Montanaro Asset Management Ltd
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 4, 2024), Montanaro Asset Management Ltd reported 47 stock positions worth $561.1 million. Its top holding was Tyler Technologies (TYL) at 6.2% of the portfolio, followed by Bruker (BRKR, 5.5%) and Bio-Techne (TECH, 4.6%). Compared with Q2 2024, it opened 2 new positions, sold out of 1, added to 22 and reduced 13. The biggest buy was Universal Display (OLED, shares +217%) and the biggest sale an exit from Xylem (XYL).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $561.1M (Q3 2024)
- SEC Filing
- 0001085146-24-005318 ↗ filed Nov 4, 2024
Holdings Value
Holdings 47 stocks · $561.1M
| TYL Tyler Technologies Inc. | 6.24% | 59,960 | $35.0M | Reduce -7.1% |
| BRKR Bruker Corp. | 5.50% | 446,500 | $30.8M | Add +10.7% |
| TECH Bio-Techne Corp. | 4.60% | 323,000 | $25.8M | Add +6.0% |
| AWK American Water Works Co. Inc. | 4.43% | 169,900 | $24.8M | Reduce -5.8% |
| HLI Houlihan Lokey Inc. | 4.25% | 151,000 | $23.9M | Add +3.3% |
| NVMI Nova Ltd. | 4.10% | 110,358 | $23.0M | Reduce -17.1% |
| BCPC Balchem Corp. | 4.01% | 127,800 | $22.5M | Reduce -14.1% |
| TREX Trex Company Inc. | 3.82% | 322,300 | $21.5M | Add +5.7% |
| ICLR Icon PLC | 3.81% | 74,350 | $21.4M | Add +6.8% |
| EXPO Exponent Inc. | 3.69% | 179,500 | $20.7M | Add +2.3% |
| ANSS Ansys Inc. | 3.65% | 64,300 | $20.5M | Add +4.9% |
| TMDX Transmedics Group Inc. | 3.27% | 117,235 | $18.4M | Add +12.5% |
| VEEV Veeva Systems Inc. Class A | 3.00% | 80,250 | $16.8M | Add +5.1% |
| BSY Bentley Systems Inc. Class B | 3.00% | 331,416 | $16.8M | Add +8.8% |
| CSW CSW Industrials Inc. | 2.94% | 45,000 | $16.5M | No change |
| BMI Badger Meter Inc. | 2.65% | 68,050 | $14.9M | Reduce -1.4% |
| OLED Universal Display Corp. | 2.37% | 63,260 | $13.3M | Add +217.4% |
| LRN Stride Inc. | 2.36% | 155,000 | $13.2M | Add +20.2% |
| POWI Power Integrations Inc. | 2.34% | 205,050 | $13.1M | Add +4.1% |
| WMS Advanced Drainage Systems Inc. | 2.34% | 83,400 | $13.1M | Reduce -6.5% |
| ROL Rollins Inc. | 2.24% | 248,000 | $12.5M | Add +20.1% |
| ENTG Entegris Inc. | 2.21% | 110,221 | $12.4M | Add +3.8% |
| ALRM Alarm.com Holdings Inc. | 2.18% | 223,900 | $12.2M | Add +6.4% |
| IEX Idex Corp. | 2.08% | 54,400 | $11.7M | Add +4.4% |
| CGNX Cognex Corp. | 2.04% | 282,400 | $11.4M | Reduce -24.7% |
| MSCI MSCI Inc. | 1.93% | 18,600 | $10.8M | Reduce -39.0% |
| FN Fabrinet | 1.74% | 41,250 | $9.8M | No change |
| ERII Energy Recovery Inc. | 1.54% | 496,000 | $8.6M | Reduce -2.2% |
| SITM Sitime Corp. | 1.41% | 46,025 | $7.9M | Reduce -0.8% |
| MANH Manhattan Associates Inc. | 1.33% | 26,600 | $7.5M | New |
| MASI Masimo Corp. | 1.32% | 55,700 | $7.4M | Add +3.7% |
| FCN Fti Consulting Inc. | 1.22% | 30,000 | $6.8M | Add +11.1% |
| PCTY Paylocity Holding Corp. | 1.03% | 35,000 | $5.8M | No change |
| FORM Formfactor Inc. | 0.94% | 114,291 | $5.3M | Reduce -11.1% |
| TRNS Transcat Inc. | 0.86% | 40,000 | $4.8M | No change |
| TW Tradeweb Markets Inc. Class A | 0.86% | 39,000 | $4.8M | Add +21.9% |
