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Montanaro Asset Management Ltd

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13F filer, CIK 1831133, LONDON, United Kingdom

Montanaro Asset Management Ltd reported $387,891,110 across 39 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-05. Its ten largest share positions make up 45.19% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001085146-25-004529

Period
2025-06-30
Reported value
$388M
Holdings
39
Top 10 weight
45.19%
New
0
Sold out
7

Largest buys vs the previous quarter

SecurityShares changeApprox. value
PAYCadded+38,665$8.95M
BSYadded+127,661$6.89M
HWKNadded+44,100$6.27M
FSSadded+25,500$2.71M
NVMIadded+7,705$2.12M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
PCTYexited-35,000-$6.55M
TMDXreduced-27,739-$3.72M
LRNreduced-20,600-$2.99M
POWIexited-45,000-$2.27M
TYLreduced-3,386-$2.01M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001085146-25-004529, largest first. % of portfolio is the value over $387,891,110, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
BSYBENTLEY SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,416 shares; 2024Q4: 373,216 shares; 2025Q1: 309,239 shares; 2025Q2: 436,900 shares 436,900$23.6M6.08%+127,661Timeline
TYLTYLER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,960 shares; 2024Q4: 52,360 shares; 2025Q1: 41,461 shares; 2025Q2: 38,075 shares 38,075$22.6M5.82%-3,386Timeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,358 shares; 2024Q4: 75,958 shares; 2025Q1: 64,125 shares; 2025Q2: 71,830 shares 71,830$19.8M5.1%+7,705Timeline
LRNSTRIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,000 shares; 2024Q4: 183,500 shares; 2025Q1: 140,600 shares; 2025Q2: 120,000 shares 120,000$17.4M4.49%-20,600Timeline
TMDXTRANSMEDICS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,235 shares; 2024Q4: 140,035 shares; 2025Q1: 153,675 shares; 2025Q2: 125,936 shares 125,936$16.9M4.35%-27,739Timeline
TREXTREX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,300 shares; 2024Q4: 315,900 shares; 2025Q1: 292,800 shares; 2025Q2: 300,462 shares 300,462$16.3M4.21%+7,662Timeline
TECHBIO-TECHNE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 323,000 shares; 2024Q4: 332,500 shares; 2025Q1: 256,600 shares; 2025Q2: 294,950 shares 294,950$15.2M3.91%+38,350Timeline
ROLROLLINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,000 shares; 2024Q4: 256,000 shares; 2025Q1: 260,000 shares; 2025Q2: 265,000 shares 265,000$15M3.85%+5,000Timeline
HLIHOULIHAN LOKEY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,000 shares; 2024Q4: 95,000 shares; 2025Q1: 79,500 shares; 2025Q2: 81,000 shares 81,000$14.6M3.76%+1,500Timeline
MANHMANHATTAN ASSOCIATES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,600 shares; 2024Q4: 76,940 shares; 2025Q1: 61,920 shares; 2025Q2: 71,060 shares 71,060$14M3.62%+9,140Timeline
PAYCPAYCOM SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,925 shares; 2024Q4: 16,925 shares; 2025Q1: 18,835 shares; 2025Q2: 57,500 shares 57,500$13.3M3.43%+38,665Timeline
BRKRBRUKER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 446,500 shares; 2024Q4: 426,950 shares; 2025Q1: 318,700 shares; 2025Q2: 310,700 shares 310,700$12.8M3.3%-8,000Timeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,900 shares; 2024Q4: 138,500 shares; 2025Q1: 87,300 shares; 2025Q2: 86,540 shares 86,540$12M3.1%-760Timeline
BCPCBALCHEM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,800 shares; 2024Q4: 107,500 shares; 2025Q1: 74,900 shares; 2025Q2: 74,400 shares 74,400$11.8M3.05%-500Timeline
ANSYS INCANSYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 64,300 shares; 2024Q4: 45,250 shares; 2025Q1: 34,206 shares; 2025Q2: 32,900 shares 32,900$11.6M2.98%-1,306
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 40,000 shares 40,000$11.5M2.96%+5,000Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,250 shares; 2024Q4: 62,150 shares; 2025Q1: 40,230 shares; 2025Q2: 35,800 shares 35,800$10.3M2.66%-4,430Timeline
