Montanaro Asset Management Ltd
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 30, 2024), Montanaro Asset Management Ltd reported 46 stock positions worth $536.4 million. Its top holding was Tyler Technologies (TYL) at 6.0% of the portfolio, followed by Nova (NVMI, 5.8%) and Bruker (BRKR, 4.8%). Compared with Q1 2024, it opened 4 new positions, sold out of 2, added to 10 and reduced 20. The biggest buy was a new position in Stride (LRN) and the biggest sale Bruker (BRKR, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $536.4M (Q2 2024)
- SEC Filing
- 0001085146-24-003330 ↗ filed Jul 30, 2024
Holdings Value
Holdings 46 stocks · $536.4M
| TYL Tyler Technologies Inc. | 6.05% | 64,525 | $32.4M | Reduce -2.4% |
| NVMI Nova Ltd. | 5.82% | 133,100 | $31.2M | Reduce -9.5% |
| BRKR Bruker Corp. | 4.80% | 403,300 | $25.7M | Reduce -0.7% |
| AWK American Water Works Co. Inc. | 4.34% | 180,400 | $23.3M | Add +5.7% |
| BCPC Balchem Corp. | 4.27% | 148,800 | $22.9M | Reduce -1.5% |
| TREX Trex Company Inc. | 4.21% | 305,000 | $22.6M | Reduce -6.7% |
| TECH Bio-Techne Corp. | 4.07% | 304,800 | $21.8M | Add +0.8% |
| ICLR Icon PLC | 4.07% | 69,625 | $21.8M | Reduce -6.7% |
| HLI Houlihan Lokey Inc. | 3.68% | 146,250 | $19.7M | No change |
| ANSS Ansys Inc. | 3.67% | 61,300 | $19.7M | Reduce -10.0% |
| CGNX Cognex Corp. | 3.27% | 375,200 | $17.5M | Add +2.8% |
| EXPO Exponent Inc. | 3.11% | 175,500 | $16.7M | No change |
| XYL Xylem Inc. | 2.93% | 116,000 | $15.7M | No change |
| TMDX Transmedics Group Inc. | 2.93% | 104,250 | $15.7M | Add +8.3% |
| BSY Bentley Systems Inc. Class B | 2.80% | 304,675 | $15.0M | Reduce -2.9% |
| MSCI MSCI Inc. | 2.74% | 30,475 | $14.7M | Add +0.3% |
| ENTG Entegris Inc. | 2.68% | 106,221 | $14.4M | Reduce -13.8% |
| WMS Advanced Drainage Systems Inc. | 2.67% | 89,200 | $14.3M | Reduce -1.4% |
| VEEV Veeva Systems Inc. Class A | 2.60% | 76,350 | $14.0M | No change |
| POWI Power Integrations Inc. | 2.58% | 197,050 | $13.8M | Add +3.1% |
| ALRM Alarm.com Holdings Inc. | 2.49% | 210,400 | $13.4M | Reduce -2.8% |
| BMI Badger Meter Inc. | 2.40% | 69,050 | $12.9M | Reduce -2.1% |
| CSW CSW Industrials Inc. | 2.23% | 45,000 | $11.9M | No change |
| IEX Idex Corp. | 1.95% | 52,100 | $10.5M | Reduce -1.7% |
| FN Fabrinet | 1.88% | 41,250 | $10.1M | Reduce -0.4% |
| ROL Rollins Inc. | 1.88% | 206,500 | $10.1M | No change |
| LRN Stride Inc. | 1.70% | 129,000 | $9.1M | New |
| FORM Formfactor Inc. | 1.45% | 128,550 | $7.8M | Reduce -1.5% |
| MASI Masimo Corp. | 1.26% | 53,700 | $6.8M | Reduce -49.9% |
| ERII Energy Recovery Inc. | 1.26% | 507,000 | $6.7M | No change |
| FCN Fti Consulting Inc. | 1.08% | 27,000 | $5.8M | No change |
| SITM Sitime Corp. | 1.08% | 46,400 | $5.8M | Reduce -31.1% |
| TRNS Transcat Inc. | 0.89% | 40,000 | $4.8M | Add +264.7% |
| PCTY Paylocity Holding Corp. | 0.86% | 35,000 | $4.6M | No change |
