Montanaro Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Montanaro Asset Management Ltd reported 41 stock positions worth $400.4 million. Its top holding was Bentley Systems Class B (BSY) at 5.9% of the portfolio, followed by Nova (NVMI, 5.9%) and Tyler Technologies (TYL, 5.3%). Compared with Q2 2025, it opened 3 new positions, sold out of 1, added to 17 and reduced 9. The biggest buy was a new position in Eastgroup Properties (EGP) and the biggest sale an exit from Ansys (ANSS).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $400.4M (Q3 2025)
- SEC Filing
- 0001831133-25-000003 ↗ filed Nov 13, 2025
Holdings Value
Holdings 41 stocks · $400.4M
| BSY Bentley Systems Inc. Class B | 5.93% | 460,900 | $23.7M | Add +5.5% |
| NVMI Nova Ltd. | 5.88% | 73,680 | $23.6M | Add +2.6% |
| TYL Tyler Technologies Inc. | 5.30% | 40,575 | $21.2M | Add +6.6% |
| TECH Bio-Techne Corp. | 5.03% | 362,050 | $20.1M | Add +22.8% |
| LRN Stride Inc. | 4.92% | 132,200 | $19.7M | Add +10.2% |
| MANH Manhattan Associates Inc. | 4.72% | 92,160 | $18.9M | Add +29.7% |
| HLI Houlihan Lokey Inc. | 4.56% | 89,000 | $18.3M | Add +9.9% |
| ROL Rollins Inc. | 4.36% | 297,000 | $17.4M | Add +12.1% |
| TREX Trex Company Inc. | 4.16% | 322,462 | $16.7M | Add +7.3% |
| TMDX Transmedics Group Inc. | 3.66% | 130,586 | $14.7M | Add +3.7% |
| AWK American Water Works Co. Inc. | 3.39% | 97,540 | $13.6M | Add +12.7% |
| PAYC Paycom Software Inc. | 3.30% | 63,500 | $13.2M | Add +10.4% |
| FN Fabrinet | 3.00% | 33,000 | $12.0M | No change |
| VEEV Veeva Systems Inc. Class A | 2.99% | 40,200 | $12.0M | Add +12.3% |
| BCPC Balchem Corp. | 2.95% | 78,700 | $11.8M | Add +5.8% |
| HWKN Hawkins Inc. | 2.70% | 59,100 | $10.8M | No change |
| SITM Sitime Corp. | 2.63% | 35,000 | $10.5M | Reduce -22.2% |
| CSW CSW Industrials Inc. | 2.42% | 40,000 | $9.7M | No change |
| ALRM Alarm.com Holdings Inc. | 2.18% | 164,300 | $8.7M | Reduce -7.5% |
| EXPO Exponent Inc. | 2.11% | 121,600 | $8.4M | No change |
| MSCI MSCI Inc. | 2.03% | 14,350 | $8.1M | Add +12.6% |
| FCN Fti Consulting Inc. | 2.02% | 50,000 | $8.1M | No change |
| GGG Graco Inc. | 1.91% | 90,000 | $7.6M | No change |
| TW Tradeweb Markets Inc. Class A | 1.80% | 65,000 | $7.2M | Add +23.8% |
| BRKR Bruker Corp. | 1.79% | 220,600 | $7.2M | Reduce -29.0% |
| EGP Eastgroup Properties Inc. | 1.56% | 37,000 | $6.3M | New |
| FSS Federal Signal Corp. | 1.23% | 41,300 | $4.9M | Reduce -5.9% |
| FORM Formfactor Inc. | 1.14% | 125,000 | $4.6M | No change |
| STVN Stevanato Group SPA | 1.13% | 175,000 | $4.5M | No change |