ALRMALARM COM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,900 shares; 2024Q4: 238,300 shares; 2025Q1: 174,790 shares; 2025Q2: 177,600 shares 177,600$10M2.59%+2,810Timeline
FNFABRINETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,250 shares; 2024Q4: 34,020 shares; 2025Q1: 33,759 shares; 2025Q2: 33,000 shares 33,000$9.72M2.51%-759Timeline
SITMSITIME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,025 shares; 2024Q4: 45,880 shares; 2025Q1: 45,659 shares; 2025Q2: 45,000 shares 45,000$9.59M2.47%-659Timeline
EXPOEXPONENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,500 shares; 2024Q4: 168,300 shares; 2025Q1: 124,200 shares; 2025Q2: 121,600 shares 121,600$9.08M2.34%-2,600Timeline
HWKNHAWKINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 59,100 shares 59,100$8.4M2.17%+44,100Timeline
FCNFTI CONSULTING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 45,000 shares; 2025Q1: 45,000 shares; 2025Q2: 50,000 shares 50,000$8.07M2.08%+5,000Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 90,000 shares 90,000$7.74M1.99%0Timeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,000 shares; 2024Q4: 43,000 shares; 2025Q1: 47,000 shares; 2025Q2: 52,500 shares 52,500$7.69M1.98%+5,500Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,600 shares; 2024Q4: 17,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,750 shares 12,750$7.35M1.9%+750Timeline
BRBRBELLRING BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 110,000 shares; 2025Q2: 110,000 shares 110,000$6.37M1.64%0Timeline
ENTGENTEGRIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,221 shares; 2024Q4: 92,600 shares; 2025Q1: 55,580 shares; 2025Q2: 59,400 shares 59,400$4.79M1.24%+3,820Timeline
FSSFEDERAL SIGNAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,400 shares; 2025Q2: 43,900 shares 43,900$4.67M1.2%+25,500Timeline
WMSADVANCED DRAIN SYS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,400 shares; 2024Q4: 67,700 shares; 2025Q1: 38,000 shares; 2025Q2: 37,800 shares 37,800$4.34M1.12%-200Timeline
BMIBADGER METER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,050 shares; 2024Q4: 53,450 shares; 2025Q1: 20,500 shares; 2025Q2: 17,600 shares 17,600$4.31M1.11%-2,900Timeline
FORMFORMFACTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,291 shares; 2024Q4: 115,161 shares; 2025Q1: 114,501 shares; 2025Q2: 125,000 shares 125,000$4.3M1.11%+10,499Timeline
STVNSTEVANATO GROUP S P AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,800 shares; 2024Q4: 179,800 shares; 2025Q1: 175,000 shares; 2025Q2: 175,000 shares 175,000$4.28M1.1%0Timeline
MASIMASIMO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,700 shares; 2024Q4: 46,500 shares; 2025Q1: 32,300 shares; 2025Q2: 22,860 shares 22,860$3.85M0.99%-9,440Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 282,400 shares; 2024Q4: 232,750 shares; 2025Q1: 140,202 shares; 2025Q2: 110,212 shares 110,212$3.5M0.9%-29,990Timeline
TRNSTRANSCAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares 40,000$3.44M0.89%0Timeline
HQYHEALTHEQUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 28,100 shares 28,100$2.94M0.76%+12,800Timeline
ERIIENERGY RECOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 496,000 shares; 2024Q4: 422,400 shares; 2025Q1: 216,700 shares; 2025Q2: 205,560 shares 205,560$2.63M0.68%-11,140Timeline
OLEDUNIVERSAL DISPLAY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,260 shares; 2024Q4: 38,260 shares; 2025Q1: 15,995 shares; 2025Q2: 14,000 shares 14,000$2.16M0.56%-1,995Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
PCTYPAYLOCITY HLDG CORP35,000$6.55Mshares
POWIPOWER INTEGRATIONS INC45,000$2.27Mshares
AXONAXON ENTERPRISE INC430$226Kshares
GLOBGLOBANT S A1,170$138Kshares
PEVERPURE INC2,570$114Kshares
ZSZSCALER INC500$99.2Kshares
AEHRAEHR TEST SYS4,850$35.4Kshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001085146-25-004529 base2025-08-05acceptance time not in the bulk data set