| OLED Universal Display Corp. | 0.78% | 19,930 | $4.2M | New |
| TW Tradeweb Markets Inc. Class A | 0.63% | 32,000 | $3.4M | New |
| STVN Stevanato Group SPA | 0.61% | 179,800 | $3.3M | Reduce -0.8% |
| SEDG Solaredge Technologies Inc. | 0.56% | 118,250 | $3.0M | Reduce -20.2% |
| FOXF Fox Factory Holding Corp. | 0.49% | 55,000 | $2.7M | No change |
| TTGT Techtarget Holdings Inc. | 0.35% | 60,000 | $1.9M | No change |
| INMD Inmode Ltd. | 0.34% | 100,000 | $1.8M | No change |
| PAYC Paycom Software Inc. | 0.34% | 12,625 | $1.8M | Add +8.6% |
| ZS Zscaler Inc. | 0.06% | 1,675 | $322K | Add +13.6% |
| AXON Axon Enterprise Inc. | 0.05% | 900 | $265K | Reduce -16.3% |
| GLOB Globant SA | 0.05% | 1,475 | $263K | Add +156.5% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.02% | 1,850 | $119K | New |
Portfolio Sells Q1 2024 → Q2 2024
| BRKR Bruker Corp. | Reduce -0.7% | 4.80% | −2.09 |
| TREX Trex Company Inc. | Reduce -6.7% | 4.21% | −1.68 |
| MASI Masimo Corp. | Reduce -49.9% | 1.26% | −1.58 |
| SEDG Solaredge Technologies Inc. | Reduce -20.2% | 0.56% | −1.34 |
| ANSS Ansys Inc. | Reduce -10.0% | 3.67% | −0.60 |
| NRC NRC Health | Sold out | 0.00% | −0.48 |
| ICLR Icon PLC | Reduce -6.7% | 4.07% | −0.46 |
| ENTG Entegris Inc. | Reduce -13.8% | 2.68% | −0.45 |
| STVN Stevanato Group SPA | Reduce -0.8% | 0.61% | −0.44 |
| IEX Idex Corp. | Reduce -1.7% | 1.95% | −0.38 |
| ALRM Alarm.com Holdings Inc. | Reduce -2.8% | 2.49% | −0.34 |
| BSY Bentley Systems Inc. Class B | Reduce -2.9% | 2.80% | −0.16 |
| WMS Advanced Drainage Systems Inc. | Reduce -1.4% | 2.67% | −0.15 |
| SITM Sitime Corp. | Reduce -31.1% | 1.08% | −0.06 |
| U Unity Software Inc. | Sold out | 0.00% | −0.01 |
| AXON Axon Enterprise Inc. | Reduce -16.3% | 0.05% | −0.01 |
| BCPC Balchem Corp. | Reduce -1.5% | 4.27% | +0.05 |
| BMI Badger Meter Inc. | Reduce -2.1% | 2.40% | +0.34 |
| FORM Formfactor Inc. | Reduce -1.5% | 1.45% | +0.38 |
| FN Fabrinet | Reduce -0.4% | 1.88% | +0.47 |
| TYL Tyler Technologies Inc. | Reduce -2.4% | 6.05% | +0.97 |
| NVMI Nova Ltd. | Reduce -9.5% | 5.82% | +1.11 |
Portfolio Buys Q1 2024 → Q2 2024
| LRN Stride Inc. | New | 1.70% | +1.70 |
| TMDX Transmedics Group Inc. | Add +8.3% | 2.93% | +1.64 |
| OLED Universal Display Corp. | New | 0.78% | +0.78 |
| TRNS Transcat Inc. | Add +264.7% | 0.89% | +0.67 |
| TW Tradeweb Markets Inc. Class A | New | 0.63% | +0.63 |
| AWK American Water Works Co. Inc. | Add +5.7% | 4.34% | +0.58 |
| CGNX Cognex Corp. | Add +2.8% | 3.27% | +0.48 |
| TECH Bio-Techne Corp. | Add +0.8% | 4.07% | +0.23 |
| POWI Power Integrations Inc. | Add +3.1% | 2.58% | +0.11 |
| GLOB Globant SA | Add +156.5% | 0.05% | +0.03 |
| P Everpure Inc. Class A | New | 0.02% | +0.02 |
| ZS Zscaler Inc. | Add +13.6% | 0.06% | +0.01 |
| PAYC Paycom Software Inc. | Add +8.6% | 0.34% | −0.08 |
| MSCI MSCI Inc. | Add +0.3% | 2.74% | −0.34 |
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 |