Montanaro Asset Management Ltd

Portfolio Overview

Montanaro Asset Management Ltd disclosed 42 positions worth $334.4M in its Form 13F-HR for Q1 2026, led by $NVMI (NOVA LTD.) at 6.3% of the equity portfolio, followed by $TECH and $BCPC. During the quarter the fund opened 7 new positions and exited 6 — including a new stake in $VMI and a full exit from $TREX. The portfolio is most concentrated in Technology (36.1% of disclosed assets). All figures are sourced directly from Montanaro Asset Management Ltd’s Form 13F-HR filing with the SEC under CIK 1831133.

• 

  NOVA LTD.

  $NVMI

  —

  Quality

  $20.9M48,130 sh
• 

  BIO-TECHNE Corp

  $TECH

  59.6#911

  Quality

  $17.8M341,050 sh
• 

  BALCHEM CORP

  $BCPC

  65.9#552

  Quality

  $16.7M98,700 sh
• 

  HOULIHAN LOKEY, INC.

  $HLI

  67.3

  Quality

  $14.1M98,250 sh
• 

  BENTLEY SYSTEMS INC

  $BSY

  70.1

  Quality

  $14.1M400,300 sh
• 

  EASTGROUP PROPERTIES INC

  $EGP

  72.4

  Quality

  $14.0M75,600 sh
• 

  FEDERAL SIGNAL CORP /DE/

  $FSS

  71.8

  Quality

  $13.3M123,100 sh
• 

  CSW INDUSTRIALS, INC.

  $CSW

  64.1

  Quality

  $13.0M49,800 sh
• 

  EXPONENT INC

  $EXPO

  61.3

  Quality

  $12.5M191,800 sh
• 

  American Water Works Company, Inc.

  $AWK

  61.7

  Quality

  $12.2M89,840 sh

Company	Quality	Value	Shares
NOVA LTD.$NVMI	—	$20.9M	48,130
BIO-TECHNE Corp$TECH	59.6#911	$17.8M	341,050
BALCHEM CORP$BCPC	65.9#552	$16.7M	98,700
HOULIHAN LOKEY, INC.$HLI	67.3	$14.1M	98,250
BENTLEY SYSTEMS INC$BSY	70.1	$14.1M	400,300
EASTGROUP PROPERTIES INC$EGP	72.4	$14.0M	75,600
FEDERAL SIGNAL CORP /DE/$FSS	71.8	$13.3M	123,100
CSW INDUSTRIALS, INC.$CSW	64.1	$13.0M	49,800
EXPONENT INC$EXPO	61.3	$12.5M	191,800
American Water Works Company, Inc.$AWK	61.7	$12.2M	89,840

Showing top 10 of 42 holdings.

Full Holdings — Montanaro Asset Management Ltd (Q1 2026)

All 42 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$NVMI	NOVA LTD.	$20.9M	6.3%	-24%	—
2	$TECH	BIO-TECHNE Corp	$17.8M	5.3%	-2%	59.6
3	$BCPC	BALCHEM CORP	$16.7M	5.0%	-3%	65.9
4	$HLI	HOULIHAN LOKEY, INC.	$14.1M	4.2%	+1%	67.3
5	$BSY	BENTLEY SYSTEMS INC	$14.1M	4.2%	-13%	70.1
6	$EGP	EASTGROUP PROPERTIES INC	$14.0M	4.2%	+59%	72.4
7	$FSS	FEDERAL SIGNAL CORP /DE/	$13.3M	4.0%	+80%	71.8
8	$CSW	CSW INDUSTRIALS, INC.	$13.0M	3.9%	+8%	64.1
9	$EXPO	EXPONENT INC	$12.5M	3.7%	+59%	61.3
10	$AWK	American Water Works Company, Inc.	$12.2M	3.7%	-0%	61.7
11	$LRN	Stride, Inc.	$11.0M	3.3%	+16%	71.1
12	$ROL	ROLLINS INC	$10.8M	3.2%	-33%	73.2
13	$MANH	MANHATTAN ASSOCIATES INC	$10.6M	3.2%	-16%	70.1
14	$FN	Fabrinet	$10.4M	3.1%	-27%	72.4
15	$ENTG	ENTEGRIS INC	$9.6M	2.9%	-22%	57.7
16	$TYL	TYLER TECHNOLOGIES INC	$9.4M	2.8%	-10%	69.3
17	$GGG	GRACO INC	$9.3M	2.8%	+22%	67.2
18	$HWKN	HAWKINS INC	$9.2M	2.8%	-9%	57.5
19	$FCN	FTI CONSULTING, INC	$8.8M	2.6%	+0%	55.2
20	$SITM	SITIME Corp	$8.6M	2.6%	-29%	44.6
21	$MSCI	MSCI Inc.	$8.4M	2.5%	+3%	77.6
22	$TMDX	TransMedics Group, Inc.	$7.8M	2.3%	-23%	70.1
23	$VMI	VALMONT INDUSTRIES INC	$7.8M	2.3%	NEW	60.1
24	$WTS	WATTS WATER TECHNOLOGIES INC	$7.7M	2.3%	NEW	70.7
25	$VEEV	VEEVA SYSTEMS INC	$6.3M	1.9%	-9%	77.8
26	$TW	Tradeweb Markets Inc.	$6.3M	1.9%	-24%	80.9
27	$ALRM	Alarm.com Holdings, Inc.	$6.1M	1.8%	-6%	62.9
28	$MIR	Mirion Technologies, Inc.	$5.7M	1.7%	+20%	51.1
29	$HQY	HEALTHEQUITY, INC.	$4.2M	1.3%	+37%	72.3
30	$HXL	HEXCEL CORP /DE/	$3.4M	1.0%	NEW	50.5
31	$MDA	MDA Space Ltd.	$3.4M	1.0%	NEW	—
32	$TRNS	TRANSCAT INC	$2.9M	0.9%	+0%	49.5
33	$SNEX	StoneX Group Inc.	$2.4M	0.7%	NEW	60.3
34	$UTI	UNIVERSAL TECHNICAL INSTITUTE INC	$2.4M	0.7%	+50%	54.5
35	$STVN	Stevanato Group S.p.A.	$2.4M	0.7%	+0%	—
36	$BRBR	BELLRING BRANDS, INC.	$2.3M	0.7%	+27%	58.7
37	$TTEK	TETRA TECH INC	$2.2M	0.6%	NEW	63
38	$KNSL	Kinsale Capital Group, Inc.	$1.5M	0.5%	+59%	79.6
39	$WMS	ADVANCED DRAINAGE SYSTEMS, INC.	$1.5M	0.4%	-34%	58
40	$BMI	BADGER METER INC	$1.1M	0.3%	-39%	71.6
41	$DOCS	Doximity, Inc.	$1.1M	0.3%	+10%	77.5
42	$CLH	CLEAN HARBORS INC	$1.0M	0.3%	NEW	56.3