Montanaro Asset Management Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Montanaro Asset Management Ltd reported 44 stock positions worth $553.7 million. Its top holding was Bruker (BRKR) at 6.9% of the portfolio, followed by Trex (TREX, 5.9%) and Tyler Technologies (TYL, 5.1%). Compared with Q4 2023, it opened 4 new positions, sold out of 3, added to 17 and reduced 14. The biggest buy was Transmedics (TMDX, shares +1247%) and the biggest sale Icon (ICLR, shares −36%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $553.7M (Q1 2024)
- SEC Filing
- 0001085146-24-002456 ↗ filed May 14, 2024
Holdings Value
Holdings 44 stocks · $553.7M
| BRKR Bruker Corp. | 6.89% | 406,000 | $38.1M | Reduce -12.7% |
| TREX Trex Company Inc. | 5.89% | 327,000 | $32.6M | Reduce -1.6% |
| TYL Tyler Technologies Inc. | 5.08% | 66,125 | $28.1M | Add +2.2% |
| NVMI Nova Ltd. | 4.71% | 147,100 | $26.1M | Reduce -18.9% |
| ICLR Icon PLC | 4.53% | 74,625 | $25.1M | Reduce -35.8% |
| ANSS Ansys Inc. | 4.27% | 68,125 | $23.7M | Reduce -4.5% |
| BCPC Balchem Corp. | 4.23% | 151,000 | $23.4M | No change |
| TECH Bio-Techne Corp. | 3.84% | 302,300 | $21.3M | Reduce -17.3% |
| AWK American Water Works Co. Inc. | 3.77% | 170,750 | $20.9M | Add +12.5% |
| HLI Houlihan Lokey Inc. | 3.39% | 146,250 | $18.7M | Add +1.0% |
| VEEV Veeva Systems Inc. Class A | 3.19% | 76,350 | $17.7M | Reduce -4.0% |
| ENTG Entegris Inc. | 3.13% | 123,221 | $17.3M | Add +5.3% |
| MSCI MSCI Inc. | 3.07% | 30,375 | $17.0M | Reduce -1.6% |
| BSY Bentley Systems Inc. Class B | 2.96% | 313,775 | $16.4M | Add +2.3% |
| MASI Masimo Corp. | 2.84% | 107,100 | $15.7M | Add +2.7% |
| ALRM Alarm.com Holdings Inc. | 2.83% | 216,400 | $15.7M | Add +5.0% |
| WMS Advanced Drainage Systems Inc. | 2.81% | 90,500 | $15.6M | Reduce -3.2% |
| CGNX Cognex Corp. | 2.79% | 364,850 | $15.5M | Add +15.3% |
| XYL Xylem Inc. | 2.71% | 116,000 | $15.0M | Add +1.8% |
| EXPO Exponent Inc. | 2.62% | 175,500 | $14.5M | No change |
| POWI Power Integrations Inc. | 2.47% | 191,150 | $13.7M | Add +7.5% |
| IEX Idex Corp. | 2.34% | 53,000 | $12.9M | No change |
| BMI Badger Meter Inc. | 2.06% | 70,550 | $11.4M | Add +2.3% |
| CSW CSW Industrials Inc. | 1.91% | 45,000 | $10.6M | No change |
| SEDG Solaredge Technologies Inc. | 1.90% | 148,250 | $10.5M | Add +28.2% |
| ROL Rollins Inc. | 1.73% | 206,500 | $9.6M | Add +2.5% |
| ERII Energy Recovery Inc. | 1.45% | 507,000 | $8.0M | Reduce -23.6% |
| FN Fabrinet | 1.41% | 41,425 | $7.8M | Add +3.6% |
| TMDX Transmedics Group Inc. | 1.29% | 96,300 | $7.1M | Add +1246.8% |
| SITM Sitime Corp. | 1.13% | 67,335 | $6.3M | Reduce -0.3% |
| PCTY Paylocity Holding Corp. | 1.09% | 35,000 | $6.0M | No change |
| FORM Formfactor Inc. | 1.07% | 130,450 | $6.0M | Add +0.7% |
| STVN Stevanato Group SPA | 1.05% | 181,300 | $5.8M | New |
| FCN Fti Consulting Inc. | 1.03% | 27,000 | $5.7M | New |
| FOXF Fox Factory Holding Corp. | 0.52% | 55,000 | $2.9M | No change |
| NRC NRC Health filed as NATIONAL RESH CORP | 0.48% | 67,100 | $2.7M | No change |
| PAYC Paycom Software Inc. | 0.42% | 11,625 | $2.3M | Reduce -1.5% |
| INMD Inmode Ltd. | 0.39% | 100,000 | $2.2M | Reduce -5.0% |
