Q2 2026 13F · SEC CIK 1831133

Montanaro Asset Management Ltd

Asset managerFiled 2026-08-12 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $317.2M
Reported positions: 42
Top holdings a year, 3 yrs: -1.0%
Average holding period: 3.2 yrs

Montanaro Asset Management Ltd is an asset manager that reported 42 positions worth $317.2M in its Q2 2026 13F, filed 2026-08-12. Its largest holdings were Nova Ltd (NVMI, 5.9%), Watts Water Technologies Inc (WTS, 5.7%), Eastgroup Pptys Inc (EGP, 5.1%). A portfolio copying its top holdings returned -1.0% a year over the last 3 years, against 20.4% for the S&P 500.

Montanaro Asset Management Ltd holdings all 42 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Montanaro Asset Management Ltd 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
NVMINova Ltd	5.9%	6.3%	34,380	-28.6%	$18.7M
WTSWatts Water Technologies Inc	5.7%	2.3%	46,100	+74.0%	$18.0M
EGPEastgroup Pptys Inc	5.1%	4.2%	79,318	+4.9%	$16.1M
FSSFederal Signal Corp	5.0%	4.0%	122,531	-0.5%	$15.7M
VMIValmont Inds Inc Com	4.7%	2.3%	25,850	+33.2%	$14.9M
BCPCBalchem Corp	4.7%	5.0%	87,518	-11.3%	$14.8M
SITMSitime Corp	3.8%	2.6%	16,000	-36.0%	$11.9M
BSYBentley Sys Inc	3.6%	4.2%	380,833	-4.9%	$11.4M
CSWCsw Industrials Inc	3.6%	3.9%	40,705	-18.3%	$11.3M
HLIHoulihan Lokey Inc	3.5%	4.2%	82,934	-15.6%	$11.1M
AWKAmerican Wtr Wks Co Inc New Com	3.5%	3.7%	84,140	-6.3%	$11.1M
AYIAcuity Inc	3.4%	New	28,950	—	$10.9M
ENTGEntegris Inc	3.4%	2.9%	59,500	-27.4%	$10.7M
EXPOExponent Inc	3.3%	3.7%	179,089	-6.6%	$10.5M
MANHManhattan Associates Inc	3.0%	3.2%	67,765	-14.6%	$9.4M
TECHBio-Techne Corp	2.8%	5.3%	126,335	-63.0%	$8.9M
LRNStride Inc	2.6%	3.3%	97,249	-22.4%	$8.4M
SXTSensient Technologies Corp	2.5%	New	65,500	—	$8.1M
VEEVVeeva Sys Inc	2.4%	1.9%	43,100	+19.7%	$7.6M
MIRMirion Technologies Inc	2.4%	1.7%	418,646	+37.1%	$7.5M
ROLRollins Inc	2.0%	3.2%	151,315	-25.5%	$6.3M
MSCIMsci Inc	1.9%	2.5%	11,000	-29.7%	$6.2M
FNFabrinet	1.8%	3.1%	10,000	-50.0%	$5.6M
ALRMAlarm Com Hldgs Inc	1.6%	1.8%	111,197	-21.5%	$5.2M
MDAMda Space Ltd	1.6%	1.0%	121,600	-9.3%	$5.0M
HQYHealthequity Inc	1.4%	1.3%	47,400	-6.7%	$4.3M
HWKNHawkins Inc	1.3%	2.7%	29,800	-50.2%	$4.2M
CLHClean Harbors Inc	1.3%	0.3%	13,500	+275.0%	$4.0M
TWTradeweb Mkts Inc	1.2%	1.9%	39,500	-25.7%	$3.9M
GGGGraco Inc	1.2%	2.8%	50,000	-54.5%	$3.8M
BELFBBel Fuse Inc. - Class B Common Stock	1.2%	New	11,000	—	$3.7M
KGSKodiak Gas Svcs Inc	1.1%	New	45,000	—	$3.4M
HXLHexcel Corp New	1.1%	1.0%	33,710	-19.7%	$3.4M
TRNSTranscat Inc	0.9%	0.9%	32,105	-19.7%	$3.0M
SNEXStonex Group Inc	0.9%	0.7%	24,079	-19.7%	$2.9M
WMSAdvanced Drain Sys Inc Del	0.9%	0.4%	17,900	+65.7%	$2.8M
TTEKTetra Tech Inc New	0.8%	0.6%	91,800	+28.4%	$2.7M
STVNStevanato Group S P A	0.8%	0.7%	140,459	-19.7%	$2.5M
UTIUniversal Technical Inst Inc	0.7%	0.7%	54,068	-18.9%	$2.3M
ESEEsco Technologies Inc	0.6%	New	5,000	—	$1.8M
KNSLKinsale Cap Group Inc	0.5%	0.5%	4,757	+6.7%	$1.6M
BMIBadger Meter Inc	0.5%	0.3%	10,300	+41.1%	$1.5M

