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Montanaro Asset Management Ltd

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13F filer, CIK 1831133, LONDON, United Kingdom

Montanaro Asset Management Ltd reported $400,412,450 across 41 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 48.52% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001831133-25-000003

Period
2025-09-30
Reported value
$400M
Holdings
41
Top 10 weight
48.52%
New
3
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EGPnew+37,000$6.26M
MANHadded+21,100$4.33M
MIRnew+171,600$3.99M
TECHadded+67,100$3.73M
DOCSnew+32,200$2.36M

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
ANSYS INCexited-32,900-$11.6M
SITMreduced-10,000-$3.01M
BRKRreduced-90,100-$2.93M
CGNXreduced-43,900-$1.99M
WMSreduced-11,200-$1.55M

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, Q3 2025

Share positions as resolved from 13F-HR 0001831133-25-000003, largest first. % of portfolio is the value over $400,412,450, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,416 shares; 2024Q4: 373,216 shares; 2025Q1: 309,239 shares; 2025Q2: 436,900 shares; 2025Q3: 460,900 shares 460,900$23.7M5.93%+24,000Timeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,358 shares; 2024Q4: 75,958 shares; 2025Q1: 64,125 shares; 2025Q2: 71,830 shares; 2025Q3: 73,680 shares 73,680$23.6M5.88%+1,850Timeline
TYLTYLER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,960 shares; 2024Q4: 52,360 shares; 2025Q1: 41,461 shares; 2025Q2: 38,075 shares; 2025Q3: 40,575 shares 40,575$21.2M5.3%+2,500Timeline
TECHBIO-TECHNE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 323,000 shares; 2024Q4: 332,500 shares; 2025Q1: 256,600 shares; 2025Q2: 294,950 shares; 2025Q3: 362,050 shares 362,050$20.1M5.03%+67,100Timeline
LRNSTRIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,000 shares; 2024Q4: 183,500 shares; 2025Q1: 140,600 shares; 2025Q2: 120,000 shares; 2025Q3: 132,200 shares 132,200$19.7M4.92%+12,200Timeline
MANHMANHATTAN ASSOCIATES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,600 shares; 2024Q4: 76,940 shares; 2025Q1: 61,920 shares; 2025Q2: 71,060 shares; 2025Q3: 92,160 shares 92,160$18.9M4.72%+21,100Timeline
HLIHOULIHAN LOKEY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,000 shares; 2024Q4: 95,000 shares; 2025Q1: 79,500 shares; 2025Q2: 81,000 shares; 2025Q3: 89,000 shares 89,000$18.3M4.56%+8,000Timeline
ROLROLLINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,000 shares; 2024Q4: 256,000 shares; 2025Q1: 260,000 shares; 2025Q2: 265,000 shares; 2025Q3: 297,000 shares 297,000$17.4M4.36%+32,000Timeline
TREXTREX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,300 shares; 2024Q4: 315,900 shares; 2025Q1: 292,800 shares; 2025Q2: 300,462 shares; 2025Q3: 322,462 shares 322,462$16.7M4.16%+22,000Timeline
TMDXTRANSMEDICS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,235 shares; 2024Q4: 140,035 shares; 2025Q1: 153,675 shares; 2025Q2: 125,936 shares; 2025Q3: 130,586 shares 130,586$14.7M3.66%+4,650Timeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,900 shares; 2024Q4: 138,500 shares; 2025Q1: 87,300 shares; 2025Q2: 86,540 shares; 2025Q3: 97,540 shares 97,540$13.6M3.39%+11,000Timeline
PAYCPAYCOM SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,925 shares; 2024Q4: 16,925 shares; 2025Q1: 18,835 shares; 2025Q2: 57,500 shares; 2025Q3: 63,500 shares 63,500$13.2M3.3%+6,000Timeline
FNFABRINETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,250 shares; 2024Q4: 34,020 shares; 2025Q1: 33,759 shares; 2025Q2: 33,000 shares; 2025Q3: 33,000 shares 33,000$12M3.01%0Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,250 shares; 2024Q4: 62,150 shares; 2025Q1: 40,230 shares; 2025Q2: 35,800 shares; 2025Q3: 40,200 shares 40,200$12M2.99%+4,400Timeline
BCPCBALCHEM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,800 shares; 2024Q4: 107,500 shares; 2025Q1: 74,900 shares; 2025Q2: 74,400 shares; 2025Q3: 78,700 shares 78,700$11.8M2.95%+4,300Timeline
HWKNHAWKINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 59,100 shares; 2025Q3: 59,100 shares 59,100$10.8M2.7%0Timeline
SITMSITIME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,025 shares; 2024Q4: 45,880 shares; 2025Q1: 45,659 shares; 2025Q2: 45,000 shares; 2025Q3: 35,000 shares 35,000$10.5M2.63%-10,000Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares 40,000$9.71M2.42%0Timeline
