Herald Investment Management
LONDON, X0files as HERALD INVESTMENT MANAGEMENT Ltd
$737m in 92 US stocks at the end of 30 June 2026. The top 10 are 35.2% of the money. It changed about 19.1% of the portfolio this quarter.
Value
$737m
Stocks
92
Top 10 share
35.2%
Turnover
19.1%
What changed this quarter
New
Bought for the first time this quarter.
None this quarter.
Added
Bought more of a stock they already held.
- Red VioletRDVT2.2% of the fund+34%
- AppleAAPL1.0% of the fund+10%
- M-tron IndustriesMPTI0.8% of the fund+6%
- VertexVERX0.5% of the fund+50%
- Ci&tCINT0.4% of the fund+90%
- UiPathPATH0.4% of the fund+46%
- Commerce.comCMRC0.4% of the fund+51%
Cut
Sold some of their stake.
- Silicon Motion TechnologySIMO6.7% of the fund-60%
- CelesticaCLS4.1% of the fund-61%
- VicorVICR4.0% of the fund-65%
- Tower SemiconductorTSEM3.5% of the fund-40%
- Kulicke & Soffa IndustriesKLIC3.2% of the fund-28%
- FabrinetFN3.2% of the fund-58%
- DigitalOcean HoldingsDOCN3.1% of the fund-32%
- Micron TechnologyMU2.8% of the fund-16%
- CevaCEVA2.4% of the fund-29%
- PegasystemsPEGA2.3% of the fund-19%
- Varonis SystemsVRNS2.2% of the fund-18%
- Arlo TechnologiesARLO2.1% of the fund-18%
- ArterisAIP2.0% of the fund-26%
- RadwareRDWR1.9% of the fund-30%
- JFrogFROG1.9% of the fund-23%
- Vishay Precision GroupVPG1.7% of the fund-51%
- Super Micro ComputerSMCI1.7% of the fund-40%
- Advanced Micro DevicesAMD1.5% of the fund-9%
- Vishay IntertechnologyVSH1.3% of the fund-40%
- Leonardo DRSDRS1.3% of the fund-23%
- PDF SolutionsPDFS1.1% of the fund-40%
- NlightLASR1.1% of the fund-34%
- Power IntegrationsPOWI1.1% of the fund-43%
- BandwidthBAND1.1% of the fund-29%
- Five9FIVN1.0% of the fund-2%
Sold out
Sold their entire stake.
- CSG SYS Intl-100%
- GenasysGNSS-100%
- N-ableNABL-100%
- Ribbon CommunicationsRBBN-100%
- M-Tron Inds-100%
Holdings
- Silicon Motion TechnologySIMO
- Share
- 6.7%
- Value
- $49m
- Shares
- 147,700
-60%
- Descartes Systems GroupDSGX
- Share
- 1.0%
- Value
- $7m
- Shares
- 108,000
-26%
- ElectrovayaELVA
- Share
- 1.0%
- Value
- $7m
- Shares
- 704,500
-39%
- Himax TechnologiesHIMX
- Share
- 0.5%
- Value
- $4m
- Shares
- 252,000
-37%
- Freightos
- Share
- <0.1%
- Value
- $735,000
- Shares
- 500,000
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Silicon Motion TechnologySIMO | 6.7% | $49m | 147,700 | -60% |
| CelesticaCLS | 4.1% | $30m | 82,550 | -61% |
| VicorVICR | 4.0% | $29m | 77,100 | -65% |
| Tower SemiconductorTSEM | 3.5% | $26m | 99,000 | -40% |
| Kulicke & Soffa IndustriesKLIC | 3.2% | $24m | 176,600 | -28% |
| FabrinetFN | 3.2% | $23m | 41,600 | -58% |
| DigitalOcean HoldingsDOCN | 3.1% | $23m | 147,500 | -32% |
| Micron TechnologyMU | 2.8% | $21m | 18,100 | -16% |
| CevaCEVA | 2.4% | $17m | 369,363 | -29% |
| PegasystemsPEGA | 2.3% | $17m | 554,450 | -19% |
| Red VioletRDVT | 2.2% | $16m | 254,250 | +34% |
| Varonis SystemsVRNS | 2.2% | $16m | 380,834 | -18% |
| AlphabetGOOGL | 2.1% | $16m | 44,100 | Held |
| Arlo TechnologiesARLO | 2.1% | $15m | 1,134,325 | -18% |
| ArterisAIP | 2.0% | $14m | 296,800 | -26% |
| RadwareRDWR | 1.9% | $14m | 456,817 | -30% |
| JFrogFROG | 1.9% | $14m | 153,550 | -23% |
| Vishay Precision GroupVPG | 1.7% | $13m | 83,750 | -51% |
| Super Micro ComputerSMCI | 1.7% | $12m | 421,600 | -40% |
| Amazon.comAMZN | 1.6% | $12m | 49,400 | Held |
| Advanced Micro DevicesAMD | 1.5% | $11m | 18,820 | -9% |
| Vishay IntertechnologyVSH | 1.3% | $10m | 180,475 | -40% |
| MicrosoftMSFT | 1.3% | $10m | 25,800 | Held |
| Leonardo DRSDRS | 1.3% | $9m | 219,500 | -23% |
| PDF SolutionsPDFS | 1.1% | $8m | 119,667 | -40% |
