Montanaro Asset Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Montanaro Asset Management Ltd reported 46 stock positions worth $340.9 million. Its top holding was Tyler Technologies (TYL) at 7.1% of the portfolio, followed by Stride (LRN, 5.2%) and Trex (TREX, 5.0%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 5 and reduced 32. The biggest buy was Rollins (ROL, shares +2%) and the biggest sale an exit from Idex (IEX).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $340.9M (Q1 2025)
- SEC Filing
- 0001085146-25-003010 ↗ filed May 13, 2025
Holdings Value
Holdings 46 stocks · $340.9M
| TYL Tyler Technologies Inc. | 7.07% | 41,461 | $24.1M | Reduce -20.8% |
| LRN Stride Inc. | 5.22% | 140,600 | $17.8M | Reduce -23.4% |
| TREX Trex Company Inc. | 4.99% | 292,800 | $17.0M | Reduce -7.3% |
| TECH Bio-Techne Corp. | 4.41% | 256,600 | $15.0M | Reduce -22.8% |
| ROL Rollins Inc. | 4.12% | 260,000 | $14.0M | Add +1.6% |
| BRKR Bruker Corp. | 3.90% | 318,700 | $13.3M | Reduce -25.4% |
| AWK American Water Works Co. Inc. | 3.78% | 87,300 | $12.9M | Reduce -37.0% |
| HLI Houlihan Lokey Inc. | 3.77% | 79,500 | $12.8M | Reduce -16.3% |
| BCPC Balchem Corp. | 3.65% | 74,900 | $12.4M | Reduce -30.3% |
| BSY Bentley Systems Inc. Class B | 3.57% | 309,239 | $12.2M | Reduce -17.1% |
| NVMI Nova Ltd. | 3.47% | 64,125 | $11.8M | Reduce -15.6% |
| ANSS Ansys Inc. | 3.18% | 34,206 | $10.8M | Reduce -24.4% |
| MANH Manhattan Associates Inc. | 3.14% | 61,920 | $10.7M | Reduce -19.5% |
| TMDX Transmedics Group Inc. | 3.03% | 153,675 | $10.3M | Add +9.7% |
| CSW CSW Industrials Inc. | 2.99% | 35,000 | $10.2M | No change |
| EXPO Exponent Inc. | 2.95% | 124,200 | $10.1M | Reduce -26.2% |
| ALRM Alarm.com Holdings Inc. | 2.85% | 174,790 | $9.7M | Reduce -26.6% |
| VEEV Veeva Systems Inc. Class A | 2.73% | 40,230 | $9.3M | Reduce -35.3% |
| BRBR Bellring Brands Inc. | 2.40% | 110,000 | $8.2M | Add +10.0% |
| GGG Graco Inc. | 2.20% | 90,000 | $7.5M | No change |
| FCN Fti Consulting Inc. | 2.17% | 45,000 | $7.4M | No change |
| SITM Sitime Corp. | 2.05% | 45,659 | $7.0M | Reduce -0.5% |
| TW Tradeweb Markets Inc. Class A | 2.05% | 47,000 | $7.0M | Add +9.3% |
| MSCI MSCI Inc. | 1.99% | 12,000 | $6.8M | Reduce -29.4% |
| FN Fabrinet | 1.96% | 33,759 | $6.7M | Reduce -0.8% |
| PCTY Paylocity Holding Corp. | 1.92% | 35,000 | $6.6M | No change |
| MASI Masimo Corp. | 1.58% | 32,300 | $5.4M | Reduce -30.5% |
| ENTG Entegris Inc. | 1.43% | 55,580 | $4.9M | Reduce -40.0% |
| CGNX Cognex Corp. | 1.23% | 140,202 | $4.2M | Reduce -39.8% |
| WMS Advanced Drainage Systems Inc. | 1.21% | 38,000 | $4.1M | Reduce -43.9% |
| PAYC Paycom Software Inc. | 1.21% | 18,835 | $4.1M | Add +11.3% |
| BMI Badger Meter Inc. | 1.14% | 20,500 | $3.9M | Reduce -61.6% |
| STVN Stevanato Group SPA | 1.05% | 175,000 | $3.6M | Reduce -2.7% |
| ERII Energy Recovery Inc. | 1.01% | 216,700 | $3.4M | Reduce -48.7% |
| FORM Formfactor Inc. | 0.95% | 114,501 | $3.2M | Reduce -0.6% |
| TRNS Transcat Inc. | 0.87% | 40,000 | $3.0M | No change |
| POWI Power Integrations Inc. | 0.67% | 45,000 | $2.3M | Reduce -76.3% |
