Montanaro Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed March 10, 2026), Montanaro Asset Management Ltd reported 41 stock positions worth $358.8 million. Its top holding was Nova (NVMI) at 5.8% of the portfolio, followed by Bio-Techne (TECH, 5.7%) and Rollins (ROL, 5.1%). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 15 and reduced 17. The biggest buy was Balchem (BCPC, shares +29%) and the biggest sale Stride (LRN, shares −18%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $358.8M (Q4 2025)
- SEC Filing
- 0001831133-26-000001 ↗ filed Mar 10, 2026
Holdings Value
Holdings 41 stocks · $358.8M
| NVMI Nova Ltd. | 5.82% | 63,630 | $20.9M | Reduce -13.6% |
| TECH Bio-Techne Corp. | 5.68% | 346,450 | $20.4M | Reduce -4.3% |
| ROL Rollins Inc. | 5.10% | 305,000 | $18.3M | Add +2.7% |
| BSY Bentley Systems Inc. Class B | 4.91% | 461,409 | $17.6M | Add +0.1% |
| HLI Houlihan Lokey Inc. | 4.74% | 97,650 | $17.0M | Add +9.7% |
| MANH Manhattan Associates Inc. | 4.58% | 94,910 | $16.4M | Add +3.0% |
| BCPC Balchem Corp. | 4.33% | 101,300 | $15.5M | Add +28.7% |
| TYL Tyler Technologies Inc. | 3.83% | 30,275 | $13.7M | Reduce -25.4% |
| CSW CSW Industrials Inc. | 3.78% | 46,200 | $13.6M | Add +15.5% |
| FN Fabrinet | 3.49% | 27,500 | $12.5M | Reduce -16.7% |
| TMDX Transmedics Group Inc. | 3.46% | 101,939 | $12.4M | Reduce -21.9% |
| SITM Sitime Corp. | 3.44% | 35,000 | $12.4M | No change |
| AWK American Water Works Co. Inc. | 3.28% | 90,240 | $11.8M | Reduce -7.5% |
| TREX Trex Company Inc. | 2.96% | 302,462 | $10.6M | Reduce -6.2% |
| HWKN Hawkins Inc. | 2.61% | 65,900 | $9.4M | Add +11.5% |
| VEEV Veeva Systems Inc. Class A | 2.46% | 39,600 | $8.8M | Reduce -1.5% |
| ENTG Entegris Inc. | 2.46% | 104,700 | $8.8M | Add +115.4% |
| MSCI MSCI Inc. | 2.42% | 15,150 | $8.7M | Add +5.6% |
| FCN Fti Consulting Inc. | 2.38% | 50,000 | $8.5M | No change |
| EGP Eastgroup Properties Inc. | 2.36% | 47,600 | $8.5M | Add +28.6% |
| EXPO Exponent Inc. | 2.33% | 120,500 | $8.4M | Reduce -0.9% |
| BRKR Bruker Corp. | 2.28% | 173,500 | $8.2M | Reduce -21.4% |
| PAYC Paycom Software Inc. | 2.24% | 50,500 | $8.0M | Reduce -20.5% |
| ALRM Alarm.com Holdings Inc. | 2.13% | 150,100 | $7.7M | Reduce -8.6% |
| TW Tradeweb Markets Inc. Class A | 2.08% | 69,500 | $7.5M | Add +6.9% |
| FSS Federal Signal Corp. | 2.07% | 68,500 | $7.4M | Add +65.9% |
| GGG Graco Inc. | 2.06% | 90,000 | $7.4M | No change |
| LRN Stride Inc. | 1.95% | 108,000 | $7.0M | Reduce -18.3% |
| MIR Mirion Technologies Inc. | 1.67% | 255,400 | $6.0M | Add +48.8% |
| STVN Stevanato Group SPA | 0.98% | 175,000 | $3.5M | No change |
| HQY Healthequity Inc. | 0.95% | 37,200 | $3.4M | Add +13.1% |
| BRBR Bellring Brands Inc. | 0.82% | 110,000 | $2.9M | No change |
