HERALD INVESTMENT MANAGEMENT Ltd

CIK

1512022

Location

LONDON, X0

Portfolio Value

Small $709,786,220

Diversification

Diversified

Filing Date

Global Rank

#1,889 / 8,232 ▲ 60

Top Industry

Electronic Components 23.3%

3Y Alpha vs SPY

+9.5%

Period ended 2 months ago

Filed May 13, 2026 · 32d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+121.0%

SPY

+76.3%

Annualised alpha

+9.5%

Max drawdown

−29.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

93 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

8.3%

−0.7 pts

Top 5

30.6%

+1.2 pts

Top 10

44.8%

+3.0 pts

HHI

295

Diversified+15

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	86.9%	$616,610,242	79
Industrials	7.5%	$53,449,710	7
Communication Services	3.0%	$21,203,980	3
Consumer Cyclical	1.4%	$10,288,538	1
Healthcare	0.8%	$5,470,500	2
Consumer Defensive	0.4%	$2,763,250	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

5 positions

Ticker	Company	Δ Shares	Shares	Value
CLMB	Climb Global Solutions, Inc.	+221,836	296,836	$5,883,289
ARLO	Arlo Technologies, Inc.	+70,000	1,377,000	$19,594,710
POWI	Power Integrations Inc	+25,000	175,000	$8,960,000
DOCN	DigitalOcean Holdings, Inc.	+15,000	217,000	$18,614,260
AAPL	Apple Inc.	+1,900	22,300	$5,659,517
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
RBBN	Ribbon Communications Inc.	−700,000	100,000	$212,000
NABL	N-able, Inc.	−350,000	63,000	$294,210
ELVA	Electrovaya Inc.	−290,000	1,150,000	$8,993,000
GNSS	Genasys Inc.	−280,630	419,370	$763,253
MRAM	Everspin Technologies Inc.	−200,000	600,000	$5,274,000
IDN	Intellicheck, Inc.	−155,753	819,816	$5,730,513
QUIK	QUICKLOGIC Corp	−117,832	612,547	$5,745,690
OOMA	Ooma Inc	−110,000	150,000	$2,182,500
AVPT	AvePoint, Inc.	−75,000	775,000	$7,370,250
CINT	CI&T Inc	−75,000	525,000	$2,661,750
OUST	Ouster, Inc.	−50,000	150,000	$2,755,500
FA	First Advantage Corp	−50,000	350,000	$4,116,000
HSTM	Healthstream Inc	−50,000	150,000	$3,106,500
VIAV	Viavi Solutions Inc.	−50,000	225,000	$7,488,000
SPIR	Spire Global, Inc.	−46,249	340,000	$4,277,200
DSGX	Descartes Systems Group Inc	−40,000	145,000	$10,376,200
BAND	Bandwidth Inc.	−35,000	175,000	$3,118,500
FORM	Formfactor Inc	−33,000	75,300	$7,303,347
KLIC	Kulicke & Soffa Industries Inc	−32,000	244,100	$16,042,252
FROG	JFrog Ltd	−30,000	200,000	$9,386,000
LASR	Nlight, Inc.	−30,000	185,000	$10,548,700
VICR	Vicor Corp	−25,000	220,000	$35,420,000
PDFS	Pdf Solutions Inc	−25,000	200,000	$6,542,000
RDWR	Radware Ltd	−25,000	650,000	$17,108,000
VPG	Vishay Precision Group, Inc.	−20,000	170,000	$7,381,400
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
VSH	Vishay Intertechnology Inc	300,000	$5,400,000
AVT	Avnet Inc	33,000	$2,033,460
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
WK	Workiva Inc	50,000	$4,312,500
OSPN	OneSpan Inc.	200,000	$2,568,000
FORR	Forrester Research, Inc.	150,000	$1,218,000
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

93 positions · $709,786,220 total · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Healthcare Industrials Technology

