Montanaro Asset Management Ltd

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.