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Montanaro Asset Management Ltd

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13F filer, CIK 1831133, LONDON, United Kingdom

Montanaro Asset Management Ltd reported $358,838,232 across 41 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-03-10. Its ten largest share positions make up 46.26% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001831133-26-000001

Period
2025-12-31
Reported value
$359M
Holdings
41
Top 10 weight
46.26%
New
2
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ENTGadded+56,100$4.73M
BCPCadded+22,600$3.47M
FSSadded+27,200$2.95M
MIRadded+83,800$1.96M
EGPadded+10,600$1.89M

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
TYLreduced-10,300-$4.68M
FORMexited-125,000-$4.55M
TMDXreduced-28,647-$3.48M
NVMIreduced-10,050-$3.3M
FNreduced-5,500-$2.5M

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, Q4 2025

Share positions as resolved from 13F-HR 0001831133-26-000001, largest first. % of portfolio is the value over $358,838,232, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NVMINOVA LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,358 shares; 2024Q4: 75,958 shares; 2025Q1: 64,125 shares; 2025Q2: 71,830 shares; 2025Q3: 73,680 shares; 2025Q4: 63,630 shares 63,630$20.9M5.82%-10,050Timeline
TECHBIO-TECHNE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 323,000 shares; 2024Q4: 332,500 shares; 2025Q1: 256,600 shares; 2025Q2: 294,950 shares; 2025Q3: 362,050 shares; 2025Q4: 346,450 shares 346,450$20.4M5.68%-15,600Timeline
ROLROLLINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 248,000 shares; 2024Q4: 256,000 shares; 2025Q1: 260,000 shares; 2025Q2: 265,000 shares; 2025Q3: 297,000 shares; 2025Q4: 305,000 shares 305,000$18.3M5.1%+8,000Timeline
BSYBENTLEY SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 331,416 shares; 2024Q4: 373,216 shares; 2025Q1: 309,239 shares; 2025Q2: 436,900 shares; 2025Q3: 460,900 shares; 2025Q4: 461,409 shares 461,409$17.6M4.91%+509Timeline
HLIHOULIHAN LOKEY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 151,000 shares; 2024Q4: 95,000 shares; 2025Q1: 79,500 shares; 2025Q2: 81,000 shares; 2025Q3: 89,000 shares; 2025Q4: 97,650 shares 97,650$17M4.74%+8,650Timeline
MANHMANHATTAN ASSOCIATES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 26,600 shares; 2024Q4: 76,940 shares; 2025Q1: 61,920 shares; 2025Q2: 71,060 shares; 2025Q3: 92,160 shares; 2025Q4: 94,910 shares 94,910$16.4M4.58%+2,750Timeline
BCPCBALCHEM CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,800 shares; 2024Q4: 107,500 shares; 2025Q1: 74,900 shares; 2025Q2: 74,400 shares; 2025Q3: 78,700 shares; 2025Q4: 101,300 shares 101,300$15.5M4.33%+22,600Timeline
TYLTYLER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 59,960 shares; 2024Q4: 52,360 shares; 2025Q1: 41,461 shares; 2025Q2: 38,075 shares; 2025Q3: 40,575 shares; 2025Q4: 30,275 shares 30,275$13.7M3.83%-10,300Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,000 shares; 2024Q4: 35,000 shares; 2025Q1: 35,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares; 2025Q4: 46,200 shares 46,200$13.6M3.78%+6,200Timeline
FNFABRINETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 41,250 shares; 2024Q4: 34,020 shares; 2025Q1: 33,759 shares; 2025Q2: 33,000 shares; 2025Q3: 33,000 shares; 2025Q4: 27,500 shares 27,500$12.5M3.49%-5,500Timeline
