change
FA First Advantage Corp. 0.57% 350,000 $4.1M Reduce -12.5%
RDCM Radcom Ltd. 0.55% 325,000 $3.9M No change
SPSC SPS Commerce Inc. 0.54% 70,000 $3.9M No change
MPTI M-Tron Industries Inc. 0.51% 55,000 $3.7M Reduce -17.9%
AVNW Aviat Networks Inc. 0.49% 155,000 $3.5M No change
NOVT Novanta Inc. 0.47% 28,780 $3.4M Reduce -17.8%
CSGS CSG Systems Intl Inc. 0.46% 41,240 $3.3M No change
RMNI Rimini Street Inc. 0.45% 1,000,000 $3.3M No change
HIMX Himax Technologies Inc.-ADR 0.44% 400,000 $3.1M No change
BAND Bandwidth Inc. Class A 0.43% 175,000 $3.1M Reduce -16.7%
HSTM Healthstream Inc. 0.43% 150,000 $3.1M Reduce -25.0%
BRZE Braze Inc. Class A 0.41% 125,000 $3.0M No change
OUST Ouster Inc. 0.38% 150,000 $2.8M Reduce -25.0%
FC Franklin Covey Co. 0.38% 175,000 $2.8M No change
POWL Powell Industries Inc. 0.38% 5,000 $2.7M Reduce -50.0%
CINT Ci&t Inc./United States-A 0.37% 525,000 $2.6M Reduce -12.5%
SILC Silicom Ltd. 0.36% 123,300 $2.6M Reduce -1.4%
ADTN Adtran Holdings Inc. 0.35% 200,000 $2.5M No change
VERX Vertex Inc. Class A 0.33% 200,000 $2.4M No change
SLP Simulations Plus Inc. 0.33% 200,000 $2.4M No change
ALNT Allient Inc. 0.33% 40,000 $2.4M No change
ANET Arista Networks Inc. 0.32% 18,700 $2.3M No change
PATH Uipath Inc. Class A 0.31% 202,280 $2.2M No change
OOMA Ooma Inc. 0.30% 150,000 $2.2M Reduce -42.3%
ARW Arrow Electronics Inc. 0.30% 15,200 $2.2M No change
ZM Zoom Communications Inc. 0.29% 25,910 $2.1M No change
AVT Avnet Inc. 0.28% 33,000 $2.0M New
CMRC Commerce.com Inc. 0.26% 700,000 $1.9M No change
DT Dynatrace Inc. 0.26% 50,000 $1.8M No change
APPS Digital Turbine Inc. 0.23% 587,829 $1.7M Reduce -2.0%
SMWB Similarweb Ltd. 0.23% 645,465 $1.7M No change
FRSH Freshworks Inc. Class A 0.21% 190,000 $1.5M No change
CKP Checkpoint Systems Inc. 0.18% 9,200 $1.3M No change
TGEN Tecogen Inc./Waltham Ma 0.15% 420,000 $1.1M No change
VLN Valens Semiconductor Ltd. 0.15% 950,000 $1.1M No change
KD Kyndryl Holdings Inc. 0.15% 80,000 $1.0M No change
BELFA Bel Fuse Inc. Class A 0.13% 5,000 $898K Reduce -33.3%
INTC Intel Corp. 0.12% 19,000 $838K No change
Freightos Ltd 0.11% 500,000 $815K No change
TXN Texas Instruments Inc. 0.11% 4,100 $796K No change
GNSS Genasys Inc. 0.11% 419,370 $763K Reduce -40.1%
AWRE Aware Inc. 0.07% 430,000 $538K No change
NABL N-Able Inc. 0.04% 63,000 $294K Reduce -84.8%
RBBN Ribbon Communications Inc. 0.03% 100,000 $212K Reduce -87.5%
Other holdings (1): bonds, preferreds, convertibles and warrants · $116K (not counted above)
SecurityClassShares / PrincipalValueChange
M-TRON INDUSTRIES INC RIGHT 04/15/2026 55,000$116KReduce -17.9%

Total filed on the 13F, all lines: $717.6M.

