Montanaro Asset Management Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 11, 2026), Montanaro Asset Management Ltd reported 42 stock positions worth $334.4 million. Its top holding was Nova (NVMI) at 6.3% of the portfolio, followed by Bio-Techne (TECH, 5.3%) and Balchem (BCPC, 5.0%). Compared with Q4 2025, it opened 7 new positions, sold out of 6, added to 14 and reduced 18. The biggest buy was a new position in Valmont Industries (VMI) and the biggest sale an exit from Trex (TREX).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001831133
- Portfolio Value
- $334.4M (Q1 2026)
- SEC Filing
- 0001831133-26-000002 ↗ filed May 11, 2026
Holdings Value
Holdings 42 stocks · $334.4M
| NVMI Nova Ltd. | 6.25% | 48,130 | $20.9M | Reduce -24.4% |
| TECH Bio-Techne Corp. | 5.33% | 341,050 | $17.8M | Reduce -1.6% |
| BCPC Balchem Corp. | 5.00% | 98,700 | $16.7M | Reduce -2.6% |
| HLI Houlihan Lokey Inc. | 4.22% | 98,250 | $14.1M | Add +0.6% |
| BSY Bentley Systems Inc. Class B | 4.20% | 400,300 | $14.1M | Reduce -13.2% |
| EGP Eastgroup Properties Inc. | 4.19% | 75,600 | $14.0M | Add +58.8% |
| FSS Federal Signal Corp. | 3.98% | 123,100 | $13.3M | Add +79.7% |
| CSW CSW Industrials Inc. | 3.88% | 49,800 | $13.0M | Add +7.8% |
| EXPO Exponent Inc. | 3.74% | 191,800 | $12.5M | Add +59.2% |
| AWK American Water Works Co. Inc. | 3.66% | 89,840 | $12.2M | Reduce -0.4% |
| LRN Stride Inc. | 3.30% | 125,300 | $11.0M | Add +16.0% |
| ROL Rollins Inc. | 3.24% | 203,000 | $10.8M | Reduce -33.4% |
| MANH Manhattan Associates Inc. | 3.16% | 79,310 | $10.6M | Reduce -16.4% |
| FN Fabrinet | 3.12% | 20,000 | $10.4M | Reduce -27.3% |
| ENTG Entegris Inc. | 2.87% | 81,900 | $9.6M | Reduce -21.8% |
| TYL Tyler Technologies Inc. | 2.80% | 27,325 | $9.4M | Reduce -9.7% |
| GGG Graco Inc. | 2.78% | 110,000 | $9.3M | Add +22.2% |
| HWKN Hawkins Inc. | 2.75% | 59,800 | $9.2M | Reduce -9.3% |
| FCN Fti Consulting Inc. | 2.64% | 50,000 | $8.8M | No change |
| SITM Sitime Corp. | 2.58% | 25,000 | $8.6M | Reduce -28.6% |
| MSCI MSCI Inc. | 2.52% | 15,650 | $8.4M | Add +3.3% |
| TMDX Transmedics Group Inc. | 2.34% | 78,739 | $7.8M | Reduce -22.8% |
| VMI Valmont Industries | 2.32% | 19,400 | $7.8M | New |
| WTS Watts Water Technologies-A | 2.30% | 26,500 | $7.7M | New |
| VEEV Veeva Systems Inc. Class A | 1.89% | 36,000 | $6.3M | Reduce -9.1% |
| TW Tradeweb Markets Inc. Class A | 1.87% | 53,150 | $6.3M | Reduce -23.5% |
| ALRM Alarm.com Holdings Inc. | 1.83% | 141,700 | $6.1M | Reduce -5.6% |
| MIR Mirion Technologies Inc. | 1.70% | 305,300 | $5.7M | Add +19.5% |
| HQY Healthequity Inc. | 1.27% | 50,800 | $4.2M | Add +36.6% |
| HXL Hexcel Corp. | 1.02% | 42,000 | $3.4M | New |
| MDA Mda Space Ltd. | 1.02% | 134,100 | $3.4M | New |
| TRNS Transcat Inc. | 0.88% | 40,000 | $2.9M | No change |
| SNEX Stonex Group Inc. | 0.72% | 30,000 | $2.4M | New |
| UTI Universal Technical Institut | 0.72% | 66,668 | $2.4M | Add +50.5% |
| STVN Stevanato Group SPA | 0.72% | 175,000 | $2.4M | No change |
| BRBR Bellring Brands Inc. | 0.67% | 140,000 | $2.3M | Add +27.3% |
