Institutional
Montanaro Asset Management Ltd
CIK 0001831133
$334.4M
Reported AUM
42
Positions
Q1 2026
Period
2026-05-11
Filed
The Brief · Montanaro Asset Management Ltd · Q1 2026
AI · grounded in 13F
Montanaro Asset Management Ltd exited its position in TREX for a reduction of $10.6M. The fund also closed positions in BRKR and PAYC, totaling over $16M in combined sales. To offset these exits, the manager established new positions in VMI for $7.75M and WTS for $7.69M. Additionally, the fund increased its holdings in FSS by 79.7% and EXPO by 59.1%.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | NVMI | NOVA LTD | $475.76 | -8.58% | 119.24% | 386.46% | $20.9M | 6.25% | −15,500 | −24.4% |
| 2 | TECH | BIO-TECHNE CORP | $51.99 | -2.24% | 7.42% | -55.90% | $17.8M | 5.33% | −5,400 | −1.6% |
| 3 | BCPC | BALCHEM CORP | $159.91 | 1.20% | -3.20% | 21.73% | $16.7M | 5.00% | −2,600 | −2.6% |
| 4 | HLI | HOULIHAN LOKEY INC | $139.25 | -1.38% | -19.91% | 71.09% | $14.1M | 4.22% | +600 | +0.6% |
| 5 | BSY | BENTLEY SYS INC | $32.93 | -0.39% | -33.27% | -44.57% | $14.1M | 4.20% | −61,109 | −13.2% |
| 6 | EGP | EASTGROUP PPTYS INC | $198.21 | -0.11% | 19.87% | 29.77% | $14.0M | 4.19% | +28,000 | +58.8% |
| 7 | FSS | FEDERAL SIGNAL CORP | $106.49 | -1.32% | 7.83% | 178.18% | $13.3M | 3.98% | +54,600 | +79.7% |
| 8 | CSW | CSW INDUSTRIALS INC | $266.37 | -1.24% | -12.34% | 130.17% | $13.0M | 3.88% | +3,600 | +7.8% |
| 9 | EXPO | EXPONENT INC | $59.66 | 0.30% | -21.26% | -40.73% | $12.5M | 3.74% | +71,300 | +59.2% |
| 10 | AWK | AMERICAN WTR WKS CO INC NEW | $124.47 | 1.82% | -8.78% | -18.76% | $12.2M | 3.66% | −400 | −0.4% |
| 11 | LRN | STRIDE INC | $100.01 | -1.94% | -31.25% | 226.19% | $11.0M | 3.30% | +17,300 | +16.0% |
| 12 | ROL | ROLLINS INC | $47.10 | 1.29% | -17.45% | 31.12% | $10.8M | 3.24% | −102,000 | −33.4% |
| 13 | MANH | MANHATTAN ASSOCIATES INC | $147.64 | -1.95% | -23.42% | -7.51% | $10.6M | 3.16% | −15,600 | −16.4% |
| 14 | FN | FABRINET | $621.25 | -13.09% | 164.42% | 557.27% | $10.4M | 3.12% | −7,500 | −27.3% |
| 15 | ENTG | ENTEGRIS INC | $125.41 | -10.34% | 72.62% | 5.96% | $9.6M | 2.87% | −22,800 | −21.8% |
| 16 | TYL | TYLER TECHNOLOGIES INC | $312.07 | 1.27% | -45.84% | -36.65% | $9.4M | 2.80% | −2,950 | −9.7% |
| 17 | GGG | GRACO INC | $74.34 | 0.04% | -11.40% | 1.34% | $9.3M | 2.78% | +20,000 | +22.2% |
| 18 | HWKN | HAWKINS INC | $155.07 | 1.66% | 15.17% | 348.09% | $9.2M | 2.75% | −6,100 | −9.3% |
| 19 | FCN | FTI CONSULTING INC | $159.70 | 2.31% | -2.63% | 9.61% | $8.8M | 2.64% | — | HELD |
| 20 | SITM | SITIME CORP | $625.68 | -11.50% | 203.96% | 361.28% | $8.6M | 2.58% | −10,000 | −28.6% |
| 21 | MSCI | MSCI INC | $615.46 | -0.55% | 9.75% | 9.15% | $8.4M | 2.52% | +500 | +3.3% |
