DOSSIER · 13F-HR · Q2 2026

Montanaro Asset Management Ltd

$317M in tracked AUM across 42 positions as of Q2 2026.

MA
CIK 0001831133 · last filed Jun 30, 2026
Total AUM
$317M
as of Q2 2026
Holdings
42
—
positions
Whale Score
56
56
tracked
Activity
—
no data
changes this Q
AI Analysis · Q2 2026
Comprehensive SEC 13F Analysis: Montanaro Asset Management Ltd
Portfolio Overview

For the reporting period ending September 30, 2025, Montanaro Asset Management Ltd reported a total portfolio value of approximately $202.16 million, a significant decrease of 47.9% from the previous quarter's $387.89 million. This reduction in assets under management (AUM) is likely driven by a combination of realized losses, market depreciation, and a substantial narrowing of the fund's focus. The m...

Key Holdings

The portfolio is currently anchored by Bentley Systems Inc (BSY) and NOVA Ltd, which occupy the first and second spots with allocations of 11.74% and 11.65%, respectively. These positions represent the fund's largest convictions. The third and fourth positions, Bio-Techne Corp (TECH) and Stride Inc (LRN), are also substantial, accounting for 9.96% and 9.74% of the portfolio. Notably, the fund increased its stake in Bio-Techne significantly by 22.8% ($4.97M), signaling continued confidence in the healthcare name despite the overall portfolio contraction.

Trex Co Inc (TREX) rounds out the top five at 8.24%. Beyond the top five, positions taper off quickly, with the sixth-largest holding, TransMedics Group (TMDX), holding a 7.25% weight. The lack of positions weighting above 12% and the sharp drop-off after the top tier suggest a "bar-bell" approach where the manager is heavily invested in their best ideas while maintaining smaller "satellite" positions in other growth-oriented names.

Analysis generated by 13F Insight from SEC Form 13F filing data · Q2 2026. Methodology

Quarter at a glance — Q2 2026

Position-change comparison pending.

No quarter-over-quarter changes available.

Top 10 holdings

By portfolio weight as of Q2 2026.

#HoldingValueSharesWeight
01
M7516K103
NOVA LTD
$19M34K5.9%
02
WTS
WATTS WATER TECHNOLOGIES INC
$18M46K5.7%
03
EGP
EASTGROUP PPTYS INC
$16M79K5.1%
04
FSS
FEDERAL SIGNAL CORP
$16M123K5.0%
05
VMI
VALMONT INDS INC
$15M26K4.7%
06
BCPC
BALCHEM CORP
$15M88K4.7%
07
SITM
SITIME CORP
$12M16K3.8%
08
BSY
BENTLEY SYS INC
$11M381K3.6%
09
CSW
CSW INDUSTRIALS INC
$11M41K3.6%
10
HLI
HOULIHAN LOKEY INC
$11M83K3.5%

Filing history

2026Q2Jun 30
$317M▼ 5.1%
42 positionsView →
2026Q1Mar 31
$334M▼ 6.8%
42 positionsView →
2025Q4Dec 31
$359M▲ 77.5%
41 positionsView →
2025Q3Sep 30
$202M▼ 47.9%
20 positionsLocked
2025Q2Jun 30
$388M▲ 13.8%
39 positionsLocked
2025Q1Mar 31
$341M▼ 29.6%
46 positionsLocked
2024Q4Dec 31
$484M▼ 13.7%
47 positionsLocked
2024Q3Sep 30
$561M▲ 4.6%
47 positionsLocked
2024Q2Jun 30
$536M▼ 3.1%
46 positionsLocked
2024Q1Mar 31
$554M▲ 4.2%
44 positionsLocked
2023Q4Dec 31
$532M▼ 6.5%
43 positionsLocked
2023Q3Sep 30
$568M▼ 10.1%
45 positionsLocked
Showing 12 of 23