13F HOLDINGS REPORT
Herald Investment Management Ltd
Quarter ended Q3 2025 · Filed November 7, 2025 · Accession 0001512022-25-000011
Total Value
$750.7M
Positions
94
Other Managers
0
Confidential Omitted
No
Holdings (94)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Celestica Inc | CLS | 335,000 | $82.5M | 10.99% |
| 2 | Fabrinet | FN | 145,600 | $53.2M | 7.08% |
| 3 | Pegasystems Inc | PEGA | 703,600 | $40.4M | 5.39% |
| 4 | Silicon Motion Technology Corp | SIMO | 384,906 | $36.4M | 4.85% |
| 5 | Super Micro Computer Inc | SMCI | 719,500 | $34.5M | 4.59% |
| 6 | Varonis Systems Inc | VRNS | 443,500 | $25.5M | 3.40% |
| 7 | Arlo Technologies Inc | ARLO | 1,277,000 | $21.6M | 2.88% |
| 8 | RADWARE Ltd | RDWR | 675,000 | $17.9M | 2.38% |
| 9 | Descartes Systems Group Inc/The | 249906108 | 185,000 | $17.4M | 2.32% |
| 10 | Tower Semiconductor Ltd | TSEM | 198,000 | $14.3M | 1.91% |
| 11 | Leonardo DRS Inc | DRS | 285,000 | $12.9M | 1.72% |
| 12 | Microsoft Corp | MSFT | 24,300 | $12.6M | 1.68% |
| 13 | Vicor Corp | VICR | 250,000 | $12.4M | 1.65% |
| 14 | Alphabet Inc | GOOG | 50,200 | $12.2M | 1.63% |
| 15 | Kulicke & Soffa Industries Inc | 501242101 | 296,100 | $12.0M | 1.60% |
| 16 | Ceva Inc | CEVA | 450,000 | $11.9M | 1.58% |
| 17 | JFrog Ltd | FROG | 250,000 | $11.8M | 1.57% |
| 18 | AvePoint Inc | AVPT | 700,000 | $10.5M | 1.40% |
| 19 | Red Violet Inc | RDVT | 200,000 | $10.5M | 1.39% |
| 20 | Amazon.com Inc | AMZN | 46,400 | $10.2M | 1.36% |
| 21 | Alkami Technology Inc | ALKT | 400,000 | $9.9M | 1.32% |
| 22 | Cogent Communications Holdings Inc | CCOI | 242,600 | $9.3M | 1.24% |
| 23 | Qualys Inc | QLYS | 65,000 | $8.6M | 1.15% |
| 24 | Harmonic Inc | HLIT | 785,000 | $8.0M | 1.07% |
| 25 | Electrovaya Inc | ELVA | 1,265,000 | $7.5M | 0.99% |
| 26 | Everspin Technologies Inc | MRAM | 800,000 | $7.4M | 0.99% |
| 27 | nLight Inc | LASR | 250,000 | $7.4M | 0.99% |
| 28 | Five9 Inc | FIVN | 282,000 | $6.8M | 0.91% |
| 29 | Climb Global Solutions Inc | CLMB | 50,000 | $6.7M | 0.90% |
| 30 | Veeco Instruments Inc | 922417100 | 200,000 | $6.1M | 0.81% |
| 31 | Micron Technology Inc | MU | 36,000 | $6.0M | 0.80% |
| 32 | SPS Commerce Inc | SPSC | 55,000 | $5.7M | 0.76% |
| 33 | First Advantage Corp | FA | 365,000 | $5.6M | 0.75% |
| 34 | SimilarWeb Ltd | SMWB | 600,000 | $5.6M | 0.74% |
| 35 | HealthStream Inc | HSTM | 190,000 | $5.4M | 0.71% |
| 36 | Apple Inc | AAPL | 20,400 | $5.2M | 0.69% |
| 37 | PDF Solutions Inc | PDFS | 200,000 | $5.2M | 0.69% |
| 38 | Intellicheck Inc | IDN | 1,000,000 | $5.2M | 0.69% |
| 39 | Ouster Inc | OUST | 190,000 | $5.1M | 0.68% |
| 40 | Advanced Micro Devices Inc | AMD | 30,920 | $5.0M | 0.67% |
| 41 | AvidXchange Holdings Inc | 05368X102 | 500,000 | $5.0M | 0.66% |
| 42 | Vertex Inc | VERX | 200,000 | $5.0M | 0.66% |
| 43 | Kopin Corp | KOPN | 2,000,000 | $4.9M | 0.65% |
| 44 | Vishay Precision Group Inc | VPG | 150,000 | $4.8M | 0.64% |