| OLED Universal Display Corp. | 0.65% | 15,995 | $2.2M | Reduce -58.2% |
| HWKN Hawkins Inc. | 0.47% | 15,000 | $1.6M | No change |
| FSS Federal Signal Corp. | 0.40% | 18,400 | $1.4M | New |
| HQY Healthequity Inc. | 0.40% | 15,300 | $1.4M | New |
| AXON Axon Enterprise Inc. | 0.07% | 430 | $226K | Reduce -38.6% |
| GLOB Globant SA | 0.04% | 1,170 | $138K | Reduce -20.7% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.03% | 2,570 | $114K | Reduce -29.9% |
| ZS Zscaler Inc. | 0.03% | 500 | $99K | Reduce -37.5% |
| AEHR Aehr Test Systems | 0.01% | 4,850 | $35K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| IEX Idex Corp. | Sold out | 0.00% | −1.94 |
| POWI Power Integrations Inc. | Reduce -76.3% | 0.67% | −1.75 |
| ICLR Icon PLC | Sold out | 0.00% | −1.37 |
| BRKR Bruker Corp. | Reduce -25.4% | 3.90% | −1.26 |
| BMI Badger Meter Inc. | Reduce -61.6% | 1.14% | −1.20 |
| MANH Manhattan Associates Inc. | Reduce -19.5% | 3.14% | −1.15 |
| TECH Bio-Techne Corp. | Reduce -22.8% | 4.41% | −0.53 |
| OLED Universal Display Corp. | Reduce -58.2% | 0.65% | −0.50 |
| CGNX Cognex Corp. | Reduce -39.8% | 1.23% | −0.50 |
| ENTG Entegris Inc. | Reduce -40.0% | 1.43% | −0.47 |
| WMS Advanced Drainage Systems Inc. | Reduce -43.9% | 1.21% | −0.40 |
| FOXF Fox Factory Holding Corp. | Sold out | 0.00% | −0.34 |
| ERII Energy Recovery Inc. | Reduce -48.7% | 1.01% | −0.27 |
| EXPO Exponent Inc. | Reduce -26.2% | 2.95% | −0.14 |
| ALRM Alarm.com Holdings Inc. | Reduce -26.6% | 2.85% | −0.14 |
| MSCI MSCI Inc. | Reduce -29.4% | 1.99% | −0.12 |
| FORM Formfactor Inc. | Reduce -0.6% | 0.95% | −0.10 |
| BSY Bentley Systems Inc. Class B | Reduce -17.1% | 3.57% | −0.03 |
| GLOB Globant SA | Reduce -20.7% | 0.04% | −0.02 |
| AXON Axon Enterprise Inc. | Reduce -38.6% | 0.07% | −0.02 |
| P Everpure Inc. Class A | Reduce -29.9% | 0.03% | −0.01 |
| MASI Masimo Corp. | Reduce -30.5% | 1.58% | −0.01 |
| ZS Zscaler Inc. | Reduce -37.5% | 0.03% | −0.00 |
| SITM Sitime Corp. | Reduce -0.5% | 2.05% | +0.02 |
| ANSS Ansys Inc. | Reduce -24.4% | 3.18% | +0.03 |
| BCPC Balchem Corp. | Reduce -30.3% | 3.65% | +0.03 |
| VEEV Veeva Systems Inc. Class A | Reduce -35.3% | 2.73% | +0.04 |
| AWK American Water Works Co. Inc. | Reduce -37.0% | 3.78% | +0.22 |
| STVN Stevanato Group SPA | Reduce -2.7% | 1.05% | +0.24 |
| HLI Houlihan Lokey Inc. | Reduce -16.3% | 3.77% | +0.36 |
| NVMI Nova Ltd. | Reduce -15.6% | 3.47% | +0.38 |
| FN Fabrinet | Reduce -0.8% | 1.96% | +0.41 |
| TREX Trex Company Inc. | Reduce -7.3% | 4.99% | +0.49 |
| TYL Tyler Technologies Inc. | Reduce -20.8% | 7.07% | +0.84 |
| LRN Stride Inc. | Reduce -23.4% | 5.22% | +1.28 |
Portfolio Buys Q4 2024 → Q1 2025
| ROL Rollins Inc. | Add +1.6% | 4.12% | +1.67 |
| TMDX Transmedics Group Inc. | Add +9.7% | 3.03% | +1.23 |
| TW Tradeweb Markets Inc. Class A | Add +9.3% | 2.05% | +0.88 |
| BRBR Bellring Brands Inc. | Add +10.0% | 2.40% | +0.85 |
| PAYC Paycom Software Inc. | Add +11.3% | 1.21% | +0.49 |
| FSS Federal Signal Corp. | New | 0.40% | +0.40 |
| HQY Healthequity Inc. | New | 0.40% | +0.40 |
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 |