Montanaro Asset Management Ltd
Sector Allocation
- Technology35.1%$111.4M
- Industrials21.5%$68.1M
- Materials11.4%$36.3M
- Healthcare8.3%$26.2M
- Financials8.1%$25.6M
- Real Estate5.1%$16.1M
- Utilities4.8%$15.1M
- Consumer Discretionary3.4%$10.7M
- Consumer Staples1.3%$4.2M
- Energy1.1%$3.4M
AUM History
13fpro.ai/research/fund/montanaro-asset-management-ltd-1831133
Conviction and streaks
Stable · top 10 = 45.4%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q2 2026
NVMI
$18.7MWTS
$18.0MEGP
$16.1MFSS
$15.7MVMI
$14.9MBCPC
$14.8MSITM
$11.9MBSY
$11.4MCSW
$11.3MHLI
$11.1MAWK
$11.1MAYI
$10.9MENTG
$10.7MEXPO
$10.5MMANH
$9.4MTECH
$8.9MLRN
$8.4MSXT
$8.1MVEEV
$7.6MMIR
$7.5M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/montanaro-asset-management-ltd-1831133
Montanaro Asset Management Ltd 13F holdings — Q2 2026
$317.2M portfolio (-5.1% QoQ) · 42 holdings · Q2 2026 13F · top 10 are 45% of the stock portfolio
$18.7M
5.9% of stocks
-29%This quarter-22.1%Since filed10+ qtrsHeld$18.0M
5.7% of stocks
+74%This quarter-4.8%Since filed2 qtrsHeld$16.1M
5.1% of stocks
+5%This quarter-1.8%Since filed4 qtrsHeld$15.7M
5.0% of stocks
-0.5%This quarter-9.6%Since filed6 qtrsHeld$14.9M
4.7% of stocks
+33%This quarter-13.1%Since filed2 qtrsHeld$14.8M
4.7% of stocks
-11%This quarter—Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$11.9M
3.8% of stocks
-36%This quarter-31.7%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$11.4M
3.6% of stocks
-5%This quarter+11.5%Since filed10+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 2 qtrs in a row$11.3M
3.6% of stocks
-18%This quarter-13.9%Since filed10+ qtrsHeld$11.1M
3.5% of stocks
-16%This quarter+6.3%Since filed10+ qtrsHeld
All holdings — Montanaro Asset Management Ltd (Q2 2026)
42 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | American Water Works Company, Inc. | Utilities | $11.1M | 3.5% | 84K | -6% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | ACUITY INC. (DE) | Technology | $10.9M | 3.4% | 29K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | ENTEGRIS INC | Materials | $10.7M | 3.4% | 60K | -27% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | EXPONENT INC | Technology | $10.5M | 3.3% | 179K | -7% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | MANHATTAN ASSOCIATES INC | Technology | $9.4M | 3.0% | 68K | -15% | 8 qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | BIO-TECHNE Corp | Healthcare | $8.9M | 2.8% | 126K | -63% | 10+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Stride, Inc. | Consumer Discretionary | $8.4M | 2.6% | 97K | -22% | 9 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | SENSIENT TECHNOLOGIES CORP | Materials | $8.1M | 2.5% | 66K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 19 | VEEVA SYSTEMS INC | Technology | $7.6M | 2.4% | 43K | +20% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | Mirion Technologies, Inc. | Technology | $7.5M | 2.4% | 419K | +37% | 4 qtrsAdded 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | ROLLINS INC | Industrials | $6.3M | 2.0% | 151K | -25% | 10+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | MSCI Inc. | Financials | $6.2M | 1.9% | 11K | -30% | 10+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | Fabrinet | Technology | $5.6M | 1.8% | 10K | -50% | 10+ qtrsTrimmed 3 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | Alarm.com Holdings, Inc. | Technology | $5.2M | 1.6% | 111K | -22% | 10+ qtrsTrimmed 4 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | MDA Space Ltd. | Industrials | $5.0M | 1.6% | 122K | -9% | 2 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $HQY | HEALTHEQUITY, INC. | Industrials | $4.3M | 1.4% | 47K | -7% | |||
