Montanaro Asset Management Ltd
Long book
$334.4M
Q1 2026
Positions
42
Top-10 weight
44%
concentration
Last quarter
+8.1%
SPY +14.8%
Turnover
27%
of book per quarter
Strategy in plain words
auto-generated from filingsMontanaro Asset Management Ltd is a diversified fundamental manager, running a $334.4M US long book across 42 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: NOVA LTD, BIO-TECHNE CORP, BALCHEM CORP, HOULIHAN LOKEY INC, BENTLEY SYSTEMS INC-CLASS B.
Over the last 9 quarters its long book ran on average 5pp per quarter behind the S&P 500, beating the index in 1 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
-2.2%
Q2 2024
+5.5%
Q3 2024
-8.1%
Q4 2024
-8.1%
Q1 2025
+10.4%
Q2 2025
+0.2%
Q3 2025
-7.4%
Q4 2025
-3.4%
Q1 2026
+8.1%
Sector allocation
Technology 22%
Services media 19%
Other 16%
Industrials 13%
Healthcare 9%
Financials 8%
Materials 6%
Utilities 4%
Long book by quarter
What does Montanaro Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVMI NOVA LTD | Other | 48.1K | $20.9M | 6.3% | -24.4% |
| TECH BIO-TECHNE CORP | Healthcare | 341.1K | $17.8M | 5.3% | -1.6% |
| BCPC BALCHEM CORP | Materials | 98.7K | $16.7M | 5.0% | -2.6% |
| HLI HOULIHAN LOKEY INC | Financials | 98.3K | $14.1M | 4.2% | +0.6% |
| BSY BENTLEY SYSTEMS INC-CLASS B | Technology | 400.3K | $14.1M | 4.2% | -13.2% |
| FSS FEDERAL SIGNAL CORP | Industrials | 123.1K | $13.3M | 4.0% | +79.7% |
| CSW CSW INDUSTRIALS INC | Other | 49.8K | $13.0M | 3.9% | +7.8% |
| EXPO EXPONENT INC | Services media | 191.8K | $12.5M | 3.7% | +59.2% |
| AWK AMERICAN WATER WORKS CO INC | Utilities | 89.8K | $12.2M | 3.7% | -0.4% |
| LRN STRIDE INC | Services media | 125.3K | $11.0M | 3.3% | +16.0% |
| ROL ROLLINS INC | Services media | 203.0K | $10.8M | 3.2% | -33.4% |
| MANH MANHATTAN ASSOCIATES INC | Technology | 79.3K | $10.6M | 3.2% | -16.4% |
| FN FABRINET | Technology | 20.0K | $10.4M | 3.1% | -27.3% |
| ENTG ENTEGRIS INC | Other | 81.9K | $9.6M | 2.9% | -21.8% |
| TYL TYLER TECHNOLOGIES INC | Technology | 27.3K | $9.4M | 2.8% | -9.7% |
| GGG GRACO INC | Industrials | 110.0K | $9.3M | 2.8% | +22.2% |
| HWKN HAWKINS INC | Consumer discretionary | 59.8K | $9.2M | 2.7% | -9.3% |
| FCN FTI CONSULTING INC | Services media | 50.0K | $8.8M | 2.6% | Held |
| SITM SITIME CORP | Technology | 25.0K | $8.6M | 2.6% | -28.6% |
| MSCI MSCI INC | Services media | 15.7K | $8.4M | 2.5% | +3.3% |
| TMDX TRANSMEDICS GROUP INC | Healthcare | 78.7K | $7.8M | 2.3% | -22.8% |
| VMI VALMONT INDUSTRIES | Industrials | 19.4K | $7.8M | 2.3% | New |
| WTS WATTS WATER TECHNOLOGIES-A | Industrials | 26.5K | $7.7M | 2.3% | New |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 36.0K | $6.3M | 1.9% | -9.1% |
| TW TRADEWEB MARKETS INC-CLASS A | Financials | 53.1K | $6.3M | 1.9% | -23.5% |
| ALRM ALARM.COM HOLDINGS INC | Technology | 141.7K | $6.1M | 1.8% | -5.6% |
| MIR MIRION TECHNOLOGIES INC | Other | 305.3K | $5.7M | 1.7% | +19.5% |
| HQY HEALTHEQUITY INC | Services media | 50.8K | $4.2M | 1.3% | +36.6% |
| HXL HEXCEL CORP | Materials | 42.0K | $3.4M | 1.0% | New |
| MDA MDA SPACE LTD | Industrials | 134.1K | $3.4M | 1.0% | New |
| TRNS TRANSCAT INC | Technology | 40.0K | $2.9M | 0.9% | Held |
| SNEX STONEX GROUP INC | Financials | 30.0K | $2.4M | 0.7% | New |
| UTI UNIVERSAL TECHNICAL INSTITUT | Services media | 66.7K | $2.4M | 0.7% | +50.5% |
| STVN STEVANATO GROUP SPA | Healthcare | 175.0K | $2.4M | 0.7% | Held |
| BRBR BELLRING BRANDS INC | Consumer staples | 140.0K | $2.3M | 0.7% | +27.3% |
| TTEK TETRA TECH INC | Services media | 71.5K | $2.2M | 0.6% | New |
| KNSL KINSALE CAPITAL GROUP INC | Financials | 4.5K | $1.5M | 0.5% | +59.2% |
| WMS ADVANCED DRAINAGE SYSTEMS IN | Other | 10.8K | $1.5M | 0.4% | -33.7% |
| BMI BADGER METER INC | Technology | 7.3K | $1.1M | 0.3% | -39.2% |
| DOCS DOXIMITY INC-CLASS A | Technology | 45.3K | $1.1M | 0.3% | +10.0% |
| CLH CLEAN HARBORS INC | Utilities | 3.6K | $1.0M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 11, 2026 | 42 | $334.4M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Mar 10, 2026 | 41 | $358.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 41 | $400.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 5, 2025 | 39 | $387.9M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 46 | $340.9M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 47 | $484.4M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 4, 2024 | 47 | $561.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 46 | $536.4M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 44 | $553.7M | canonical | SEC ↗ |
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