| 45 | QuickLogic Corp | QUIK | 730,379 | $4.4M | 0.59% |
| 46 | FormFactor Inc | FORM | 118,300 | $4.3M | 0.57% |
| 47 | Workiva Inc | WK | 50,000 | $4.3M | 0.57% |
| 48 | RADCOM Ltd | RDCM | 300,000 | $4.3M | 0.57% |
| 49 | Spire Global Inc | SPIR | 386,249 | $4.2M | 0.56% |
| 50 | Bel Fuse Inc | BELFB | 30,000 | $4.2M | 0.56% |
| 51 | Arteris Inc | AIP | 400,000 | $4.0M | 0.54% |
| 52 | CTS Corp | CTS | 100,000 | $4.0M | 0.53% |
| 53 | Rimini Street Inc | 76674Q107 | 850,000 | $4.0M | 0.53% |
| 54 | Tecogen Inc/Waltham MA | TGEN | 446,078 | $3.9M | 0.52% |
| 55 | Digital Turbine Inc | APPS | 600,000 | $3.8M | 0.51% |
| 56 | Digi International Inc | 253798102 | 100,000 | $3.6M | 0.49% |
| 57 | Silicon Laboratories Inc | SLAB | 27,500 | $3.6M | 0.48% |
| 58 | Aviat Networks Inc | AVNW | 155,000 | $3.6M | 0.47% |
| 59 | Himax Technologies Inc | HIMX | 400,000 | $3.5M | 0.47% |
| 60 | Bandwidth Inc | BAND | 210,000 | $3.5M | 0.47% |
| 61 | Commerce.com Inc | CMRC | 700,000 | $3.5M | 0.47% |
| 62 | Ribbon Communications Inc | RBBN | 912,869 | $3.5M | 0.46% |
| 63 | Franklin Covey Co | FC | 175,000 | $3.4M | 0.45% |
| 64 | Mesa Laboratories Inc | 59064R109 | 50,000 | $3.3M | 0.44% |
| 65 | Arista Networks Inc | ANET | 22,700 | $3.3M | 0.44% |
| 66 | N-Able Inc | NABL | 413,000 | $3.2M | 0.43% |
| 67 | Onespan Inc | OSPN | 200,000 | $3.2M | 0.42% |
| 68 | Ooma Inc | OOMA | 260,000 | $3.1M | 0.42% |
| 69 | M-Tron Industries Inc | 55380K109 | 55,000 | $3.0M | 0.40% |
| 70 | Simulations Plus Inc | SLP | 200,000 | $3.0M | 0.40% |
| 71 | Teradyne Inc | TER | 20,600 | $2.8M | 0.38% |
| 72 | Novanta Inc | NOVTU | 25,000 | $2.5M | 0.33% |
| 73 | Dynatrace Inc | DT | 50,000 | $2.4M | 0.32% |
| 74 | CI&T Inc | CINT | 450,000 | $2.3M | 0.31% |
| 75 | Freshworks Inc | FRSH | 190,000 | $2.2M | 0.30% |
| 76 | Silicom Ltd | SILC | 125,000 | $2.2M | 0.29% |
| 77 | UiPath Inc | PATH | 161,280 | $2.2M | 0.29% |
| 78 | Zoom Communications Inc | ZM | 25,910 | $2.1M | 0.28% |
| 79 | Inuvo Inc | INUV | 573,773 | $2.0M | 0.27% |
| 80 | Kyndryl Holdings Inc | KD | 67,000 | $2.0M | 0.27% |
| 81 | Check Point Software Technologies Ltd | CHKP | 9,200 | $1.9M | 0.25% |
| 82 | ADTRAN Holdings Inc | ADTN | 200,000 | $1.9M | 0.25% |
| 83 | Arrow Electronics Inc | 042735100 | 15,200 | $1.8M | 0.24% |
| 84 | Lantronix Inc | LTRX | 400,000 | $1.8M | 0.24% |
| 85 | Genasys Inc | GNSS | 750,000 | $1.8M | 0.24% |
| 86 | Valens Semiconductor Ltd | VLN-WT | 950,000 | $1.7M | 0.23% |
| 87 | Freightos Ltd | CRGOW | 500,000 | $1.6M | 0.22% |
| 88 | Forrester Research Inc | 346563109 | 150,000 | $1.6M | 0.21% |
| 89 | Power Integrations Inc | POWI | 38,000 | $1.5M | 0.20% |
| 90 | Aware Inc/MA | AWRE | 430,000 | $1.0M | 0.13% |
| 91 | Access Newswire Inc | ACCS | 90,000 | $955,800 | 0.13% |
| 92 | Bel Fuse Inc | BELFB | 7,500 | $872,175 | 0.12% |
| 93 | Texas Instruments Inc | 882508104 | 4,100 | $753,088 | 0.10% |
| 94 | Intel Corp | INTC | 19,000 | $637,260 | 0.08% |