ALRMALARM COM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,900 shares; 2024Q4: 238,300 shares; 2025Q1: 174,790 shares; 2025Q2: 177,600 shares; 2025Q3: 164,300 shares 164,300$8.72M2.18%-13,300Timeline
EXPOEXPONENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,500 shares; 2024Q4: 168,300 shares; 2025Q1: 124,200 shares; 2025Q2: 121,600 shares; 2025Q3: 121,600 shares 121,600$8.45M2.11%0Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,600 shares; 2024Q4: 17,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,750 shares; 2025Q3: 14,350 shares 14,350$8.14M2.03%+1,600Timeline
FCNFTI CONSULTING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 45,000 shares; 2025Q1: 45,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares 50,000$8.08M2.02%0Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 90,000 shares; 2025Q3: 90,000 shares 90,000$7.65M1.91%0Timeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,000 shares; 2024Q4: 43,000 shares; 2025Q1: 47,000 shares; 2025Q2: 52,500 shares; 2025Q3: 65,000 shares 65,000$7.21M1.8%+12,500Timeline
BRKRBRUKER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 446,500 shares; 2024Q4: 426,950 shares; 2025Q1: 318,700 shares; 2025Q2: 310,700 shares; 2025Q3: 220,600 shares 220,600$7.17M1.79%-90,100Timeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 37,000 shares 37,000$6.26M1.56%newTimeline
FSSFEDERAL SIGNAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,400 shares; 2025Q2: 43,900 shares; 2025Q3: 41,300 shares 41,300$4.91M1.23%-2,600Timeline
FORMFORMFACTOR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 114,291 shares; 2024Q4: 115,161 shares; 2025Q1: 114,501 shares; 2025Q2: 125,000 shares; 2025Q3: 125,000 shares 125,000$4.55M1.14%0Timeline
STVNSTEVANATO GROUP S P AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,800 shares; 2024Q4: 179,800 shares; 2025Q1: 175,000 shares; 2025Q2: 175,000 shares; 2025Q3: 175,000 shares 175,000$4.51M1.13%0Timeline
ENTGENTEGRIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,221 shares; 2024Q4: 92,600 shares; 2025Q1: 55,580 shares; 2025Q2: 59,400 shares; 2025Q3: 48,600 shares 48,600$4.49M1.12%-10,800Timeline
BRBRBELLRING BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 110,000 shares; 2025Q2: 110,000 shares; 2025Q3: 110,000 shares 110,000$4M1%0Timeline
MIRMIRION TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 171,600 shares 171,600$3.99M1%newTimeline
WMSADVANCED DRAIN SYS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,400 shares; 2024Q4: 67,700 shares; 2025Q1: 38,000 shares; 2025Q2: 37,800 shares; 2025Q3: 26,600 shares 26,600$3.69M0.92%-11,200Timeline
ERIIENERGY RECOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 496,000 shares; 2024Q4: 422,400 shares; 2025Q1: 216,700 shares; 2025Q2: 205,560 shares; 2025Q3: 205,560 shares 205,560$3.17M0.79%0Timeline
HQYHEALTHEQUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 28,100 shares; 2025Q3: 32,900 shares 32,900$3.12M0.78%+4,800Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 282,400 shares; 2024Q4: 232,750 shares; 2025Q1: 140,202 shares; 2025Q2: 110,212 shares; 2025Q3: 66,312 shares 66,312$3M0.75%-43,900Timeline
TRNSTRANSCAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares 40,000$2.93M0.73%0Timeline
DOCSDOXIMITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 32,200 shares 32,200$2.36M0.59%newTimeline
BMIBADGER METER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,050 shares; 2024Q4: 53,450 shares; 2025Q1: 20,500 shares; 2025Q2: 17,600 shares; 2025Q3: 12,000 shares 12,000$2.14M0.54%-5,600Timeline
OLEDUNIVERSAL DISPLAY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,260 shares; 2024Q4: 38,260 shares; 2025Q1: 15,995 shares; 2025Q2: 14,000 shares; 2025Q3: 14,000 shares 14,000$2.01M0.5%0Timeline
MASIMASIMO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 55,700 shares; 2024Q4: 46,500 shares; 2025Q1: 32,300 shares; 2025Q2: 22,860 shares; 2025Q3: 12,960 shares 12,960$1.91M0.48%-9,900Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
ANSYS INCANSYS INC32,900$11.6Mshares

How Q3 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 0001831133-25-000003 base2025-11-13acceptance time not in the bulk data set