| WMS Advanced Drainage Systems Inc. | 0.66% | 16,300 | $2.4M | Reduce -38.7% |
| TRNS Transcat Inc. | 0.63% | 40,000 | $2.3M | No change |
| BMI Badger Meter Inc. | 0.58% | 12,000 | $2.1M | No change |
| DOCS Doximity Inc. Class A | 0.51% | 41,200 | $1.8M | Add +27.9% |
| ERII Energy Recovery Inc. | 0.48% | 128,160 | $1.7M | Reduce -37.6% |
| CGNX Cognex Corp. | 0.42% | 42,012 | $1.5M | Reduce -36.6% |
| OLED Universal Display Corp. | 0.42% | 12,900 | $1.5M | Reduce -7.9% |
| UTI Universal Technical Institut | 0.32% | 44,300 | $1.2M | New |
| KNSL Kinsale Capital Group Inc. | 0.31% | 2,800 | $1.1M | New |
Portfolio Sells Q3 2025 → Q4 2025
| LRN Stride Inc. | Reduce -18.3% | 1.95% | −2.96 |
| TYL Tyler Technologies Inc. | Reduce -25.4% | 3.83% | −1.47 |
| TREX Trex Company Inc. | Reduce -6.2% | 2.96% | −1.20 |
| FORM Formfactor Inc. | Sold out | 0.00% | −1.14 |
| PAYC Paycom Software Inc. | Reduce -20.5% | 2.24% | −1.06 |
| VEEV Veeva Systems Inc. Class A | Reduce -1.5% | 2.46% | −0.53 |
| MASI Masimo Corp. | Sold out | 0.00% | −0.48 |
| CGNX Cognex Corp. | Reduce -36.6% | 0.42% | −0.33 |
| ERII Energy Recovery Inc. | Reduce -37.6% | 0.48% | −0.31 |
| WMS Advanced Drainage Systems Inc. | Reduce -38.7% | 0.66% | −0.26 |
| TMDX Transmedics Group Inc. | Reduce -21.9% | 3.46% | −0.20 |
| AWK American Water Works Co. Inc. | Reduce -7.5% | 3.28% | −0.11 |
| OLED Universal Display Corp. | Reduce -7.9% | 0.42% | −0.08 |
| NVMI Nova Ltd. | Reduce -13.6% | 5.82% | −0.06 |
| ALRM Alarm.com Holdings Inc. | Reduce -8.6% | 2.13% | −0.04 |
| EXPO Exponent Inc. | Reduce -0.9% | 2.33% | +0.22 |
| FN Fabrinet | Reduce -16.7% | 3.49% | +0.48 |
| BRKR Bruker Corp. | Reduce -21.4% | 2.28% | +0.49 |
| TECH Bio-Techne Corp. | Reduce -4.3% | 5.68% | +0.65 |
Portfolio Buys Q3 2025 → Q4 2025
| BCPC Balchem Corp. | Add +28.7% | 4.33% | +1.38 |
| CSW CSW Industrials Inc. | Add +15.5% | 3.78% | +1.35 |
| ENTG Entegris Inc. | Add +115.4% | 2.46% | +1.34 |
| FSS Federal Signal Corp. | Add +65.9% | 2.07% | +0.85 |
| EGP Eastgroup Properties Inc. | Add +28.6% | 2.36% | +0.80 |
| ROL Rollins Inc. | Add +2.7% | 5.10% | +0.74 |
| MIR Mirion Technologies Inc. | Add +48.8% | 1.67% | +0.67 |
| MSCI MSCI Inc. | Add +5.6% | 2.42% | +0.39 |
| UTI Universal Technical Institut | New | 0.32% | +0.32 |
| KNSL Kinsale Capital Group Inc. | New | 0.31% | +0.31 |
| TW Tradeweb Markets Inc. Class A | Add +6.9% | 2.08% | +0.28 |
| HLI Houlihan Lokey Inc. | Add +9.7% | 4.74% | +0.18 |
| HQY Healthequity Inc. | Add +13.1% | 0.95% | +0.17 |
| DOCS Doximity Inc. Class A | Add +27.9% | 0.51% | −0.08 |
| HWKN Hawkins Inc. | Add +11.5% | 2.61% | −0.09 |
| MANH Manhattan Associates Inc. | Add +3.0% | 4.58% | −0.13 |
| BSY Bentley Systems Inc. Class B | Add +0.1% | 4.91% | −1.02 |
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 |