HERALD INVESTMENT MANAGEMENT Ltd
Long book
$717.6M
Q1 2026
Positions
97
Top-10 weight
44%
concentration
Last quarter
+45.5%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsHERALD INVESTMENT MANAGEMENT Ltd is a diversified fundamental manager, specialised in technology (86% of the long book), running a $717.6M US long book across 97 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CELESTICA INC, FABRINET, SILICON MOTION TECHNOL-ADR, VICOR CORP, PEGASYSTEMS INC.
Over the last 9 quarters its long book ran on average 4.3pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-0.4%
Q2 2024
-5.2%
Q3 2024
+6.1%
Q4 2024
-14.2%
Q1 2025
+30.0%
Q2 2025
+12.9%
Q3 2025
+3.3%
Q4 2025
+1.2%
Q1 2026
+45.5%
Sector allocation
Technology 86%
Services media 6%
Consumer discretionary 4%
Industrials 2%
Communications 1%
Real estate 0%
Financials 0%
Long book by quarter
What does HERALD INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CLS CELESTICA INC | Technology | 209.5K | $58.9M | 8.2% | -8.7% |
| FN FABRINET | Technology | 100.1K | $52.2M | 7.3% | -7.0% |
| VICR VICOR CORP | Technology | 220.0K | $35.4M | 4.9% | -10.2% |
| PEGA PEGASYSTEMS INC | Technology | 686.6K | $29.2M | 4.1% | -2.4% |
| TSEM TOWER SEMICONDUCTOR LTD | Technology | 166.0K | $29.1M | 4.1% | -7.8% |
| ARLO ARLO TECHNOLOGIES INC | Services media | 1.4M | $19.6M | 2.7% | +5.4% |
| DOCN DIGITALOCEAN HOLDINGS INC | Technology | 217.0K | $18.6M | 2.6% | +7.4% |
| RDWR RADWARE LTD | Services media | 650.0K | $17.1M | 2.4% | -3.7% |
| KLIC KULICKE & SOFFA INDUSTRIES | Technology | 244.1K | $16.0M | 2.2% | -11.6% |
| SMCI SUPER MICRO COMPUTER INC | Technology | 699.5K | $15.9M | 2.2% | -1.4% |
| DRS LEONARDO DRS INC | Technology | 285.0K | $12.7M | 1.8% | Held |
| GOOGL ALPHABET INC-CL A | Technology | 44.1K | $12.7M | 1.8% | Held |
| LASR NLIGHT INC | Technology | 185.0K | $10.5M | 1.5% | -14.0% |
| DSGX DESCARTES SYSTEMS GRP/THE | Technology | 145.0K | $10.4M | 1.4% | -21.6% |
| AMZN AMAZON.COM INC | Consumer discretionary | 49.4K | $10.3M | 1.4% | Held |
| VRNS VARONIS SYSTEMS INC | Technology | 463.5K | $10.0M | 1.4% | -4.1% |
| CEVA CEVA INC | Technology | 520.0K | $9.7M | 1.4% | Held |
| MSFT MICROSOFT CORP | Technology | 25.8K | $9.5M | 1.3% | Held |
| FROG JFROG LTD | Technology | 200.0K | $9.4M | 1.3% | -13.0% |
| ELVA ELECTROVAYA INC | Technology | 1.1M | $9.0M | 1.3% | -20.1% |
| POWI POWER INTEGRATIONS INC | Technology | 175.0K | $9.0M | 1.2% | +16.7% |
| ALKT ALKAMI TECHNOLOGY INC | Technology | 500.0K | $7.8M | 1.1% | Held |
| VIAV VIAVI SOLUTIONS INC | Technology | 225.0K | $7.5M | 1.0% | -18.2% |
| VPG VISHAY PRECISION GROUP | Technology | 170.0K | $7.4M | 1.0% | -10.5% |
| AVPT AVEPOINT INC | Technology | 775.0K | $7.4M | 1.0% | -8.8% |
| FORM FORMFACTOR INC | Technology | 75.3K | $7.3M | 1.0% | -30.5% |
| MU MICRON TECHNOLOGY INC | Technology | 21.5K | $7.3M | 1.0% | -35.8% |
| HLIT HARMONIC INC | Technology | 785.0K | $7.0M | 1.0% | Held |
| VECO VEECO INSTRUMENTS INC | Industrials | 200.0K | $6.8M | 0.9% | Held |
| AIP ARTERIS INC | Technology | 400.0K | $6.6M | 0.9% | Held |
| RDVT RED VIOLET INC | Technology | 190.2K | $6.6M | 0.9% | -4.9% |
| PDFS PDF SOLUTIONS INC | Technology | 200.0K | $6.5M | 0.9% | -11.1% |
| BELFB BEL FUSE INC-CL B | Technology | 30.0K | $5.9M | 0.8% | Held |
| CLMB CLIMB GLOBAL SOLUTIONS INC | Consumer discretionary | 296.8K | $5.9M | 0.8% | +295.8% |
| QUIK QUICKLOGIC CORP | Technology | 612.5K | $5.7M | 0.8% | -16.1% |
| SLAB SILICON LABORATORIES INC | Technology | 27.5K | $5.7M | 0.8% | Held |
| IDN INTELLICHECK INC | Technology | 819.8K | $5.7M | 0.8% | -16.0% |
| AAPL APPLE INC | Technology | 22.3K | $5.7M | 0.8% | +9.3% |
| PLUS EPLUS INC | Consumer discretionary | 75.0K | $5.6M | 0.8% | Held |
| FIVN FIVE9 INC | Technology | 362.0K | $5.5M | 0.8% | Held |
| VSH VISHAY INTERTECHNOLOGY INC | Technology | 300.0K | $5.4M | 0.8% | New |
| MRAM EVERSPIN TECHNOLOGIES INC | Technology | 600.0K | $5.2M | 0.7% | -25.0% |
| QLYS QUALYS INC | Technology | 55.0K | $4.8M | 0.7% | -15.4% |
| DGII DIGI INTERNATIONAL INC | Technology | 100.0K | $4.8M | 0.7% | -16.7% |
| CTS CTS CORP | Technology | 100.0K | $4.8M | 0.7% | -9.1% |
| CCOI COGENT COMMUNICATIONS HOLDIN | Communications | 242.6K | $4.6M | 0.6% | Held |
| TER TERADYNE INC | Technology | 15.0K | $4.4M | 0.6% | -9.6% |
| MLAB MESA LABORATORIES INC | Technology | 50.0K | $4.4M | 0.6% | Held |
| KOPN KOPIN CORP | Technology | 1.9M | $4.3M | 0.6% | Held |
| SPIR SPIRE GLOBAL INC | Communications | 340.0K | $4.3M | 0.6% | -12.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 97 | $717.6M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 97 | $765.5M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 94 | $750.7M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 22, 2025 | 94 | $674.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 95 | $533.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 94 | $610.9M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 94 | $580.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 96 | $610.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 98 | $616.8M | canonical | SEC ↗ |