SEC 13F Intelligence

Managers / Q4 2025 · view latest →

HERALD INVESTMENT MANAGEMENT Ltd

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

Reported Value
$766M
Q4 2025
Positions
97
Filings on Record
30
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Herald Investment Management Ltd reported $766M in U.S.-listed holdings across 97 positions for Q4 2025.

Its largest position, CLS, represents 8.9% of the portfolio.

Compared with Q3 2025, the fund opened 7 new positions and exited 4.

Portfolio Metrics

Turnover
+11.0%
vs prior filed quarter
Top-10 Concentration
+41.0%
share of reported value
Largest Position
+8.9%
Celestica
New / Exited
7 / 4
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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: 79.1%Other: 15.8%ADR: 5.1%
  • Common Stock · 79.1% · $605M
  • Other · 15.8% · $121M
  • ADR · 5.1% · $39M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DOCNDigitalOcean Holdings IncNEW+202.0K202.0K+$10M$10M
PLUSePlus IncNEW+75.0K75.0K+$7M$7M
VIAVViavi Solutions IncNEW+275.0K275.0K+$5M$5M
BRZEBraze IncNEW+125.0K125.0K+$4M$4M
POWLPowell Industries IncNEW+10.0K10.0K+$3M$3M
CSG Systems International IncNEW+41.2K41.2K+$3M$3M
ALNTAllient IncNEW+40.0K40.0K+$2M$2M
PWIPower Integrations IncADDED+112.0K150.0K+$4M$5M