TMDXTRANSMEDICS GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 117,235 shares; 2024Q4: 140,035 shares; 2025Q1: 153,675 shares; 2025Q2: 125,936 shares; 2025Q3: 130,586 shares; 2025Q4: 101,939 shares 101,939$12.4M3.46%-28,647Timeline
SITMSITIME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 46,025 shares; 2024Q4: 45,880 shares; 2025Q1: 45,659 shares; 2025Q2: 45,000 shares; 2025Q3: 35,000 shares; 2025Q4: 35,000 shares 35,000$12.4M3.44%0Timeline
AWKAMERICAN WTR WKS CO INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 169,900 shares; 2024Q4: 138,500 shares; 2025Q1: 87,300 shares; 2025Q2: 86,540 shares; 2025Q3: 97,540 shares; 2025Q4: 90,240 shares 90,240$11.8M3.28%-7,300Timeline
TREXTREX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 322,300 shares; 2024Q4: 315,900 shares; 2025Q1: 292,800 shares; 2025Q2: 300,462 shares; 2025Q3: 322,462 shares; 2025Q4: 302,462 shares 302,462$10.6M2.96%-20,000Timeline
HWKNHAWKINS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,000 shares; 2025Q1: 15,000 shares; 2025Q2: 59,100 shares; 2025Q3: 59,100 shares; 2025Q4: 65,900 shares 65,900$9.36M2.61%+6,800Timeline
VEEVVEEVA SYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 80,250 shares; 2024Q4: 62,150 shares; 2025Q1: 40,230 shares; 2025Q2: 35,800 shares; 2025Q3: 40,200 shares; 2025Q4: 39,600 shares 39,600$8.84M2.46%-600Timeline
ENTGENTEGRIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 110,221 shares; 2024Q4: 92,600 shares; 2025Q1: 55,580 shares; 2025Q2: 59,400 shares; 2025Q3: 48,600 shares; 2025Q4: 104,700 shares 104,700$8.82M2.46%+56,100Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,600 shares; 2024Q4: 17,000 shares; 2025Q1: 12,000 shares; 2025Q2: 12,750 shares; 2025Q3: 14,350 shares; 2025Q4: 15,150 shares 15,150$8.69M2.42%+800Timeline
FCNFTI CONSULTING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,000 shares; 2024Q4: 45,000 shares; 2025Q1: 45,000 shares; 2025Q2: 50,000 shares; 2025Q3: 50,000 shares; 2025Q4: 50,000 shares 50,000$8.54M2.38%0Timeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 37,000 shares; 2025Q4: 47,600 shares 47,600$8.48M2.36%+10,600Timeline
EXPOEXPONENT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,500 shares; 2024Q4: 168,300 shares; 2025Q1: 124,200 shares; 2025Q2: 121,600 shares; 2025Q3: 121,600 shares; 2025Q4: 120,500 shares 120,500$8.37M2.33%-1,100Timeline
BRKRBRUKER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 446,500 shares; 2024Q4: 426,950 shares; 2025Q1: 318,700 shares; 2025Q2: 310,700 shares; 2025Q3: 220,600 shares; 2025Q4: 173,500 shares 173,500$8.17M2.28%-47,100Timeline
PAYCPAYCOM SOFTWARE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,925 shares; 2024Q4: 16,925 shares; 2025Q1: 18,835 shares; 2025Q2: 57,500 shares; 2025Q3: 63,500 shares; 2025Q4: 50,500 shares 50,500$8.05M2.24%-13,000Timeline
ALRMALARM COM HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 223,900 shares; 2024Q4: 238,300 shares; 2025Q1: 174,790 shares; 2025Q2: 177,600 shares; 2025Q3: 164,300 shares; 2025Q4: 150,100 shares 150,100$7.66M2.13%-14,200Timeline
TWTRADEWEB MKTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 39,000 shares; 2024Q4: 43,000 shares; 2025Q1: 47,000 shares; 2025Q2: 52,500 shares; 2025Q3: 65,000 shares; 2025Q4: 69,500 shares 69,500$7.47M2.08%+4,500Timeline
