Montanaro Asset Management Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Montanaro Asset Management Ltd reported 47 stock positions worth $484.4 million. Its top holding was Tyler Technologies (TYL) at 6.2% of the portfolio, followed by Bruker (BRKR, 5.2%) and Bio-Techne (TECH, 4.9%). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 12 and reduced 26. The biggest buy was Manhattan Associates (MANH, shares +189%) and the biggest sale Icon (ICLR, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $484.4M (Q4 2024)
- SEC Filing
- 0001085146-25-001037 ↗ filed Feb 12, 2025
Holdings Value
Holdings 47 stocks · $484.4M
| TYL Tyler Technologies Inc. | 6.23% | 52,360 | $30.2M | Reduce -12.7% |
| BRKR Bruker Corp. | 5.17% | 426,950 | $25.0M | Reduce -4.4% |
| TECH Bio-Techne Corp. | 4.94% | 332,500 | $23.9M | Add +2.9% |
| TREX Trex Company Inc. | 4.50% | 315,900 | $21.8M | Reduce -2.0% |
| MANH Manhattan Associates Inc. | 4.29% | 76,940 | $20.8M | Add +189.3% |
| LRN Stride Inc. | 3.94% | 183,500 | $19.1M | Add +18.4% |
| BCPC Balchem Corp. | 3.62% | 107,500 | $17.5M | Reduce -15.9% |
| BSY Bentley Systems Inc. Class B | 3.60% | 373,216 | $17.4M | Add +12.6% |
| AWK American Water Works Co. Inc. | 3.56% | 138,500 | $17.2M | Reduce -18.5% |
| HLI Houlihan Lokey Inc. | 3.41% | 95,000 | $16.5M | Reduce -37.1% |
| ANSS Ansys Inc. | 3.15% | 45,250 | $15.3M | Reduce -29.6% |
| EXPO Exponent Inc. | 3.10% | 168,300 | $15.0M | Reduce -6.2% |
| NVMI Nova Ltd. | 3.09% | 75,958 | $15.0M | Reduce -31.2% |
| ALRM Alarm.com Holdings Inc. | 2.99% | 238,300 | $14.5M | Add +6.4% |
| VEEV Veeva Systems Inc. Class A | 2.70% | 62,150 | $13.1M | Reduce -22.6% |
| CSW CSW Industrials Inc. | 2.55% | 35,000 | $12.3M | Reduce -22.2% |
| ROL Rollins Inc. | 2.45% | 256,000 | $11.9M | Add +3.2% |
| POWI Power Integrations Inc. | 2.42% | 189,654 | $11.7M | Reduce -7.5% |
| BMI Badger Meter Inc. | 2.34% | 53,450 | $11.3M | Reduce -21.4% |
| MSCI MSCI Inc. | 2.11% | 17,000 | $10.2M | Reduce -8.6% |
| SITM Sitime Corp. | 2.03% | 45,880 | $9.8M | Reduce -0.3% |
| IEX Idex Corp. | 1.94% | 45,000 | $9.4M | Reduce -17.3% |
| ENTG Entegris Inc. | 1.89% | 92,600 | $9.2M | Reduce -16.0% |
| TMDX Transmedics Group Inc. | 1.80% | 140,035 | $8.7M | Add +19.4% |
| FCN Fti Consulting Inc. | 1.78% | 45,000 | $8.6M | Add +50.0% |
| CGNX Cognex Corp. | 1.72% | 232,750 | $8.3M | Reduce -17.6% |
| WMS Advanced Drainage Systems Inc. | 1.62% | 67,700 | $7.8M | Reduce -18.8% |
| MASI Masimo Corp. | 1.59% | 46,500 | $7.7M | Reduce -16.5% |
| GGG Graco Inc. | 1.57% | 90,000 | $7.6M | New |
| BRBR Bellring Brands Inc. | 1.56% | 100,000 | $7.5M | New |
| FN Fabrinet | 1.54% | 34,020 | $7.5M | Reduce -17.5% |
| PCTY Paylocity Holding Corp. | 1.44% | 35,000 | $7.0M | No change |
| ICLR Icon PLC | 1.37% | 31,700 | $6.6M | Reduce -57.4% |
| ERII Energy Recovery Inc. | 1.28% | 422,400 | $6.2M | Reduce -14.8% |
| TW Tradeweb Markets Inc. Class A | 1.16% | 43,000 | $5.6M | Add +10.3% |
| OLED Universal Display Corp. | 1.15% | 38,260 | $5.6M | Reduce -39.5% |
| FORM Formfactor Inc. | 1.05% | 115,161 | $5.1M | Add +0.8% |
| TRNS Transcat Inc. | 0.87% | 40,000 | $4.2M | No change |