| STVN Stevanato Group SPA | 0.64% | 179,800 | $3.6M | No change |
| SEDG Solaredge Technologies Inc. | 0.48% | 118,250 | $2.7M | No change |
| PAYC Paycom Software Inc. | 0.44% | 14,925 | $2.5M | Add +18.2% |
| FOXF Fox Factory Holding Corp. | 0.41% | 55,000 | $2.3M | No change |
| INMD Inmode Ltd. | 0.30% | 100,000 | $1.7M | No change |
| TTGT Techtarget Holdings Inc. | 0.26% | 60,000 | $1.5M | No change |
| AXON Axon Enterprise Inc. | 0.06% | 775 | $310K | Reduce -13.9% |
| GLOB Globant SA | 0.05% | 1,475 | $292K | No change |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.03% | 3,050 | $153K | Add +64.9% |
| ZS Zscaler Inc. | 0.02% | 800 | $137K | Reduce -52.2% |
| AEHR Aehr Test Systems | 0.02% | 8,750 | $112K | New |
Portfolio Sells Q2 2024 → Q3 2024
| XYL Xylem Inc. | Sold out | 0.00% | −2.93 |
| NVMI Nova Ltd. | Reduce -17.1% | 4.10% | −1.72 |
| CGNX Cognex Corp. | Reduce -24.7% | 2.04% | −1.23 |
| MSCI MSCI Inc. | Reduce -39.0% | 1.93% | −0.80 |
| FORM Formfactor Inc. | Reduce -11.1% | 0.94% | −0.51 |
| WMS Advanced Drainage Systems Inc. | Reduce -6.5% | 2.34% | −0.33 |
| BCPC Balchem Corp. | Reduce -14.1% | 4.01% | −0.26 |
| ZS Zscaler Inc. | Reduce -52.2% | 0.02% | −0.04 |
| AXON Axon Enterprise Inc. | Reduce -13.9% | 0.06% | +0.01 |
| AWK American Water Works Co. Inc. | Reduce -5.8% | 4.43% | +0.08 |
| TYL Tyler Technologies Inc. | Reduce -7.1% | 6.24% | +0.19 |
| BMI Badger Meter Inc. | Reduce -1.4% | 2.65% | +0.25 |
| ERII Energy Recovery Inc. | Reduce -2.2% | 1.54% | +0.28 |
| SITM Sitime Corp. | Reduce -0.8% | 1.41% | +0.33 |
Portfolio Buys Q2 2024 → Q3 2024
| OLED Universal Display Corp. | Add +217.4% | 2.37% | +1.59 |
| MANH Manhattan Associates Inc. | New | 1.33% | +1.33 |
| BRKR Bruker Corp. | Add +10.7% | 5.50% | +0.70 |
| LRN Stride Inc. | Add +20.2% | 2.36% | +0.66 |
| EXPO Exponent Inc. | Add +2.3% | 3.69% | +0.58 |
| HLI Houlihan Lokey Inc. | Add +3.3% | 4.25% | +0.58 |
| TECH Bio-Techne Corp. | Add +6.0% | 4.60% | +0.53 |
| VEEV Veeva Systems Inc. Class A | Add +5.1% | 3.00% | +0.40 |
| ROL Rollins Inc. | Add +20.1% | 2.24% | +0.36 |
| TMDX Transmedics Group Inc. | Add +12.5% | 3.27% | +0.35 |
| TW Tradeweb Markets Inc. Class A | Add +21.9% | 0.86% | +0.23 |
| BSY Bentley Systems Inc. Class B | Add +8.8% | 3.00% | +0.20 |
| FCN Fti Consulting Inc. | Add +11.1% | 1.22% | +0.13 |
| IEX Idex Corp. | Add +4.4% | 2.08% | +0.13 |
| PAYC Paycom Software Inc. | Add +18.2% | 0.44% | +0.11 |
| MASI Masimo Corp. | Add +3.7% | 1.32% | +0.06 |
| AEHR Aehr Test Systems | New | 0.02% | +0.02 |
| P Everpure Inc. Class A | Add +64.9% | 0.03% | +0.01 |
| ANSS Ansys Inc. | Add +4.9% | 3.65% | −0.02 |
| POWI Power Integrations Inc. | Add +4.1% | 2.34% | −0.24 |
| ICLR Icon PLC | Add +6.8% | 3.81% | −0.26 |
| ALRM Alarm.com Holdings Inc. | Add +6.4% | 2.18% | −0.31 |
| TREX Trex Company Inc. | Add +5.7% | 3.82% | −0.39 |
| ENTG Entegris Inc. | Add +3.8% | 2.21% | −0.47 |
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 |