# Montanaro Asset Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1831133. Source: https://holderbook.com/funds/1831133-montanaro-asset-management-ltd/

- Reported value: $317.2M
- Positions: 42
- Weight of the ten largest: 45.4%
- Filed: 2026-08-12

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NOVA LTD | [NVMI](https://holderbook.com/stocks/NVMI/) | $18.7M | 34,380 | 5.9% | 23 |
| WATTS WATER TECHNOLOGIES INC | [WTS](https://holderbook.com/stocks/WTS/) | $18.0M | 46,100 | 5.7% | 2 |
| EASTGROUP PPTYS INC | [EGP](https://holderbook.com/stocks/EGP/) | $16.1M | 79,318 | 5.1% | 4 |
| FEDERAL SIGNAL CORP | [FSS](https://holderbook.com/stocks/FSS/) | $15.7M | 122,531 | 5.0% | 6 |
| VALMONT INDS INC | [VMI](https://holderbook.com/stocks/VMI/) | $14.9M | 25,850 | 4.7% | 2 |
| BALCHEM CORP | [BCPC](https://holderbook.com/stocks/BCPC/) | $14.8M | 87,518 | 4.7% | 17 |
| SITIME CORP | [SITM](https://holderbook.com/stocks/SITM/) | $11.9M | 16,000 | 3.8% | 21 |
| BENTLEY SYS INC | [BSY](https://holderbook.com/stocks/BSY/) | $11.4M | 380,833 | 3.6% | 16 |
| CSW INDUSTRIALS INC | [CSW](https://holderbook.com/stocks/CSW/) | $11.3M | 40,705 | 3.6% | 23 |
| HOULIHAN LOKEY INC | [HLI](https://holderbook.com/stocks/HLI/) | $11.1M | 82,934 | 3.5% | 23 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $11.1M | 84,140 | 3.5% | 17 |
| ACUITY INC | [AYI](https://holderbook.com/stocks/AYI/) | $10.9M | 28,950 | 3.4% | 1 |
| ENTEGRIS INC | [ENTG](https://holderbook.com/stocks/ENTG/) | $10.7M | 59,500 | 3.4% | 21 |
| EXPONENT INC | [EXPO](https://holderbook.com/stocks/EXPO/) | $10.5M | 179,089 | 3.3% | 23 |
| MANHATTAN ASSOCIATES INC | [MANH](https://holderbook.com/stocks/MANH/) | $9.4M | 67,765 | 3.0% | 8 |
| BIO-TECHNE CORP | [TECH](https://holderbook.com/stocks/TECH/) | $8.9M | 126,335 | 2.8% | 22 |
| STRIDE INC | [LRN](https://holderbook.com/stocks/LRN/) | $8.4M | 97,249 | 2.6% | 9 |
| SENSIENT TECHNOLOGIES CORP | [SXT](https://holderbook.com/stocks/SXT/) | $8.1M | 65,500 | 2.5% | 1 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $7.6M | 43,100 | 2.4% | 23 |
| MIRION TECHNOLOGIES INC | [MIR](https://holderbook.com/stocks/MIR/) | $7.5M | 418,646 | 2.4% | 4 |
| ROLLINS INC | [ROL](https://holderbook.com/stocks/ROL/) | $6.3M | 151,315 | 2.0% | 23 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $6.2M | 11,000 | 1.9% | 23 |
| FABRINET | [FN](https://holderbook.com/stocks/FN/) | $5.6M | 10,000 | 1.8% | 13 |
| ALARM COM HLDGS INC | [ALRM](https://holderbook.com/stocks/ALRM/) | $5.2M | 111,197 | 1.6% | 23 |
| MDA SPACE LTD | [MDA](https://holderbook.com/stocks/MDA/) | $5.0M | 121,600 | 1.6% | 2 |
| HEALTHEQUITY INC | [HQY](https://holderbook.com/stocks/HQY/) | $4.3M | 47,400 | 1.3% | 6 |
| HAWKINS INC | [HWKN](https://holderbook.com/stocks/HWKN/) | $4.2M | 29,800 | 1.3% | 7 |
| CLEAN HARBORS INC | [CLH](https://holderbook.com/stocks/CLH/) | $4.0M | 13,500 | 1.3% | 2 |
| TRADEWEB MKTS INC | [TW](https://holderbook.com/stocks/TW/) | $3.9M | 39,500 | 1.2% | 9 |
| GRACO INC | [GGG](https://holderbook.com/stocks/GGG/) | $3.8M | 50,000 | 1.2% | 7 |
| BEL FUSE INC | [BELFB](https://holderbook.com/stocks/BELFB/) | $3.7M | 11,000 | 1.2% | 1 |
| KODIAK GAS SVCS INC | [KGS](https://holderbook.com/stocks/KGS/) | $3.4M | 45,000 | 1.1% | 1 |
| HEXCEL CORP NEW | [HXL](https://holderbook.com/stocks/HXL/) | $3.4M | 33,710 | 1.1% | 2 |
| TRANSCAT INC | [TRNS](https://holderbook.com/stocks/TRNS/) | $3.0M | 32,105 | 0.9% | 10 |
| STONEX GROUP INC | [SNEX](https://holderbook.com/stocks/SNEX/) | $2.9M | 24,079 | 0.9% | 2 |
| ADVANCED DRAIN SYS INC DEL | [WMS](https://holderbook.com/stocks/WMS/) | $2.8M | 17,900 | 0.9% | 20 |
| TETRA TECH INC NEW | [TTEK](https://holderbook.com/stocks/TTEK/) | $2.7M | 91,800 | 0.8% | 2 |
| STEVANATO GROUP S P A | [STVN](https://holderbook.com/stocks/STVN/) | $2.5M | 140,459 | 0.8% | 10 |
| UNIVERSAL TECHNICAL INST INC | [UTI](https://holderbook.com/stocks/UTI/) | $2.3M | 54,068 | 0.7% | 3 |
| ESCO TECHNOLOGIES INC | [ESE](https://holderbook.com/stocks/ESE/) | $1.8M | 5,000 | 0.6% | 1 |
| KINSALE CAP GROUP INC | [KNSL](https://holderbook.com/stocks/KNSL/) | $1.6M | 4,757 | 0.5% | 3 |
| BADGER METER INC | [BMI](https://holderbook.com/stocks/BMI/) | $1.5M | 10,300 | 0.5% | 23 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +9.0% | +14.8% | -5.8% | 100% |
| Q1 2026 | -3.6% | -4.6% | +1.1% | 100% |
| Q4 2025 | -7.6% | +2.4% | -9.9% | 100% |
| Q3 2025 | -0.1% | +7.8% | -7.9% | 100% |
| Q2 2025 | +10.1% | +10.5% | -0.3% | 100% |
| Q1 2025 | -8.0% | -4.6% | -3.4% | 100% |
| Q4 2024 | -7.3% | +2.1% | -9.5% | 100% |
| Q3 2024 | +5.1% | +5.4% | -0.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $317.2M | 42 |
| Q1 2026 | $334.4M | 42 |
| Q4 2025 | $358.8M | 41 |
| Q3 2025 | $400.4M | 41 |
| Q2 2025 | $387.9M | 39 |
| Q1 2025 | $340.9M | 46 |
| Q4 2024 | $484.4M | 47 |
| Q3 2024 | $561.1M | 47 |
| Q2 2024 | $536.4M | 46 |
| Q1 2024 | $553.7M | 44 |
| Q4 2023 | $531.6M | 43 |
| Q3 2023 | $568.5M | 45 |