SEC 13F Intelligence

Managers / Q2 2025 · view latest →

HERALD INVESTMENT MANAGEMENT Ltd

CIK 0001512022 · 10-11 CHARTERHOUSE SQUARE, LONDON, EC1M 6EE · 0207 553 6300

Reported Value
$674M
Q2 2025
Positions
94
Filings on Record
30
2019–present window
Filed
Jul 22, 2025
original filing

Summary

Herald Investment Management Ltd reported $674M in U.S.-listed holdings across 94 positions for Q2 2025.

Its largest position, CLS, represents 9.0% of the portfolio.

Compared with Q1 2025, the fund opened 2 new positions and exited 3.

Portfolio Metrics

Turnover
+3.7%
vs prior filed quarter
Top-10 Concentration
+46.0%
share of reported value
Largest Position
+9.0%
Celestica
New / Exited
2 / 3
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $312MQ4 ’18Q1 ’19: $393MQ2 ’19: $359MQ3 ’19: $336MQ4 ’19: $392MQ4 ’19Q1 ’20: $330MQ2 ’20: $428MQ3 ’20: $464MQ4 ’20: $561MQ4 ’20Q1 ’21: $575MQ2 ’21: $614MQ3 ’21: $608MQ4 ’21: $616MQ4 ’21Q1 ’22: $549MQ2 ’22: $431MQ3 ’22: $406MQ2 ’23: $515MQ2 ’23Q3 ’23: $470MQ4 ’23: $524MQ1 ’24: $617MQ2 ’24: $610MQ2 ’24Q3 ’24: $580MQ4 ’24: $611MQ1 ’25: $533MQ2 ’25: $674MQ2 ’25Q3 ’25: $751MQ4 ’25: $766MQ1 ’26: $718Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 77.5%Other: 17.9%ADR: 4.6%
  • Common Stock · 77.5% · $523M
  • Other · 17.9% · $121M
  • ADR · 4.6% · $31M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
INUVInuvo IncNEW+577.5K577.5K+$3M$3M
TGENTecogen Inc/Waltham MANEW+321.1K321.1K+$2M$2M
PEGAPegasystems IncADDED+351.8K703.6K+$14M$38M
AMSWAUSDLogility Supply Chain Solutions IncSOLD OUT−823.7K0−$12M$0
SimilarWeb LtdADDED+300.0K600.0K+$2M$5M
INUVGBPInuvo IncSOLD OUT−5.78M0−$2M$0
AKAMAkamai Technologies IncSOLD OUT−15.2K0−$1M$0
SPIRSpire Global IncADDED+156.2K386.2K+$3M$5M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CLSCelestica Inchistory →COM9.05%$61M390.7K
2FabrinetCOM6.75%$46M154.6K
3PEGAPegasystems Inchistory →COM5.65%$38M703.6K
4SMCISuper Micro Computer Inchistory →COM5.48%$37M754.5K
5SIMOSilicon Motion Technology Corphistory →ADR4.28%$29M384.9K
6VRNSVaronis Systems Inchistory →COM3.34%$22M443.5K
7ARLOArlo Technologies Inchistory →COM3.21%$22M1.28M
8RADWARE LtdCOM2.94%$20M675.0K
9DSGDescartes Systems Group Inc/Thehistory →COM2.79%$19M185.0K
10CyberArk Software LtdCOM2.55%$17M42.3K
11DRSLeonardo DRS Inchistory →COM2.07%$14M300.0K
12AVPTAvePoint Inchistory →COM2.00%$14M700.0K
13MSFTMicrosoft Corphistory →COM1.79%$12M24.3K
14JFrog LtdCOM1.63%$11M250.0K
15VICRVicor Corphistory →COM1.55%$10M230.0K
16KLICKulicke & Soffa Industries Inchistory →COM1.52%$10M296.1K
17AMZNAmazon.com Inchistory →COM1.51%$10M46.4K
18OGM1Cogent Communications Holdings Inchistory →COM1.48%$10M207.6K
19RDVTRed Violet Inchistory →COM1.46%$10M200.0K
20QLYSQualys Inchistory →COM1.38%$9M65.0K
21GOOGLAlphabet Inchistory →COM1.31%$9M50.2K
22CEVACeva Inchistory →COM1.30%$9M400.0K
23Tower Semiconductor LtdCOM1.27%$9M198.0K
24HLITHarmonic Inchistory →COM1.10%$7M785.0K
25FIVNFive9 Inchistory →COM1.03%$7M262.0K
26SPSCSPS Commerce IncCOM0.96%$6M47.5K
27FAFirst Advantage CorpCOM0.86%$6M347.9K
28ALKTAlkami Technology IncCOM0.80%$5M180.0K
29IDNIntellicheck IncCOM0.79%$5M1.00M
30HSTMHealthStream IncCOM0.78%$5M190.0K
31LASRnLight IncCOM0.76%$5M260.0K
32AVDXAvidXchange Holdings IncCOM0.73%$5M500.0K
33BASECouchbase IncCOM0.72%$5M200.0K
34OUSTOuster IncCOM0.72%$5M200.0K
35CLMBClimb Global Solutions IncCOM0.71%$5M45.0K
36SimilarWeb LtdCOM0.70%$5M600.0K
37SPIRSpire Global IncCOM0.68%$5M386.2K
38QUIKQuickLogic CorpCOM0.66%$4M730.4K
39MUMicron Technology IncCOM0.66%$4M36.0K
40AMDAdvanced Micro Devices IncCOM0.65%$4M30.9K
41ELVAElectrovaya IncCOM0.64%$4M1.26M
42PDFSPDF Solutions IncCOM0.63%$4M200.0K
43MRAMEverspin Technologies IncCOM0.63%$4M675.0K
44VPGVishay Precision Group IncCOM0.62%$4M150.0K
45AAPLApple IncCOM0.62%$4M20.4K
46FMFFormFactor IncCOM0.60%$4M118.3K
47VECOVeeco Instruments IncCOM0.60%$4M200.0K
48FCFranklin Covey CoCOM0.59%$4M175.0K
49VERXVertex IncCOM0.58%$4M110.0K
50AVNWAviat Networks IncCOM0.55%$4M155.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$718M97May 13, 202613F-HRchanges · EDGAR ↗
Q4 2025$766M97Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$751M94Nov 7, 202513F-HRchanges · EDGAR ↗
Q2 2025$674M94Jul 22, 202513F-HRchanges · EDGAR ↗
Q1 2025$533M95May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$611M94Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$580M94Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$610M96Aug 9, 202413F-HRchanges · EDGAR ↗
Q1 2024$617M98May 13, 202413F-HRchanges · EDGAR ↗
Q4 2023$524M98Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$470M101Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$515M100Jul 25, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review96May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review96Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$406M102Nov 7, 202213F-HRchanges · EDGAR ↗
Q2 2022$431M105Aug 4, 202213F-HRchanges · EDGAR ↗
Q1 2022$549M107May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$616M102Feb 15, 202213F-HRchanges · EDGAR ↗
Q3 2021$608M102Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$614M100Aug 13, 202113F-HRchanges · EDGAR ↗
Q1 2021$575M100May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$561M94Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$464M96Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$428M94Aug 7, 202013F-HRchanges · EDGAR ↗
Q1 2020$330M93May 14, 202013F-HRchanges · EDGAR ↗
Q4 2019$392M90Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$336M88Nov 21, 201913F-HRchanges · EDGAR ↗
Q2 2019$359M92Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$393M97May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$312M90Feb 15, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.