| 27 | $HWKN | HAWKINS INC | Consumer Staples | $4.2M | 1.3% | 30K | -50% | |||
| 28 | $CLH | CLEAN HARBORS INC | Utilities | $4.0M | 1.3% | 14K | +275% | |||
| 29 | $TW | Tradeweb Markets Inc. | Financials | $3.9M | 1.2% | 40K | -26% | |||
| 30 | $GGG | GRACO INC | Industrials | $3.8M | 1.2% | 50K | -55% | |||
| 31 | $BELFA | BEL FUSE INC /NJ | Technology | $3.7M | 1.2% | 11K | New | |||
| 32 | $KGS | Kodiak Gas Services, Inc. | Energy | $3.4M | 1.1% | 45K | New | |||
| 33 | $HXL | HEXCEL CORP /DE/ | Materials | $3.4M | 1.1% | 34K | -20% | |||
| 34 | $TRNS | TRANSCAT INC | Technology | $3.0M | 0.9% | 32K | -20% | |||
| 35 | $SNEX | StoneX Group Inc. | Financials | $2.9M | 0.9% | 24K | -20% | |||
| 36 | $WMS | ADVANCED DRAINAGE SYSTEMS, INC. | Materials | $2.8M | 0.9% | 18K | +66% | |||
| 37 | $TTEK | TETRA TECH INC | Technology | $2.7M | 0.8% | 92K | +28% | |||
| 38 | $STVN | Stevanato Group S.p.A. | Healthcare | $2.5M | 0.8% | 140K | -20% | |||
| 39 | $UTI | UNIVERSAL TECHNICAL INSTITUTE INC | Consumer Discretionary | $2.3M | 0.7% | 54K | -19% | |||
| 40 | $ESE | ESCO TECHNOLOGIES INC | Technology | $1.8M | 0.6% | 5,000 | New | |||
| 41 | $KNSL | Kinsale Capital Group, Inc. | Financials | $1.6M | 0.5% | 4,757 | +7% | |||
| 42 | $BMI | BADGER METER INC | Technology | $1.5M | 0.5% | 10K | +41% |
What changed in Q2 2026
Against the previous quarter's 13F: 5 new, 10 added to, 27 trimmed, 5 sold out. Share-count changes; largest moves by dollar size first.
New positions (5)
Added to (10)
now $18.0M · held 2 qtrs, 2 adds in a row
now $14.9M · held 2 qtrs, 2 adds in a row
$CLHCLEAN HARBORS INC+275%
now $4.0M · held 2 qtrs, 2 adds in a row
now $7.5M · held 4 qtrs, 4 adds in a row
now $7.6M · held 10+ qtrs
$WMSADVANCED DRAINAGE SYSTEMS, INC.+66%
now $2.8M · held 10+ qtrs
+4 more in the Excel export
Trimmed (27)
now $8.9M · held 10+ qtrs, 3 trims in a row
now $18.7M · held 10+ qtrs, 3 trims in a row
now $11.9M · held 10+ qtrs, 2 trims in a row
$FNFabrinet-50%
now $5.6M · held 10+ qtrs, 3 trims in a row
$GGGGRACO INC-55%
now $3.8M · held 7 qtrs
$HWKNHAWKINS INC-50%
now $4.2M · held 7 qtrs, 2 trims in a row
+21 more in the Excel export
Holdings by quarter
Every 13F Montanaro Asset Management Ltd has filed, 22 earlier quarters. Pick one to see what it held then.
Is it too late to follow Montanaro Asset Management Ltd?
Q2 2026 13F filed with the SEC on Aug 12, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of Montanaro Asset Management Ltd's top 20 holdings: 64/100 (our AI quality score, weighted by position size; 19 of the 20 are scored)
Top 10 since filing
-9.4%
Value-weighted move of the 10 largest stock positions
Turnover
15%
Last quarter; 43% over the last 4
Top 10 weight
45%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
74%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
Montanaro Asset Management Ltd disclosed 42 positions worth $317.2M in its Form 13F-HR for Q2 2026, led by $NVMI (NOVA LTD.) at 5.9% of the equity portfolio, followed by $WTS and $EGP. During the quarter the fund opened 5 new positions and exited 5 — including a new stake in $AYI and a full exit from $TYL. The portfolio is most concentrated in Technology (35.1% of disclosed assets). All figures are sourced directly from Montanaro Asset Management Ltd’s Form 13F-HR filing with the SEC under CIK 1831133.
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