HERALD INVESTMENT MANAGEMENT Ltd

CIK 0001512022 · Q1 2026

13F Equity AUM

$717.6M

-6.3% QoQ

Positions

0 QoQ

AUM Rank

#3,459

Top 28%

Skill Alpha (FF)

+4.9%/yr^ns

No Clear Edge

Rank #626 · Top 8%

vs S&P +4.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 30.2%Top 10: 44.2%Top 20: 59.7%

CLS8.2%

FN7.3%

SIMO5.8%

VICR4.9%

PEGA4.1%

TSEM4.1%

ARLO2.7%

DOCN2.6%

RDWR2.4%

KLIC2.2%

Others (87)55.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology84.9%

Industrials8.0%

Communication Services3.5%

Other3.6%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 97Median: 0.61%Avg: 1.03%

0–0.5%

41(11.2%)

0.5–1%

28(20.4%)

1–3%

22(34.1%)

3–5%

3(13.1%)

5%+

3(21.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 90Unique: 7vs 20 funds

1.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

GEODE CAPITAL MANAGEMENT, LLC

2.5%

VANGUARD CAPITAL MANAGEMENT LLC

2.5%

MORGAN STANLEY

1.6%

BlackRock, Inc.

2.1%

STATE STREET CORP

2.3%

VANGUARD PORTFOLIO MANAGEMENT LLC

2.7%

BANK OF AMERICA CORP /DE/

1.5%

JPMORGAN CHASE & CO

1.4%

FMR LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New3Increased5Decreased44Exited3

New Positions

VSH0.8%

+300K

AVT0.3%

+33K

M-Tron Industries In…0.0%

+55K

Increased

CLMB0.8%

+222K(+296%)

ARLO2.7%

+70K(+5%)

PWI1.3%

+25K(+17%)

DOCN2.6%

+15K(+7%)

AAPL0.8%

+2K(+9%)

Decreased

RBBN0.0%

-700,000(-88%)

NABL0.0%

-350,000(-85%)

ELVA1.3%

-290,000(-20%)

GNSS0.1%

-280,630(-40%)

MRAM0.7%

-200,000(-25%)

IDN0.8%

-155,753(-16%)

QUIK0.8%

-117,832(-16%)

OOMA0.3%

-110,000(-42%)

CI&T Inc0.4%

-75,000(-13%)

AVPT1.0%

-75,000(-9%)

Exited

-50,000

OSPN

-200,000

FORR

-150,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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