FSSFEDERAL SIGNAL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 18,400 shares; 2025Q2: 43,900 shares; 2025Q3: 41,300 shares; 2025Q4: 68,500 shares 68,500$7.44M2.07%+27,200Timeline
GGGGRACO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 90,000 shares; 2025Q1: 90,000 shares; 2025Q2: 90,000 shares; 2025Q3: 90,000 shares; 2025Q4: 90,000 shares 90,000$7.38M2.06%0Timeline
LRNSTRIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,000 shares; 2024Q4: 183,500 shares; 2025Q1: 140,600 shares; 2025Q2: 120,000 shares; 2025Q3: 132,200 shares; 2025Q4: 108,000 shares 108,000$7.01M1.95%-24,200Timeline
MIRMIRION TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 171,600 shares; 2025Q4: 255,400 shares 255,400$5.98M1.67%+83,800Timeline
STVNSTEVANATO GROUP S P AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 179,800 shares; 2024Q4: 179,800 shares; 2025Q1: 175,000 shares; 2025Q2: 175,000 shares; 2025Q3: 175,000 shares; 2025Q4: 175,000 shares 175,000$3.52M0.98%0Timeline
HQYHEALTHEQUITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,300 shares; 2025Q2: 28,100 shares; 2025Q3: 32,900 shares; 2025Q4: 37,200 shares 37,200$3.41M0.95%+4,300Timeline
BRBRBELLRING BRANDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 100,000 shares; 2025Q1: 110,000 shares; 2025Q2: 110,000 shares; 2025Q3: 110,000 shares; 2025Q4: 110,000 shares 110,000$2.94M0.82%0Timeline
WMSADVANCED DRAIN SYS INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 83,400 shares; 2024Q4: 67,700 shares; 2025Q1: 38,000 shares; 2025Q2: 37,800 shares; 2025Q3: 26,600 shares; 2025Q4: 16,300 shares 16,300$2.36M0.66%-10,300Timeline
TRNSTRANSCAT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 40,000 shares; 2024Q4: 40,000 shares; 2025Q1: 40,000 shares; 2025Q2: 40,000 shares; 2025Q3: 40,000 shares; 2025Q4: 40,000 shares 40,000$2.27M0.63%0Timeline
BMIBADGER METER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 68,050 shares; 2024Q4: 53,450 shares; 2025Q1: 20,500 shares; 2025Q2: 17,600 shares; 2025Q3: 12,000 shares; 2025Q4: 12,000 shares 12,000$2.09M0.58%0Timeline
DOCSDOXIMITY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 32,200 shares; 2025Q4: 41,200 shares 41,200$1.82M0.51%+9,000Timeline
ERIIENERGY RECOVERY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 496,000 shares; 2024Q4: 422,400 shares; 2025Q1: 216,700 shares; 2025Q2: 205,560 shares; 2025Q3: 205,560 shares; 2025Q4: 128,160 shares 128,160$1.73M0.48%-77,400Timeline
CGNXCOGNEX CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 282,400 shares; 2024Q4: 232,750 shares; 2025Q1: 140,202 shares; 2025Q2: 110,212 shares; 2025Q3: 66,312 shares; 2025Q4: 42,012 shares 42,012$1.51M0.42%-24,300Timeline
OLEDUNIVERSAL DISPLAY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 63,260 shares; 2024Q4: 38,260 shares; 2025Q1: 15,995 shares; 2025Q2: 14,000 shares; 2025Q3: 14,000 shares; 2025Q4: 12,900 shares 12,900$1.51M0.42%-1,100Timeline
UTIUNIVERSAL TECHNICAL INST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 44,300 shares 44,300$1.16M0.32%newTimeline
KNSLKINSALE CAP GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,800 shares 2,800$1.1M0.31%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
FORMFORMFACTOR INC125,000$4.55Mshares
MASIMASIMO CORP12,960$1.91Mshares

How Q4 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 0001831133-26-000001 base2026-03-10acceptance time not in the bulk data set