Showing 1–50 of 93 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CLS	Celestica Inc Technology	Reduced	209,500	-20,000	$59,011,960	−13.0%	8.31%
FN	Fabrinet Technology	Reduced	100,100	-7,500	$52,204,152	+6.6%	7.35%
SIMO	Silicon Motion Technology CORP Technology	Reduced	367,700	-17,206	$41,289,033	+15.7%	5.82%
VICR	Vicor Corp Technology	Reduced	220,000	-25,000	$35,420,000	+31.9%	4.99%
PEGA	Pegasystems Inc Technology	Reduced	686,600	-17,000	$29,221,696	−30.5%	4.12%
TSEM	Tower Semiconductor Ltd Technology	Reduced	166,000	-14,000	$29,129,680	+37.8%	4.10%
ARLO	Arlo Technologies, Inc. Industrials	Added	1,377,000	+70,000	$19,594,710	+7.2%	2.76%
DOCN	DigitalOcean Holdings, Inc. Technology	Added	217,000	+15,000	$18,614,260	+91.5%	2.62%
RDWR	Radware Ltd Technology	Reduced	650,000	-25,000	$17,108,000	+5.2%	2.41%
KLIC	Kulicke & Soffa Industries Inc Technology	Reduced	244,100	-32,000	$16,042,252	+27.5%	2.26%
SMCI	Super Micro Computer, Inc. Technology	Reduced	699,500	-10,000	$15,927,615	−23.3%	2.24%
DRS	Leonardo DRS, Inc. Industrials	Held	285,000	0	$12,688,200	+30.6%	1.79%
GOOGL	Alphabet Inc. Communication Services	Held	44,100	0	$12,681,396	−8.1%	1.79%
LASR	Nlight, Inc. Technology	Reduced	185,000	-30,000	$10,548,700	+30.8%	1.49%
DSGX	Descartes Systems Group Inc Technology	Reduced	145,000	-40,000	$10,376,200	−36.0%	1.46%
AMZN	Amazon Com Inc Consumer Cyclical	Held	49,400	0	$10,288,538	−9.8%	1.45%
VRNS	Varonis Systems Inc Technology	Reduced	463,500	-20,000	$9,951,345	−37.3%	1.40%
CEVA	Ceva Inc Technology	Held	520,000	0	$9,713,600	−13.2%	1.37%
MSFT	Microsoft Corp Technology	Held	25,800	0	$9,550,386	−23.5%	1.35%
FROG	JFrog Ltd Technology	Reduced	200,000	-30,000	$9,386,000	−34.7%	1.32%
ELVA	Electrovaya Inc. Industrials	Reduced	1,150,000	-290,000	$8,993,000	−20.9%	1.27%
POWI	Power Integrations Inc Technology	Added	175,000	+25,000	$8,960,000	+68.1%	1.26%
ALKT	Alkami Technology, Inc. Technology	Held	500,000	0	$7,835,000	−32.1%	1.10%
VIAV	Viavi Solutions Inc. Technology	Reduced	225,000	-50,000	$7,488,000	+52.8%	1.05%
VPG	Vishay Precision Group, Inc. Technology	Reduced	170,000	-20,000	$7,381,400	+0.9%	1.04%
AVPT	AvePoint, Inc. Technology	Reduced	775,000	-75,000	$7,370,250	−37.6%	1.04%
FORM	Formfactor Inc Technology	Reduced	75,300	-33,000	$7,303,347	+20.9%	1.03%
MU	Micron Technology Inc Technology	Reduced	21,500	-12,000	$7,263,560	−24.0%	1.02%
HLIT	Harmonic Inc. Technology	Held	785,000	0	$7,049,300	−9.2%	0.99%
VECO	Veeco Instruments Inc Technology	Held	200,000	0	$6,772,000	+18.5%	0.95%
RDVT	Red Violet, Inc. Technology	Reduced	190,208	-9,792	$6,581,196	−42.2%	0.93%
AIP	Arteris, Inc. Technology	Held	400,000	0	$6,576,000	+6.1%	0.93%
PDFS	Pdf Solutions Inc Technology	Reduced	200,000	-25,000	$6,542,000	+1.9%	0.92%
CLMB	Climb Global Solutions, Inc. Technology	Added	296,836	+221,836	$5,883,289	+205.3%	0.83%
QUIK	QUICKLOGIC Corp Technology	Reduced	612,547	-117,832	$5,745,690	+30.9%	0.81%
IDN	Intellicheck, Inc. Technology	Reduced	819,816	-155,753	$5,730,513	−12.1%	0.81%
SLAB	Silicon Laboratories Inc. Technology	Held	27,500	0	$5,724,125	+59.3%	0.81%
AAPL	Apple Inc. Technology	Added	22,300	+1,900	$5,659,517	+2.0%	0.80%
PLUS	Eplus Inc Technology	Held	75,000	0	$5,643,750	−14.2%	0.80%
FIVN	Five9, Inc. Technology	Held	362,000	0	$5,491,540	−24.3%	0.77%
VSH	Vishay Intertechnology Inc Technology	NEW	300,000	NEW	$5,400,000	NEW	0.76%
MRAM	Everspin Technologies Inc. Technology	Reduced	600,000	-200,000	$5,274,000	−29.0%	0.74%
QLYS	Qualys, Inc. Technology	Reduced	55,000	-10,000	$4,831,750	−44.1%	0.68%
DGII	Digi International Inc Technology	Reduced	100,000	-20,000	$4,820,000	−7.2%	0.68%
CTS	Cts Corp Technology	Reduced	100,000	-10,000	$4,776,000	+1.3%	0.67%
CCOI	Cogent Communications Holdings, Inc. Communication Services	Held	242,600	0	$4,570,584	−12.6%	0.64%
TER	Teradyne, Inc Technology	Reduced	15,000	-1,600	$4,446,900	+38.4%	0.63%
MLAB	Mesa Laboratories Inc /Co/ Technology	Held	50,000	0	$4,421,000	+12.6%	0.62%
SPIR	Spire Global, Inc. Industrials	Reduced	340,000	-46,249	$4,277,200	+47.6%	0.60%
KOPN	Kopin Corp Technology	Held	1,900,000	0	$4,275,000	−3.8%	0.60%