Portfolio Sells Q4 2025 → Q1 2026
PEGA Pegasystems Inc. Reduce -2.4% 4.07% −1.41
VRNS Varonis Systems Inc. Reduce -4.1% 1.39% −0.68
DSGX The Descartes Systems Grp Reduce -21.6% 1.45% −0.67
CLS Celestica Inc. Reduce -8.7% 8.21% −0.65
RDVT Red Violet Inc. Reduce -4.9% 0.92% −0.57
WK Workiva Inc. Sold out 0.00% −0.56
FROG Jfrog Ltd. Reduce -13.0% 1.31% −0.56
AVPT Avepoint Inc. Reduce -8.8% 1.03% −0.52
SMCI Super Micro Computer Inc. Reduce -1.4% 2.22% −0.49
QLYS Qualys Inc. Reduce -15.4% 0.67% −0.45
NABL N-Able Inc. Reduce -84.8% 0.04% −0.36
OSPN Onespan Inc. Sold out 0.00% −0.34
RBBN Ribbon Communications Inc. Reduce -87.5% 0.03% −0.27
MU Micron Technology Inc. Reduce -35.8% 1.01% −0.24
MRAM Everspin Technologies Inc. Reduce -25.0% 0.73% −0.23
ELVA Electrovaya Inc. Reduce -20.1% 1.25% −0.23
CLMB Climb Global Solutions Inc. Reduce -1.1% 0.82% −0.19
FA First Advantage Corp. Reduce -12.5% 0.57% −0.18
OUST Ouster Inc. Reduce -25.0% 0.38% −0.18
HSTM Healthstream Inc. Reduce -25.0% 0.43% −0.17
FORR Forrester Research Inc. Sold out 0.00% −0.16
APPS Digital Turbine Inc. Reduce -2.0% 0.23% −0.16
OOMA Ooma Inc. Reduce -42.3% 0.30% −0.09
GNSS Genasys Inc. Reduce -40.1% 0.11% −0.09
NOVT Novanta Inc. Reduce -17.8% 0.47% −0.07
IDN Intellicheck Inc. Reduce -16.0% 0.80% −0.05
POWL Powell Industries Inc. Reduce -50.0% 0.38% −0.04
BELFA Bel Fuse Inc. Class A Reduce -33.3% 0.13% −0.02
DGII Digi International Inc. Reduce -16.7% 0.67% −0.01
BAND Bandwidth Inc. Class A Reduce -16.7% 0.43% +0.01
MPTI M-Tron Industries Inc. Reduce -17.9% 0.51% +0.05
CINT Ci&t Inc./United States-A Reduce -12.5% 0.37% +0.05
CTS CTS Corp. Reduce -9.1% 0.67% +0.05
VPG Vishay Precision Group Reduce -10.5% 1.03% +0.07
PDFS PDF Solutions Inc. Reduce -11.1% 0.91% +0.07
SILC Silicom Ltd. Reduce -1.4% 0.36% +0.13
TER Teradyne Inc. Reduce -9.6% 0.62% +0.20
SPIR Spire Global Inc. Reduce -12.0% 0.60% +0.22
FORM Formfactor Inc. Reduce -30.5% 1.02% +0.23
QUIK Quicklogic Corp. Reduce -16.1% 0.80% +0.23
RDWR Radware Ltd. Reduce -3.7% 2.38% +0.26
VIAV Viavi Solutions Inc. Reduce -18.2% 1.04% +0.40
LASR Nlight Inc. Reduce -13.9% 1.47% +0.42
KLIC Kulicke & Soffa Industries Reduce -11.6% 2.24% +0.59
FN Fabrinet Reduce -7.0% 7.27% +0.88
SIMO Silicon Motion Technol-ADR Reduce -4.5% 5.75% +1.10
TSEM Tower Semiconductor Ltd. Reduce -7.8% 4.06% +1.30
VICR Vicor Corp. Reduce -10.2% 4.93% +1.43

Portfolio Buys Q4 2025 → Q1 2026
DOCN Digitalocean Holdings Inc. Add +7.4% 2.59% +1.32
VSH Vishay Intertechnology Inc. New 0.75% +0.75
POWI Power Integrations Inc. Add +16.7% 1.25% +0.55
ARLO Arlo Technologies Inc. Add +5.4% 2.73% +0.34
AVT Avnet Inc. New 0.28% +0.28
AAPL Apple Inc. Add +9.3% 0.79% +0.06

Notes & Other Activity Q4 2025 → Q1 2026
M-TRON INDUSTRIES INC RIGHT 04/15/2026 Reduce -17.9% 55,000 $116K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

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