Montanaro Asset Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Montanaro Asset Management Ltd reported 39 stock positions worth $387.9 million. Its top holding was Bentley Systems Class B (BSY) at 6.1% of the portfolio, followed by Tyler Technologies (TYL, 5.8%) and Nova (NVMI, 5.1%). Compared with Q1 2025, it sold out of 7, added to 18 and reduced 17. The biggest buy was Bentley Systems Class B (BSY, shares +41%) and the biggest sale an exit from Paylocity (PCTY).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $387.9M (Q2 2025)
- SEC Filing
- 0001085146-25-004529 ↗ filed Aug 5, 2025
Holdings Value
Holdings 39 stocks · $387.9M
| BSY Bentley Systems Inc. Class B | 6.08% | 436,900 | $23.6M | Add +41.3% |
| TYL Tyler Technologies Inc. | 5.82% | 38,075 | $22.6M | Reduce -8.2% |
| NVMI Nova Ltd. | 5.10% | 71,830 | $19.8M | Add +12.0% |
| LRN Stride Inc. | 4.49% | 120,000 | $17.4M | Reduce -14.7% |
| TMDX Transmedics Group Inc. | 4.35% | 125,936 | $16.9M | Reduce -18.1% |
| TREX Trex Company Inc. | 4.21% | 300,462 | $16.3M | Add +2.6% |
| TECH Bio-Techne Corp. | 3.91% | 294,950 | $15.2M | Add +14.9% |
| ROL Rollins Inc. | 3.85% | 265,000 | $15.0M | Add +1.9% |
| HLI Houlihan Lokey Inc. | 3.76% | 81,000 | $14.6M | Add +1.9% |
| MANH Manhattan Associates Inc. | 3.62% | 71,060 | $14.0M | Add +14.8% |
| PAYC Paycom Software Inc. | 3.43% | 57,500 | $13.3M | Add +205.3% |
| BRKR Bruker Corp. | 3.30% | 310,700 | $12.8M | Reduce -2.5% |
| AWK American Water Works Co. Inc. | 3.10% | 86,540 | $12.0M | Reduce -0.9% |
| BCPC Balchem Corp. | 3.05% | 74,400 | $11.8M | Reduce -0.7% |
| ANSS Ansys Inc. | 2.98% | 32,900 | $11.6M | Reduce -3.8% |
| CSW CSW Industrials Inc. | 2.96% | 40,000 | $11.5M | Add +14.3% |
| VEEV Veeva Systems Inc. Class A | 2.66% | 35,800 | $10.3M | Reduce -11.0% |
| ALRM Alarm.com Holdings Inc. | 2.59% | 177,600 | $10.0M | Add +1.6% |
| FN Fabrinet | 2.51% | 33,000 | $9.7M | Reduce -2.3% |
| SITM Sitime Corp. | 2.47% | 45,000 | $9.6M | Reduce -1.4% |
| EXPO Exponent Inc. | 2.34% | 121,600 | $9.1M | Reduce -2.1% |
| HWKN Hawkins Inc. | 2.17% | 59,100 | $8.4M | Add +294.0% |
| FCN Fti Consulting Inc. | 2.08% | 50,000 | $8.1M | Add +11.1% |
| GGG Graco Inc. | 1.99% | 90,000 | $7.7M | No change |
| TW Tradeweb Markets Inc. Class A | 1.98% | 52,500 | $7.7M | Add +11.7% |
| MSCI MSCI Inc. | 1.90% | 12,750 | $7.4M | Add +6.3% |
| BRBR Bellring Brands Inc. | 1.64% | 110,000 | $6.4M | No change |
| ENTG Entegris Inc. | 1.24% | 59,400 | $4.8M | Add +6.9% |
| FSS Federal Signal Corp. | 1.20% | 43,900 | $4.7M | Add +138.6% |
| WMS Advanced Drainage Systems Inc. | 1.12% | 37,800 | $4.3M | Reduce -0.5% |
| BMI Badger Meter Inc. | 1.11% | 17,600 | $4.3M | Reduce -14.2% |
| FORM Formfactor Inc. | 1.11% | 125,000 | $4.3M | Add +9.2% |
| STVN Stevanato Group SPA | 1.10% | 175,000 | $4.3M | No change |