| 22 | TMDX | TRANSMEDICS GROUP INC | $69.43 | -2.72% | -50.07% | 143.44% | $7.8M | 2.34% | −23,200 | −22.8% |
| 23 | VMI | VALMONT INDS INC | $533.80 | -2.03% | 65.17% | 134.54% | $7.8M | 2.32% | +19,400 | NEW |
| 24 | WTS | WATTS WATER TECHNOLOGIES INC | $314.21 | -0.27% | 29.38% | 116.57% | $7.7M | 2.30% | +26,500 | NEW |
| 25 | VEEV | VEEVA SYS INC | $172.61 | -3.35% | -39.51% | -48.12% | $6.3M | 1.89% | −3,600 | −9.1% |
| 26 | TW | TRADEWEB MKTS INC | $102.53 | 1.92% | -26.39% | 20.69% | $6.3M | 1.87% | −16,350 | −23.5% |
| 27 | ALRM | ALARM COM HLDGS INC | $45.37 | 0.84% | -22.17% | -45.48% | $6.1M | 1.83% | −8,400 | −5.6% |
| 28 | MIR | MIRION TECHNOLOGIES INC | $17.08 | -6.26% | -14.13% | 70.63% | $5.7M | 1.70% | +49,900 | +19.5% |
| 29 | HQY | HEALTHEQUITY INC | $88.67 | 3.07% | -20.51% | 19.86% | $4.2M | 1.27% | +13,600 | +36.6% |
| 30 | HXL | HEXCEL CORP NEW | $89.16 | -0.46% | 59.58% | 70.35% | $3.4M | 1.02% | +42,000 | NEW |
| 31 | MDA | MDA SPACE LTD | $38.33 | -6.72% | — | — | $3.4M | 1.02% | +134,100 | NEW |
| 32 | TRNS | TRANSCAT INC | $87.72 | -5.92% | — | — | $2.9M | 0.88% | — | HELD |
| 33 | SNEX | STONEX GROUP INC | $115.54 | 1.31% | — | — | $2.4M | 0.72% | +30,000 | NEW |
| 34 | UTI | UNIVERSAL TECHNICAL INST INC | $43.57 | -2.96% | — | — | $2.4M | 0.72% | +22,368 | +50.5% |
| 35 | STVN | STEVANATO GROUP S P A | $18.46 | -0.27% | — | — | $2.4M | 0.72% | — | HELD |
| 36 | BRBR | BELLRING BRANDS INC | $8.77 | 0.92% | — | — | $2.3M | 0.67% | +30,000 | +27.3% |
| 37 | TTEK | TETRA TECH INC NEW | $27.90 | -0.25% | — | — | $2.2M | 0.64% | +71,500 | NEW |
| 38 | KNSL | KINSALE CAP GROUP INC | $306.12 | 3.52% | — | — | $1.5M | 0.46% | +1,657 | +59.2% |
| 39 | WMS | ADVANCED DRAIN SYS INC DEL | $130.15 | -0.80% | — | — | $1.5M | 0.44% | −5,500 | −33.7% |
| 40 | BMI | BADGER METER INC | $126.53 | -1.13% | — | — | $1.1M | 0.33% | −4,700 | −39.2% |
| 41 | DOCS | DOXIMITY INC | $20.59 | -0.53% | — | — | $1.1M | 0.32% | +4,100 | +10.0% |
| 42 | CLH | CLEAN HARBORS INC | $283.03 | -1.35% | — | — | $1.0M | 0.31% | +3,600 | NEW |
| 43 | TREX | TREX CO INC | $39.65 | -1.20% | — | — | — | — | −302,462 | EXITED |
| 44 | BRKR | BRUKER CORP | $56.39 | -5.97% | — | — | — | — | −173,500 | EXITED |
| 45 | PAYC | PAYCOM SOFTWARE INC | $137.62 | 0.39% | — | — | — | — | −50,500 | EXITED |
| 46 | ERII | ENERGY RECOVERY INC | $8.01 | -3.38% | — | — | — | — | −128,160 | EXITED |
| 47 | CGNX | COGNEX CORP | $60.82 | -5.95% | — | — | — | — | −42,012 | EXITED |
| 48 | OLED | UNIVERSAL DISPLAY CORP | $86.11 | -4.53% | — | — | — | — | −12,900 | EXITED |
Source: SEC EDGAR · accession 0001831133-26-000002. 13F discloses long positions only — shorts, foreign equities, and options are excluded.