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

Holdings — Q4 2025

96 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1CLSCelestica Inchistory →COM8.87%$68M229.5K
2FabrinetCOM6.39%$49M107.6K
3PEGAPegasystems Inchistory →COM5.49%$42M703.6K
4SIMOSilicon Motion Technology Corphistory →ADR4.66%$36M384.9K
5VICRVicor Corphistory →COM3.51%$27M245.0K
6Tower Semiconductor LtdCOM2.76%$21M180.0K
7SMCISuper Micro Computer Inchistory →COM2.71%$21M709.5K
8ARLOArlo Technologies Inchistory →COM2.39%$18M1.31M
9RADWARE LtdCOM2.12%$16M675.0K
10DSGDescartes Systems Group Inc/Thehistory →COM2.12%$16M185.0K
11VRNSVaronis Systems Inchistory →COM2.07%$16M483.5K
12JFrog LtdCOM1.87%$14M230.0K
13GOOGLAlphabet Inchistory →COM1.80%$14M44.1K
14KLICKulicke & Soffa Industries Inchistory →COM1.64%$13M276.1K
15MSFTMicrosoft Corphistory →COM1.63%$12M25.8K
16AVPTAvePoint Inchistory →COM1.54%$12M850.0K
17ALKTAlkami Technology Inchistory →COM1.51%$12M500.0K
18AMZNAmazon.com Inchistory →COM1.49%$11M49.4K
19RDVTRed Violet Inchistory →COM1.49%$11M200.0K
20ELVAElectrovaya Inchistory →COM1.48%$11M1.44M
21CEVACeva Inchistory →COM1.46%$11M520.0K
22DRSLeonardo DRS Inchistory →COM1.27%$10M285.0K
23DOCNDigitalOcean Holdings Inchistory →COM1.27%$10M202.0K
24MUMicron Technology Inchistory →COM1.25%$10M33.5K
25QLYSQualys Inchistory →COM1.13%$9M65.0K
26LASRnLight Inchistory →COM1.05%$8M215.0K
27HLITHarmonic Inchistory →COM1.01%$8M785.0K
28CLMBClimb Global Solutions Inchistory →COM1.01%$8M75.0K
29MRAMEverspin Technologies IncCOM0.97%$7M800.0K
30VPGVishay Precision Group IncCOM0.96%$7M190.0K
31FIVNFive9 IncCOM0.95%$7M362.0K
32PLUSePlus IncCOM0.86%$7M75.0K
33IDNIntellicheck IncCOM0.85%$6M975.6K
34PDFSPDF Solutions IncCOM0.84%$6M225.0K
35SPSCSPS Commerce IncCOM0.82%$6M70.0K
36BELFBBel Fuse IncCOM0.81%$6M37.5K
37AIPArteris IncCOM0.81%$6M400.0K
38FMFFormFactor IncCOM0.79%$6M108.3K
39FAFirst Advantage CorpCOM0.76%$6M400.0K
40VECOVeeco Instruments IncCOM0.75%$6M200.0K
41AAPLApple IncCOM0.72%$6M20.4K
42PWIPower Integrations IncCOM0.70%$5M150.0K
43OGM1Cogent Communications Holdings IncCOM0.68%$5M242.6K
44DGIIDigi International IncCOM0.68%$5M120.0K
45VIAVViavi Solutions IncCOM0.64%$5M275.0K
46SimilarWeb LtdCOM0.63%$5M645.5K
47CTSCTS CorpCOM0.62%$5M110.0K
48HSTMHealthStream IncCOM0.60%$5M200.0K
49AMDAdvanced Micro Devices IncCOM0.58%$4M20.7K
50KOPNKopin CorpCOM0.58%$4M1.90M
51QUIKQuickLogic CorpCOM0.57%$4M730.4K
52OUSTOuster IncCOM0.57%$4M200.0K
53WKWorkiva IncCOM0.56%$4M50.0K
54BRZEBraze IncCOM0.56%$4M125.0K
55RADCOM LtdCOM0.55%$4M325.0K
561GSNNovanta IncCOM0.54%$4M35.0K
57VERXVertex IncCOM0.52%$4M200.0K
58MLABMesa Laboratories IncCOM0.51%$4M50.0K
59RMNIRimini Street IncCOM0.51%$4M1.00M
60SLPSimulations Plus IncCOM0.48%$4M200.0K
61SLABSilicon Laboratories IncCOM0.47%$4M27.5K
62MPTIM-Tron Industries IncCOM0.46%$4M67.0K
63AVNWAviat Networks IncCOM0.43%$3M155.0K
64PATHUiPath IncCOM0.43%$3M202.3K
65HIMXHimax Technologies IncADR0.43%$3M400.0K
66BANDBandwidth IncCOM0.42%$3M210.0K
67TERTeradyne IncCOM0.42%$3M16.6K
68POWLPowell Industries IncCOM0.42%$3M10.0K
69CSG Systems International IncCOM0.41%$3M41.2K
70NABLN-Able IncCOM0.40%$3M413.0K
71OOMAOoma IncCOM0.40%$3M260.0K
72APPSDigital Turbine IncCOM0.39%$3M600.0K
73FCFranklin Covey CoCOM0.38%$3M175.0K
74SPIRSpire Global IncCOM0.38%$3M386.2K
75CMRCCommerce.com IncCOM0.38%$3M700.0K
76OSPNOnespan IncCOM0.34%$3M200.0K
77ANETArista Networks IncCOM0.32%$2M18.7K
78CI&T IncCOM0.32%$2M600.0K
79FRSHFreshworks IncCOM0.30%$2M190.0K
80RBBNRibbon Communications IncCOM0.30%$2M800.0K
81ZMZoom Communications IncCOM0.29%$2M25.9K
82DTDynatrace IncCOM0.28%$2M50.0K
83ALNTAllient IncCOM0.28%$2M40.0K
84KDKyndryl Holdings IncCOM0.28%$2M80.0K
85TGENTecogen Inc/Waltham MACOM0.27%$2M420.0K
86Silicom LtdCOM0.24%$2M125.0K
87ADTNADTRAN Holdings IncCOM0.23%$2M200.0K
88Check Point Software Technologies LtdCOM0.22%$2M9.2K
89ARWArrow Electronics IncCOM0.22%$2M15.2K
90GNSSGenasys IncCOM0.20%$1M700.0K
91Valens Semiconductor LtdCOM0.17%$1M950.0K
92FORRForrester Research IncCOM0.16%$1M150.0K
93Freightos LtdCOM0.15%$1M500.0K
94AWREAware Inc/MACOM0.10%$795,500430.0K
95TXNTexas Instruments IncCOM0.09%$711,1454.1K
96INTCIntel CorpCOM0.09%$701,29019.0K

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 ↗.