| MASI Masimo Corp. | 0.99% | 22,860 | $3.8M | Reduce -29.2% |
| CGNX Cognex Corp. | 0.90% | 110,212 | $3.5M | Reduce -21.4% |
| TRNS Transcat Inc. | 0.89% | 40,000 | $3.4M | No change |
| HQY Healthequity Inc. | 0.76% | 28,100 | $2.9M | Add +83.7% |
| ERII Energy Recovery Inc. | 0.68% | 205,560 | $2.6M | Reduce -5.1% |
| OLED Universal Display Corp. | 0.56% | 14,000 | $2.2M | Reduce -12.5% |
Portfolio Sells Q1 2025 → Q2 2025
| PCTY Paylocity Holding Corp. | Sold out | 0.00% | −1.92 |
| TYL Tyler Technologies Inc. | Reduce -8.2% | 5.82% | −1.25 |
| LRN Stride Inc. | Reduce -14.7% | 4.49% | −0.73 |
| AWK American Water Works Co. Inc. | Reduce -0.9% | 3.10% | −0.67 |
| POWI Power Integrations Inc. | Sold out | 0.00% | −0.67 |
| EXPO Exponent Inc. | Reduce -2.1% | 2.34% | −0.61 |
| BRKR Bruker Corp. | Reduce -2.5% | 3.30% | −0.60 |
| BCPC Balchem Corp. | Reduce -0.7% | 3.05% | −0.59 |
| MASI Masimo Corp. | Reduce -29.2% | 0.99% | −0.59 |
| ERII Energy Recovery Inc. | Reduce -5.1% | 0.68% | −0.33 |
| CGNX Cognex Corp. | Reduce -21.4% | 0.90% | −0.33 |
| ANSS Ansys Inc. | Reduce -3.8% | 2.98% | −0.20 |
| OLED Universal Display Corp. | Reduce -12.5% | 0.56% | −0.10 |
| WMS Advanced Drainage Systems Inc. | Reduce -0.5% | 1.12% | −0.09 |
| VEEV Veeva Systems Inc. Class A | Reduce -11.0% | 2.66% | −0.08 |
| AXON Axon Enterprise Inc. | Sold out | 0.00% | −0.07 |
| GLOB Globant SA | Sold out | 0.00% | −0.04 |
| P Everpure Inc. Class A | Sold out | 0.00% | −0.03 |
| BMI Badger Meter Inc. | Reduce -14.2% | 1.11% | −0.03 |
| ZS Zscaler Inc. | Sold out | 0.00% | −0.03 |
| AEHR Aehr Test Systems | Sold out | 0.00% | −0.01 |
| SITM Sitime Corp. | Reduce -1.4% | 2.47% | +0.42 |
| FN Fabrinet | Reduce -2.3% | 2.51% | +0.55 |
| TMDX Transmedics Group Inc. | Reduce -18.1% | 4.35% | +1.32 |
Portfolio Buys Q1 2025 → Q2 2025
| BSY Bentley Systems Inc. Class B | Add +41.3% | 6.08% | +2.51 |
| PAYC Paycom Software Inc. | Add +205.3% | 3.43% | +2.22 |
| HWKN Hawkins Inc. | Add +294.0% | 2.17% | +1.70 |
| NVMI Nova Ltd. | Add +12.0% | 5.10% | +1.63 |
| FSS Federal Signal Corp. | Add +138.6% | 1.20% | +0.81 |
| MANH Manhattan Associates Inc. | Add +14.8% | 3.62% | +0.47 |
| HQY Healthequity Inc. | Add +83.7% | 0.76% | +0.36 |
| FORM Formfactor Inc. | Add +9.2% | 1.11% | +0.16 |
| HLI Houlihan Lokey Inc. | Add +1.9% | 3.76% | −0.01 |
| CSW CSW Industrials Inc. | Add +14.3% | 2.96% | −0.04 |
| TW Tradeweb Markets Inc. Class A | Add +11.7% | 1.98% | −0.07 |
| FCN Fti Consulting Inc. | Add +11.1% | 2.08% | −0.08 |
| MSCI MSCI Inc. | Add +6.3% | 1.90% | −0.09 |
| ENTG Entegris Inc. | Add +6.9% | 1.24% | −0.19 |
| ALRM Alarm.com Holdings Inc. | Add +1.6% | 2.59% | −0.26 |
| ROL Rollins Inc. | Add +1.9% | 3.85% | −0.27 |
| TECH Bio-Techne Corp. | Add +14.9% | 3.91% | −0.50 |
| TREX Trex Company Inc. | Add +2.6% | 4.21% | −0.78 |
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 |