Montanaro Asset Management Ltd

CIK

1831133

Location

LONDON, X0

Portfolio Value

Small $334,349,998

Diversification

Diversified

Filing Date

Global Rank

#3,241 / 8,603 ▼ 55 · as of Mar 2026

Top Industry

Software - Application 12.0%

3Y Alpha vs SPY

-20.6%

Period ended 3 months ago

Filed May 11, 2026 · 59d

22 quarters · since Dec 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

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

Cloned portfolio

+0.0%

SPY

+76.5%

Annualised alpha

-20.8%

Max drawdown

−26.1%

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

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

Top Position

6.3%

+0.4 pts

Top 5

25.0%

−1.2 pts

Top 10

44.5%

−1.8 pts

HHI

333

Diversified−10

Portfolio Trend

22 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Industrials	27.7%	$92,473,022	14
Technology	27.1%	$90,771,996	9
Healthcare	11.9%	$39,681,572	6
Financial Services	9.8%	$32,742,078	5
Basic Materials	7.8%	$25,912,956	2
Consumer Defensive	4.7%	$15,707,015	3
Real Estate	4.2%	$13,992,804	1
Utilities	3.7%	$12,226,325	1
Consumer Cyclical	3.2%	$10,842,230	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

14 positions

Ticker	Company	Δ Shares	Shares	Value
EXPO	Exponent Inc	+71,300	191,800	$12,514,950
FSS	Federal Signal Corp /De/	+54,600	123,100	$13,312,034
MIR	Mirion Technologies, Inc.	+49,900	305,300	$5,675,527
BRBR	Bellring Brands, Inc.	+30,000	140,000	$2,252,600
EGP	Eastgroup Properties Inc	+28,000	75,600	$13,992,804
UTI	Universal Technical Institute Inc	+22,368	66,668	$2,406,714
GGG	Graco Inc	+20,000	110,000	$9,311,500
LRN	Stride, Inc.	+17,300	125,300	$11,047,701
HQY	Healthequity, Inc.	+13,600	50,800	$4,245,356
DOCS	Doximity, Inc.	+4,100	45,300	$1,055,490
CSW	Csw Industrials, Inc.	+3,600	49,800	$12,976,884
KNSL	Kinsale Capital Group, Inc.	+1,657	4,457	$1,522,778
HLI	Houlihan Lokey, Inc.	+600	98,250	$14,110,665
MSCI	MSCI Inc.	+500	15,650	$8,435,506
No positions match the current search.

Trimmed

Positions the filer reduced

18 positions

Ticker	Company	Δ Shares	Shares	Value
ROL	Rollins Inc	−102,000	203,000	$10,842,230
BSY	Bentley Systems Inc	−61,109	400,300	$14,058,536
TMDX	TransMedics Group, Inc.	−23,200	78,739	$7,827,443
ENTG	Entegris Inc	−22,800	81,900	$9,601,956
TW	Tradeweb Markets Inc.	−16,350	53,150	$6,253,629
MANH	Manhattan Associates Inc	−15,600	79,310	$10,557,747
NVMI	Nova Ltd.	−15,500	48,130	$20,901,896
SITM	SITIME Corp	−10,000	25,000	$8,633,750
ALRM	Alarm.com Holdings, Inc.	−8,400	141,700	$6,120,023
FN	Fabrinet	−7,500	20,000	$10,430,400
HWKN	Hawkins Inc	−6,100	59,800	$9,185,280
WMS	Advanced Drainage Systems, Inc.	−5,500	10,800	$1,481,004
TECH	BIO-TECHNE Corp	−5,400	341,050	$17,823,273
BMI	Badger Meter Inc	−4,700	7,300	$1,112,155
VEEV	Veeva Systems Inc	−3,600	36,000	$6,323,760
TYL	Tyler Technologies Inc	−2,950	27,325	$9,355,533
BCPC	Balchem Corp	−2,600	98,700	$16,727,676
AWK	American Water Works Company, Inc.	−400	89,840	$12,226,325
No positions match the current search.

New Positions

Positions the filer opened this quarter

7 positions

Ticker	Company	Shares	Value
VMI	Valmont Industries Inc	19,400	$7,751,658
WTS	Watts Water Technologies Inc	26,500	$7,692,685
HXL	Hexcel Corp /De/	42,000	$3,399,060
MDA	MDA Space Ltd.	134,100	$3,395,412
SNEX	StoneX Group Inc.	30,000	$2,419,500
TTEK	Tetra Tech Inc	71,500	$2,153,580
CLH	Clean Harbors Inc	3,600	$1,032,228
No positions match the current search.