| ENTG Entegris Inc. | 1.12% | 48,600 | $4.5M | Reduce -18.2% |
| BRBR Bellring Brands Inc. | 1.00% | 110,000 | $4.0M | No change |
| MIR Mirion Technologies Inc. | 1.00% | 171,600 | $4.0M | New |
| WMS Advanced Drainage Systems Inc. | 0.92% | 26,600 | $3.7M | Reduce -29.6% |
| ERII Energy Recovery Inc. | 0.79% | 205,560 | $3.2M | No change |
| HQY Healthequity Inc. | 0.78% | 32,900 | $3.1M | Add +17.1% |
| CGNX Cognex Corp. | 0.75% | 66,312 | $3.0M | Reduce -39.8% |
| TRNS Transcat Inc. | 0.73% | 40,000 | $2.9M | No change |
| DOCS Doximity Inc. Class A | 0.59% | 32,200 | $2.4M | New |
| BMI Badger Meter Inc. | 0.54% | 12,000 | $2.1M | Reduce -31.8% |
| OLED Universal Display Corp. | 0.50% | 14,000 | $2.0M | No change |
| MASI Masimo Corp. | 0.48% | 12,960 | $1.9M | Reduce -43.3% |
Portfolio Sells Q2 2025 → Q3 2025
| ANSS Ansys Inc. | Sold out | 0.00% | −2.98 |
| BRKR Bruker Corp. | Reduce -29.0% | 1.79% | −1.51 |
| BMI Badger Meter Inc. | Reduce -31.8% | 0.54% | −0.58 |
| MASI Masimo Corp. | Reduce -43.3% | 0.48% | −0.51 |
| ALRM Alarm.com Holdings Inc. | Reduce -7.5% | 2.18% | −0.41 |
| WMS Advanced Drainage Systems Inc. | Reduce -29.6% | 0.92% | −0.20 |
| CGNX Cognex Corp. | Reduce -39.8% | 0.75% | −0.15 |
| ENTG Entegris Inc. | Reduce -18.2% | 1.12% | −0.11 |
| FSS Federal Signal Corp. | Reduce -5.9% | 1.23% | +0.02 |
| SITM Sitime Corp. | Reduce -22.2% | 2.63% | +0.16 |
Portfolio Buys Q2 2025 → Q3 2025
| EGP Eastgroup Properties Inc. | New | 1.56% | +1.56 |
| TECH Bio-Techne Corp. | Add +22.8% | 5.03% | +1.12 |
| MANH Manhattan Associates Inc. | Add +29.7% | 4.72% | +1.10 |
| MIR Mirion Technologies Inc. | New | 1.00% | +1.00 |
| HLI Houlihan Lokey Inc. | Add +9.9% | 4.56% | +0.81 |
| NVMI Nova Ltd. | Add +2.6% | 5.88% | +0.79 |
| DOCS Doximity Inc. Class A | New | 0.59% | +0.59 |
| ROL Rollins Inc. | Add +12.1% | 4.36% | +0.50 |
| LRN Stride Inc. | Add +10.2% | 4.92% | +0.43 |
| VEEV Veeva Systems Inc. Class A | Add +12.3% | 2.99% | +0.33 |
| AWK American Water Works Co. Inc. | Add +12.7% | 3.39% | +0.29 |
| MSCI MSCI Inc. | Add +12.6% | 2.03% | +0.14 |
| HQY Healthequity Inc. | Add +17.1% | 0.78% | +0.02 |
| TREX Trex Company Inc. | Add +7.3% | 4.16% | −0.05 |
| BCPC Balchem Corp. | Add +5.8% | 2.95% | −0.10 |
| PAYC Paycom Software Inc. | Add +10.4% | 3.30% | −0.13 |
| BSY Bentley Systems Inc. Class B | Add +5.5% | 5.93% | −0.15 |
| TW Tradeweb Markets Inc. Class A | Add +23.8% | 1.80% | −0.18 |
| TYL Tyler Technologies Inc. | Add +6.6% | 5.30% | −0.52 |
| TMDX Transmedics Group Inc. | Add +3.7% | 3.66% | −0.69 |
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 |