What Montanaro Asset Management Ltd bought and sold in Q2 2026, against Q1 2026.

Sold out

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year: +0.4% /yr; S&P 500 +20.1%
3 years: -1.0% /yr; S&P 500 +20.4%
5 years: -5.8% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$317.2M	42
Q1 2026	$334.4M	42
Q4 2025	$358.8M	41
Q3 2025	$400.4M	41
Q2 2025	$387.9M	39
Q1 2025	$340.9M	46
Q4 2024	$484.4M	47
Q3 2024	$561.1M	47
Q2 2024	$536.4M	46
Q1 2024	$553.7M	44
Q4 2023	$531.6M	43
Q3 2023	$568.5M	45

Questions about Montanaro Asset Management Ltd's portfolio

What stocks does Montanaro Asset Management Ltd own?

Montanaro Asset Management Ltd's latest 13F, for Q2 2026 and filed Aug 12, 2026, lists 42 positions worth $317.2M. The largest are Nova Ltd (NVMI) at 5.9%, Watts Water Technologies Inc (WTS) at 5.7%, Eastgroup Pptys Inc (EGP) at 5.1%, Federal Signal Corp (FSS) at 5.0% and Valmont Inds Inc Com (VMI) at 4.7%.

What did Montanaro Asset Management Ltd buy last quarter?

In Q2 2026, Montanaro Asset Management Ltd added a new position in Acuity Inc (AYI), a new position in Sensient Technologies Corp (SXT), a new position in Bel Fuse Inc. - Class B Common Stock (BELFB), a new position in Kodiak Gas Svcs Inc (KGS), a new position in Esco Technologies Inc (ESE), Clean Harbors Inc (CLH) (+275.0% shares), Watts Water Technologies Inc (WTS) (+74.0% shares) and Advanced Drain Sys Inc Del (WMS) (+65.7% shares), compared with its Q1 2026 filing.

What did Montanaro Asset Management Ltd sell last quarter?

In Q2 2026, Montanaro Asset Management Ltd sold all of Tyler Technologies Inc (TYL), sold all of Fti Consulting Inc. (FCN), sold all of Transmedics Group Inc (TMDX), sold all of Bellring Brands Inc (BRBR), sold all of Doximity Inc-Class A (DOCS), Bio-Techne Corp (TECH) (-63.0% shares), Graco Inc (GGG) (-54.5% shares) and Hawkins Inc (HWKN) (-50.2% shares), compared with its Q1 2026 filing.

How has Montanaro Asset Management Ltd's portfolio performed?

A portfolio copying Montanaro Asset Management Ltd's 20 largest 13F holdings each quarter, from the day each filing was public, returned -1.0% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +0.4% against +20.1%. Over 5 years: -5.8% a year against +11.6%.

When is Montanaro Asset Management Ltd's next 13F filing due?

13F filings are due 45 days after each quarter ends. Montanaro Asset Management Ltd's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.