| TTEK Tetra Tech Inc. | 0.64% | 71,500 | $2.2M | New |
| KNSL Kinsale Capital Group Inc. | 0.46% | 4,457 | $1.5M | Add +59.2% |
| WMS Advanced Drainage Systems Inc. | 0.44% | 10,800 | $1.5M | Reduce -33.7% |
| BMI Badger Meter Inc. | 0.33% | 7,300 | $1.1M | Reduce -39.2% |
| DOCS Doximity Inc. Class A | 0.32% | 45,300 | $1.1M | Add +9.9% |
| CLH Clean Harbors Inc. | 0.31% | 3,600 | $1.0M | New |
Portfolio Sells Q4 2025 → Q1 2026
| TREX Trex Company Inc. | Sold out | 0.00% | −2.96 |
| BRKR Bruker Corp. | Sold out | 0.00% | −2.28 |
| PAYC Paycom Software Inc. | Sold out | 0.00% | −2.24 |
| ROL Rollins Inc. | Reduce -33.4% | 3.24% | −1.86 |
| MANH Manhattan Associates Inc. | Reduce -16.4% | 3.16% | −1.43 |
| TMDX Transmedics Group Inc. | Reduce -22.8% | 2.34% | −1.11 |
| TYL Tyler Technologies Inc. | Reduce -9.7% | 2.80% | −1.03 |
| SITM Sitime Corp. | Reduce -28.6% | 2.58% | −0.86 |
| BSY Bentley Systems Inc. Class B | Reduce -13.2% | 4.20% | −0.70 |
| VEEV Veeva Systems Inc. Class A | Reduce -9.1% | 1.89% | −0.57 |
| ERII Energy Recovery Inc. | Sold out | 0.00% | −0.48 |
| CGNX Cognex Corp. | Sold out | 0.00% | −0.42 |
| OLED Universal Display Corp. | Sold out | 0.00% | −0.42 |
| FN Fabrinet | Reduce -27.3% | 3.12% | −0.37 |
| TECH Bio-Techne Corp. | Reduce -1.6% | 5.33% | −0.35 |
| ALRM Alarm.com Holdings Inc. | Reduce -5.6% | 1.83% | −0.30 |
| BMI Badger Meter Inc. | Reduce -39.2% | 0.33% | −0.25 |
| WMS Advanced Drainage Systems Inc. | Reduce -33.7% | 0.44% | −0.21 |
| TW Tradeweb Markets Inc. Class A | Reduce -23.5% | 1.87% | −0.21 |
| HWKN Hawkins Inc. | Reduce -9.3% | 2.75% | +0.14 |
| AWK American Water Works Co. Inc. | Reduce -0.4% | 3.66% | +0.37 |
| ENTG Entegris Inc. | Reduce -21.8% | 2.87% | +0.41 |
| NVMI Nova Ltd. | Reduce -24.4% | 6.25% | +0.43 |
| BCPC Balchem Corp. | Reduce -2.6% | 5.00% | +0.67 |
Portfolio Buys Q4 2025 → Q1 2026
| VMI Valmont Industries | New | 2.32% | +2.32 |
| WTS Watts Water Technologies-A | New | 2.30% | +2.30 |
| FSS Federal Signal Corp. | Add +79.7% | 3.98% | +1.91 |
| EGP Eastgroup Properties Inc. | Add +58.8% | 4.19% | +1.82 |
| EXPO Exponent Inc. | Add +59.2% | 3.74% | +1.41 |
| LRN Stride Inc. | Add +16.0% | 3.30% | +1.35 |
| HXL Hexcel Corp. | New | 1.02% | +1.02 |
| MDA Mda Space Ltd. | New | 1.02% | +1.02 |
| GGG Graco Inc. | Add +22.2% | 2.78% | +0.73 |
| SNEX Stonex Group Inc. | New | 0.72% | +0.72 |
| TTEK Tetra Tech Inc. | New | 0.64% | +0.64 |
| UTI Universal Technical Institut | Add +50.5% | 0.72% | +0.40 |
| HQY Healthequity Inc. | Add +36.6% | 1.27% | +0.32 |
| CLH Clean Harbors Inc. | New | 0.31% | +0.31 |
| KNSL Kinsale Capital Group Inc. | Add +59.2% | 0.46% | +0.15 |
| CSW CSW Industrials Inc. | Add +7.8% | 3.88% | +0.10 |
| MSCI MSCI Inc. | Add +3.3% | 2.52% | +0.10 |
| MIR Mirion Technologies Inc. | Add +19.5% | 1.70% | +0.03 |
| BRBR Bellring Brands Inc. | Add +27.3% | 0.67% | −0.15 |
| DOCS Doximity Inc. Class A | Add +9.9% | 0.32% | −0.19 |
| HLI Houlihan Lokey Inc. | Add +0.6% | 4.22% | −0.52 |
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 |