Montanaro Asset Management
LONDON, X0files as Montanaro Asset Management Ltd
$317m in 42 US stocks at the end of 30 June 2026. The top 10 are 45.4% of the money. It changed about 22.1% of the portfolio this quarter.
Value
$317m
Stocks
42
Top 10 share
45.4%
Turnover
22.1%
What changed this quarter
New
Bought for the first time this quarter.
- Acuity Inc. (de)AYI3.4% of the fund
- Sensient TechnologiesSXT2.5% of the fund
- BEL FuseBELFB1.2% of the fund
- Kodiak Gas ServicesKGS1.1% of the fund
- Esco TechnologiesESE0.6% of the fund
Added
Bought more of a stock they already held.
- Watts Water TechnologiesWTS5.7% of the fund+74%
- Eastgroup PropertiesEGP5.1% of the fund+5%
- Valmont IndustriesVMI4.7% of the fund+33%
- Veeva SystemsVEEV2.4% of the fund+20%
- Mirion TechnologiesMIR2.4% of the fund+37%
- Clean HarborsCLH1.3% of the fund+275%
- Advanced Drainage SystemsWMS0.9% of the fund+66%
- Tetra TechTTEK0.8% of the fund+28%
- Kinsale Capital GroupKNSL0.5% of the fund+7%
- Badger MeterBMI0.5% of the fund+41%
Cut
Sold some of their stake.
- NovaNVMI5.9% of the fund-29%
- BalchemBCPC4.7% of the fund-11%
- SitimeSITM3.8% of the fund-36%
- Bentley SystemsBSY3.6% of the fund-5%
- CSW IndustrialsCSW3.6% of the fund-18%
- Houlihan LokeyHLI3.5% of the fund-16%
- American Water Works CompanyAWK3.5% of the fund-6%
- EntegrisENTG3.4% of the fund-27%
- ExponentEXPO3.3% of the fund-7%
- Manhattan AssociatesMANH3.0% of the fund-15%
- Bio-TechneTECH2.8% of the fund-63%
- StrideLRN2.6% of the fund-22%
- RollinsROL2.0% of the fund-25%
- MsciMSCI1.9% of the fund-30%
- FabrinetFN1.8% of the fund-50%
- Alarm.com HoldingsALRM1.6% of the fund-22%
- MDA SpaceMDA1.6% of the fund-9%
- HealthequityHQY1.3% of the fund-7%
- HawkinsHWKN1.3% of the fund-50%
- Tradeweb MarketsTW1.2% of the fund-26%
- GracoGGG1.2% of the fund-55%
- HexcelHXL1.1% of the fund-20%
- TranscatTRNS0.9% of the fund-20%
- StoneX GroupSNEX0.9% of the fund-20%
- Stevanato Group S.p.A.STVN0.8% of the fund-20%
Sold out
Sold their entire stake.
- Tyler TechnologiesTYL-100%
- FTI ConsultingFCN-100%
- TransMedics GroupTMDX-100%
- Bellring BrandsBRBR-100%
- DoximityDOCS-100%
Holdings
- MDA SpaceMDA
- Share
- 1.6%
- Value
- $5m
- Shares
- 121,600
-9%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| NovaNVMI | 5.9% | $19m | 34,380 | -29% |
| Watts Water TechnologiesWTS | 5.7% | $18m | 46,100 | +74% |
| Eastgroup PropertiesEGP | 5.1% | $16m | 79,318 | +5% |
| Federal SignalFSS | 5.0% | $16m | 122,531 | Held |
| Valmont IndustriesVMI | 4.7% | $15m | 25,850 | +33% |
| BalchemBCPC | 4.7% | $15m | 87,518 | -11% |
| SitimeSITM | 3.8% | $12m | 16,000 | -36% |
| Bentley SystemsBSY | 3.6% | $11m | 380,833 | -5% |
| CSW IndustrialsCSW | 3.6% | $11m | 40,705 | -18% |
| Houlihan LokeyHLI | 3.5% | $11m | 82,934 | -16% |
| American Water Works CompanyAWK | 3.5% | $11m | 84,140 | -6% |
| Acuity Inc. (de)AYI | 3.4% | $11m | 28,950 | New |
| EntegrisENTG | 3.4% | $11m | 59,500 | -27% |
| ExponentEXPO | 3.3% | $11m | 179,089 | -7% |
| Manhattan AssociatesMANH | 3.0% | $9m | 67,765 | -15% |
| Bio-TechneTECH | 2.8% | $9m | 126,335 | -63% |
| StrideLRN | 2.6% | $8m | 97,249 | -22% |
| Sensient TechnologiesSXT | 2.5% | $8m | 65,500 | New |
| Veeva SystemsVEEV | 2.4% | $8m | 43,100 | +20% |
| Mirion TechnologiesMIR | 2.4% | $8m | 418,646 | +37% |
| RollinsROL | 2.0% | $6m | 151,315 | -25% |
| MsciMSCI | 1.9% | $6m | 11,000 | -30% |
| FabrinetFN | 1.8% | $6m | 10,000 | -50% |
| Alarm.com HoldingsALRM | 1.6% | $5m | 111,197 | -22% |
| MDA SpaceMDA | 1.6% | $5m | 121,600 | -9% |
| HealthequityHQY | 1.3% | $4m | 47,400 | -7% |
| HawkinsHWKN | 1.3% | $4m | 29,800 | -50% |
| Clean HarborsCLH | 1.3% | $4m | 13,500 | +275% |
| Tradeweb MarketsTW | 1.2% | $4m | 39,500 | -26% |
| GracoGGG | 1.2% | $4m | 50,000 | -55% |
| BEL FuseBELFB | 1.2% | $4m | 11,000 | New |
| Kodiak Gas ServicesKGS | 1.1% | $3m | 45,000 | New |
| HexcelHXL | 1.1% | $3m | 33,710 | -20% |
| TranscatTRNS | 0.9% | $3m | 32,105 | -20% |
| StoneX GroupSNEX | 0.9% | $3m | 24,079 | -20% |
| Advanced Drainage SystemsWMS | 0.9% | $3m | 17,900 | +66% |
| Tetra TechTTEK | 0.8% | $3m | 91,800 | +28% |
| Stevanato Group S.p.A.STVN | 0.8% | $3m | 140,459 | -20% |
| Universal Technical InstituteUTI | 0.7% | $2m | 54,068 | -19% |
| Esco TechnologiesESE | 0.6% | $2m | 5,000 | New |
| Kinsale Capital GroupKNSL | 0.5% | $2m | 4,757 | +7% |
| Badger MeterBMI | 0.5% | $2m | 10,300 | +41% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 18.2% since 30 June 2025.
Where the money is
Industrials37.0%
Technology18.8%
Materials10.8%
Retail & consumer8.3%
Financial services8.1%
Health care7.4%
Real estate5.1%
Utilities4.6%
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.