| NlightLASR | 1.1% | $8m | 121,500 | -34% |
| Power IntegrationsPOWI | 1.1% | $8m | 100,384 | -43% |
| BandwidthBAND | 1.1% | $8m | 124,000 | -29% |
| Five9FIVN | 1.0% | $8m | 354,500 | -2% |
| Descartes Systems GroupDSGX | 1.0% | $7m | 108,000 | -26% |
| ElectrovayaELVA | 1.0% | $7m | 704,500 | -39% |
| TeradyneTER | 1.0% | $7m | 15,000 | Held |
| Alkami TechnologyALKT | 1.0% | $7m | 400,000 | -20% |
| OusterOUST | 1.0% | $7m | 114,500 | -24% |
| Digital TurbineAPPS | 1.0% | $7m | 550,329 | -6% |
| AppleAAPL | 1.0% | $7m | 24,500 | +10% |
| QualysQLYS | 0.9% | $7m | 47,500 | -14% |
| AvePointAVPT | 0.9% | $6m | 575,250 | -26% |
| Viavi SolutionsVIAV | 0.8% | $6m | 128,167 | -43% |
| FormfactorFORM | 0.8% | $6m | 37,650 | -50% |
| BEL FuseBELFB | 0.8% | $6m | 17,950 | -40% |
| Everspin TechnologiesMRAM | 0.8% | $6m | 241,750 | -60% |
| M-tron IndustriesMPTI | 0.8% | $6m | 58,500 | +6% |
| First AdvantageFA | 0.8% | $6m | 312,500 | -11% |
| EplusPLUS | 0.8% | $6m | 67,500 | -10% |
| KopinKOPN | 0.8% | $6m | 1,247,500 | -34% |
| Digi InternationalDGII | 0.8% | $6m | 74,500 | -26% |
| Veeco InstrumentsVECO | 0.7% | $5m | 69,500 | -65% |
| QuicklogicQUIK | 0.7% | $5m | 261,500 | -57% |
| Climb Global SolutionsCLMB | 0.7% | $5m | 221,836 | -25% |
| CTSCTS | 0.6% | $5m | 72,500 | -28% |
| Spire GlobalSPIR | 0.6% | $5m | 253,000 | -26% |
| NovantaNOVT | 0.6% | $5m | 28,780 | Held |
| RadcomRDCM | 0.6% | $5m | 325,000 | Held |
| SilicomSILC | 0.6% | $5m | 95,800 | -22% |
| HarmonicHLIT | 0.6% | $4m | 267,000 | -66% |
| Powell IndustriesPOWL | 0.6% | $4m | 15,000 | Held |
| Franklin CoveyFC | 0.6% | $4m | 175,000 | Held |
| Mesa LaboratoriesMLAB | 0.6% | $4m | 42,500 | -15% |
| AllientALNT | 0.6% | $4m | 40,000 | Held |
| HealthstreamHSTM | 0.6% | $4m | 150,000 | Held |
| SPS CommerceSPSC | 0.5% | $4m | 70,000 | Held |
| SimilarwebSMWB | 0.5% | $4m | 645,465 | Held |
| Himax TechnologiesHIMX | 0.5% | $4m | 252,000 | -37% |
| Simulations PlusSLP | 0.5% | $4m | 200,000 | Held |
| VertexVERX | 0.5% | $3m | 300,000 | +50% |
| Cogent Communications HoldingsCCOI | 0.5% | $3m | 242,600 | Held |
| Ci&tCINT | 0.4% | $3m | 1,000,000 | +90% |
| Arrow ElectronicsARW | 0.4% | $3m | 15,200 | Held |
| UiPathPATH | 0.4% | $3m | 296,280 | +46% |
| Arista NetworksANET | 0.4% | $3m | 18,700 | Held |
| Commerce.comCMRC | 0.4% | $3m | 1,060,000 | +51% |
| AvnetAVT | 0.4% | $3m | 33,000 | Held |
| OomaOOMA | 0.4% | $3m | 150,000 | Held |
| ADTRAN HoldingsADTN | 0.4% | $3m | 200,000 | Held |
| Silicon LaboratoriesSLAB | 0.4% | $3m | 12,500 | -55% |
| BrazeBRZE | 0.4% | $3m | 125,000 | Held |
| IntelINTC | 0.4% | $3m | 19,000 | Held |
| Zoom CommunicationsZM | 0.3% | $2m | 25,910 | Held |
| DynatraceDT | 0.3% | $2m | 50,000 | Held |
| TecogenTGEN | 0.3% | $2m | 420,000 | Held |
| Valens SemiconductorVLN | 0.3% | $2m | 950,000 | Held |
| FreshworksFRSH | 0.3% | $2m | 190,000 | Held |
| Rimini StreetRMNI | 0.2% | $1m | 350,000 | -65% |
| BEL FuseBELFA | 0.2% | $1m | 5,000 | Held |
| IntellicheckIDN | 0.2% | $1m | 300,000 | -63% |
| Texas InstrumentsTXN | 0.2% | $1m | 4,100 | Held |
| Check Point Software TechnologiesCHKP | 0.2% | $1m | 9,200 | Held |
| Aviat NetworksAVNW | 0.2% | $1m | 53,000 | -66% |
| Kyndryl HoldingsKD | 0.1% | $904,800 | 80,000 | Held |
| Freightos | <0.1% | $735,000 | 500,000 | Held |
| AwareAWRE | <0.1% | $311,297 | 234,058 | -46% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 9.3% since 30 June 2025.
Where the money is
Technology76.5%
Industrials10.4%
Media & telecom3.2%
Retail & consumer1.6%
Financial services1.0%
Other7.3%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.