| STVN Stevanato Group SPA | 0.81% | 179,800 | $3.9M | No change |
| PAYC Paycom Software Inc. | 0.72% | 16,925 | $3.5M | Add +13.4% |
| HWKN Hawkins Inc. | 0.38% | 15,000 | $1.8M | New |
| FOXF Fox Factory Holding Corp. | 0.34% | 55,000 | $1.7M | No change |
| AXON Axon Enterprise Inc. | 0.09% | 700 | $416K | Reduce -9.7% |
| GLOB Globant SA | 0.07% | 1,475 | $316K | No change |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.05% | 3,665 | $225K | Add +20.2% |
| ZS Zscaler Inc. | 0.03% | 800 | $144K | No change |
| AEHR Aehr Test Systems | 0.02% | 4,850 | $81K | Reduce -44.6% |
Portfolio Sells Q3 2024 → Q4 2024
| ICLR Icon PLC | Reduce -57.4% | 1.37% | −2.44 |
| OLED Universal Display Corp. | Reduce -39.5% | 1.15% | −1.21 |
| NVMI Nova Ltd. | Reduce -31.2% | 3.09% | −1.01 |
| AWK American Water Works Co. Inc. | Reduce -18.5% | 3.56% | −0.87 |
| HLI Houlihan Lokey Inc. | Reduce -37.1% | 3.41% | −0.85 |
| WMS Advanced Drainage Systems Inc. | Reduce -18.8% | 1.62% | −0.72 |
| EXPO Exponent Inc. | Reduce -6.2% | 3.10% | −0.59 |
| ANSS Ansys Inc. | Reduce -29.6% | 3.15% | −0.50 |
| SEDG Solaredge Technologies Inc. | Sold out | 0.00% | −0.48 |
| BCPC Balchem Corp. | Reduce -15.9% | 3.62% | −0.39 |
| CSW CSW Industrials Inc. | Reduce -22.2% | 2.55% | −0.39 |
| BRKR Bruker Corp. | Reduce -4.4% | 5.17% | −0.33 |
| ENTG Entegris Inc. | Reduce -16.0% | 1.89% | −0.32 |
| CGNX Cognex Corp. | Reduce -17.6% | 1.72% | −0.32 |
| BMI Badger Meter Inc. | Reduce -21.4% | 2.34% | −0.31 |
| VEEV Veeva Systems Inc. Class A | Reduce -22.6% | 2.70% | −0.30 |
| INMD Inmode Ltd. | Sold out | 0.00% | −0.30 |
| TTGT Techtarget Holdings Inc. | Sold out | 0.00% | −0.26 |
| ERII Energy Recovery Inc. | Reduce -14.8% | 1.28% | −0.26 |
| FN Fabrinet | Reduce -17.5% | 1.54% | −0.19 |
| IEX Idex Corp. | Reduce -17.3% | 1.94% | −0.14 |
| TYL Tyler Technologies Inc. | Reduce -12.7% | 6.23% | −0.01 |
| AEHR Aehr Test Systems | Reduce -44.6% | 0.02% | −0.00 |
| AXON Axon Enterprise Inc. | Reduce -9.7% | 0.09% | +0.03 |
| POWI Power Integrations Inc. | Reduce -7.5% | 2.42% | +0.07 |
| MSCI MSCI Inc. | Reduce -8.6% | 2.11% | +0.17 |
| MASI Masimo Corp. | Reduce -16.5% | 1.59% | +0.26 |
| SITM Sitime Corp. | Reduce -0.3% | 2.03% | +0.62 |
| TREX Trex Company Inc. | Reduce -2.0% | 4.50% | +0.68 |
Portfolio Buys Q3 2024 → Q4 2024
| MANH Manhattan Associates Inc. | Add +189.3% | 4.29% | +2.96 |
| LRN Stride Inc. | Add +18.4% | 3.94% | +1.58 |
| GGG Graco Inc. | New | 1.57% | +1.57 |
| BRBR Bellring Brands Inc. | New | 1.56% | +1.56 |
| ALRM Alarm.com Holdings Inc. | Add +6.4% | 2.99% | +0.81 |
| BSY Bentley Systems Inc. Class B | Add +12.6% | 3.60% | +0.60 |
| FCN Fti Consulting Inc. | Add +50.0% | 1.78% | +0.56 |
| HWKN Hawkins Inc. | New | 0.38% | +0.38 |
| TECH Bio-Techne Corp. | Add +2.9% | 4.94% | +0.34 |
| TW Tradeweb Markets Inc. Class A | Add +10.3% | 1.16% | +0.30 |
| PAYC Paycom Software Inc. | Add +13.4% | 0.72% | +0.27 |
| ROL Rollins Inc. | Add +3.2% | 2.45% | +0.21 |
| FORM Formfactor Inc. | Add +0.8% | 1.05% | +0.11 |
| P Everpure Inc. Class A | Add +20.2% | 0.05% | +0.02 |
| TMDX Transmedics Group Inc. | Add +19.4% | 1.80% | −1.47 |
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 |