Sold Out

Positions the filer fully exited

6 positions

Ticker	Company	Shares	Value
TREX	Trex Co Inc	302,462	$10,610,366
BRKR	Bruker Corp	173,500	$8,173,585
PAYC	Paycom Software, Inc.	50,500	$8,047,680
ERII	Energy Recovery, Inc.	128,160	$1,728,878
CGNX	Cognex Corp	42,012	$1,511,591
OLED	Universal Display Corp \Pa\	12,900	$1,506,462
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

42 positions · $334,349,998 total · as of Mar 31, 2026

All sectors Basic Materials Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials Real Estate Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NVMI	Nova Ltd. Technology	Reduced	48,130	-15,500	$20,901,896	+0.0%	6.25%
TECH	BIO-TECHNE Corp Healthcare	Reduced	341,050	-5,400	$17,823,273	−12.5%	5.33%
BCPC	Balchem Corp Basic Materials	Reduced	98,700	-2,600	$16,727,676	+7.7%	5.00%
HLI	Houlihan Lokey, Inc. Financial Services	Added	98,250	+600	$14,110,665	−17.0%	4.22%
BSY	Bentley Systems Inc Technology	Reduced	400,300	-61,109	$14,058,536	−20.2%	4.20%
EGP	Eastgroup Properties Inc Real Estate	Added	75,600	+28,000	$13,992,804	+65.0%	4.19%
FSS	Federal Signal Corp /De/ Industrials	Added	123,100	+54,600	$13,312,034	+79.0%	3.98%
CSW	Csw Industrials, Inc. Industrials	Added	49,800	+3,600	$12,976,884	−4.3%	3.88%
EXPO	Exponent Inc Industrials	Added	191,800	+71,300	$12,514,950	+49.5%	3.74%
AWK	American Water Works Company, Inc. Utilities	Reduced	89,840	-400	$12,226,325	+3.8%	3.66%
LRN	Stride, Inc. Consumer Defensive	Added	125,300	+17,300	$11,047,701	+57.5%	3.30%
ROL	Rollins Inc Consumer Cyclical	Reduced	203,000	-102,000	$10,842,230	−40.8%	3.24%
MANH	Manhattan Associates Inc Technology	Reduced	79,310	-15,600	$10,557,747	−35.8%	3.16%
FN	Fabrinet Technology	Reduced	20,000	-7,500	$10,430,400	−16.7%	3.12%
ENTG	Entegris Inc Technology	Reduced	81,900	-22,800	$9,601,956	+8.9%	2.87%
TYL	Tyler Technologies Inc Technology	Reduced	27,325	-2,950	$9,355,533	−31.9%	2.80%
GGG	Graco Inc Industrials	Added	110,000	+20,000	$9,311,500	+26.2%	2.78%
HWKN	Hawkins Inc Basic Materials	Reduced	59,800	-6,100	$9,185,280	−1.9%	2.75%
FCN	Fti Consulting, Inc Industrials	Held	50,000	0	$8,838,500	+3.5%	2.64%
SITM	SITIME Corp Technology	Reduced	25,000	-10,000	$8,633,750	−30.2%	2.58%
MSCI	MSCI Inc. Financial Services	Added	15,650	+500	$8,435,506	−3.0%	2.52%
TMDX	TransMedics Group, Inc. Healthcare	Reduced	78,739	-23,200	$7,827,443	−36.9%	2.34%
VMI	Valmont Industries Inc Industrials	NEW	19,400	NEW	$7,751,658	NEW	2.32%
WTS	Watts Water Technologies Inc Industrials	NEW	26,500	NEW	$7,692,685	NEW	2.30%
VEEV	Veeva Systems Inc Healthcare	Reduced	36,000	-3,600	$6,323,760	−28.5%	1.89%
TW	Tradeweb Markets Inc. Financial Services	Reduced	53,150	-16,350	$6,253,629	−16.3%	1.87%
ALRM	Alarm.com Holdings, Inc. Technology	Reduced	141,700	-8,400	$6,120,023	−20.1%	1.83%
MIR	Mirion Technologies, Inc. Industrials	Added	305,300	+49,900	$5,675,527	−5.1%	1.70%
HQY	Healthequity, Inc. Healthcare	Added	50,800	+13,600	$4,245,356	+24.6%	1.27%
HXL	Hexcel Corp /De/ Industrials	NEW	42,000	NEW	$3,399,060	NEW	1.02%
MDA	MDA Space Ltd. Industrials	NEW	134,100	NEW	$3,395,412	NEW	1.02%
TRNS	Transcat Inc Industrials	Held	40,000	0	$2,938,000	+29.5%	0.88%
SNEX	StoneX Group Inc. Financial Services	NEW	30,000	NEW	$2,419,500	NEW	0.72%
UTI	Universal Technical Institute Inc Consumer Defensive	Added	66,668	+22,368	$2,406,714	+107.9%	0.72%
STVN	Stevanato Group S.p.A. Healthcare	Held	175,000	0	$2,406,250	−31.7%	0.72%
BRBR	Bellring Brands, Inc. Consumer Defensive	Added	140,000	+30,000	$2,252,600	−23.4%	0.67%
TTEK	Tetra Tech Inc Industrials	NEW	71,500	NEW	$2,153,580	NEW	0.64%
KNSL	Kinsale Capital Group, Inc. Financial Services	Added	4,457	+1,657	$1,522,778	+39.0%	0.46%
WMS	Advanced Drainage Systems, Inc. Industrials	Reduced	10,800	-5,500	$1,481,004	−37.3%	0.44%
BMI	Badger Meter Inc Technology	Reduced	7,300	-4,700	$1,112,155	−46.9%	0.33%
DOCS	Doximity, Inc. Healthcare	Added	45,300	+4,100	$1,055,490	−42.1%	0.32%
CLH	Clean Harbors Inc Industrials	NEW	3,600	NEW	$1,032,228	NEW	0.31%