| TTGT Techtarget Holdings Inc. | 0.36% | 60,000 | $2.0M | No change |
| TRNS Transcat Inc. | 0.22% | 10,968 | $1.2M | New |
| AXON Axon Enterprise Inc. | 0.06% | 1,075 | $336K | Reduce -96.5% |
| ZS Zscaler Inc. | 0.05% | 1,475 | $284K | Add +47.5% |
| GLOB Globant SA | 0.02% | 575 | $116K | New |
| U Unity Software Inc. | 0.01% | 3,000 | $80K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| ICLR Icon PLC | Reduce -35.8% | 4.53% | −1.66 |
| TECH Bio-Techne Corp. | Reduce -17.3% | 3.84% | −1.46 |
| AXON Axon Enterprise Inc. | Reduce -96.5% | 0.06% | −1.45 |
| ERII Energy Recovery Inc. | Reduce -23.6% | 1.45% | −0.91 |
| ANSS Ansys Inc. | Reduce -4.5% | 4.27% | −0.60 |
| SITM Sitime Corp. | Reduce -0.3% | 1.13% | −0.42 |
| MSCI MSCI Inc. | Reduce -1.6% | 3.07% | −0.21 |
| INMD Inmode Ltd. | Reduce -5.0% | 0.39% | −0.05 |
| PAYC Paycom Software Inc. | Reduce -1.5% | 0.42% | −0.04 |
| SWAV Shockwave Medical Inc. | Sold out | 0.00% | −0.03 |
| AMBA Ambarella Inc. | Sold out | 0.00% | −0.03 |
| MXCT Maxcyte Inc. | Sold out | 0.00% | −0.02 |
| NVMI Nova Ltd. | Reduce -18.9% | 4.71% | +0.02 |
| VEEV Veeva Systems Inc. Class A | Reduce -4.0% | 3.19% | +0.31 |
| WMS Advanced Drainage Systems Inc. | Reduce -3.2% | 2.81% | +0.34 |
| BRKR Bruker Corp. | Reduce -12.7% | 6.89% | +0.46 |
| TREX Trex Company Inc. | Reduce -1.6% | 5.89% | +0.71 |
Portfolio Buys Q4 2023 → Q1 2024
| TMDX Transmedics Group Inc. | Add +1246.8% | 1.29% | +1.18 |
| STVN Stevanato Group SPA | New | 1.05% | +1.05 |
| FCN Fti Consulting Inc. | New | 1.03% | +1.03 |
| MASI Masimo Corp. | Add +2.7% | 2.84% | +0.54 |
| ENTG Entegris Inc. | Add +5.3% | 3.13% | +0.49 |
| ALRM Alarm.com Holdings Inc. | Add +5.0% | 2.83% | +0.33 |
| CGNX Cognex Corp. | Add +15.3% | 2.79% | +0.31 |
| XYL Xylem Inc. | Add +1.8% | 2.71% | +0.26 |
| TRNS Transcat Inc. | New | 0.22% | +0.22 |
| HLI Houlihan Lokey Inc. | Add +1.0% | 3.39% | +0.12 |
| ROL Rollins Inc. | Add +2.5% | 1.73% | +0.07 |
| FORM Formfactor Inc. | Add +0.7% | 1.07% | +0.06 |
| BMI Badger Meter Inc. | Add +2.3% | 2.06% | +0.06 |
| GLOB Globant SA | New | 0.02% | +0.02 |
| ZS Zscaler Inc. | Add +47.5% | 0.05% | +0.01 |
| AWK American Water Works Co. Inc. | Add +12.5% | 3.77% | +0.00 |
| TYL Tyler Technologies Inc. | Add +2.2% | 5.08% | −0.01 |
| FN Fabrinet | Add +3.6% | 1.41% | −0.02 |
| BSY Bentley Systems Inc. Class B | Add +2.3% | 2.96% | −0.05 |
| SEDG Solaredge Technologies Inc. | Add +28.2% | 1.90% | −0.14 |
| POWI Power Integrations Inc. | Add +7.5% | 2.47% | −0.28 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 42 | $317.2M | NVMI, WTS, EGP, FSS, VMI |
| Q1 2026 | 42 | $334.4M | NVMI, TECH, BCPC, HLI, BSY |
| Q4 2025 | 41 | $358.8M | NVMI, TECH, ROL, BSY, HLI |
| Q3 2025 | 41 | $400.4M | BSY, NVMI, TYL, TECH, LRN |
| Q2 2025 | 39 | $387.9M | BSY, TYL, NVMI, LRN, TMDX |
| Q1 2025 | 46 | $340.9M | TYL, LRN, TREX, TECH, ROL |
| Q4 2024 | 47 | $484.4M | TYL, BRKR, TECH, TREX, MANH |
| Q3 2024 | 47 | $561.1M | TYL, BRKR, TECH, AWK, HLI |
| Q2 2024 | 46 | $536.4M | TYL, NVMI, BRKR, AWK, BCPC |
| Q1 2024 | 44 | $553.7M | BRKR, TREX, TYL, NVMI, ICLR |