HERALD INVESTMENT MANAGEMENT Ltd

CIK 0001512022 · Q2 2026

13F Equity AUM

$737.3M

+2.7% QoQ

Positions

-5 QoQ

AUM Rank

#4,005

Top 32%

Skill Alpha (FF)

+5.7%/yr^ns

No Clear Edge

Rank #660 · Top 8%

vs S&P +8.5%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 21.4%Top 10: 35.2%Top 20: 54.5%

SIMO6.7%

CLS4.1%

VICR4.0%

TSEM3.5%

KLIC3.2%

FN3.2%

DOCN3.1%

MU2.8%

CEVA2.4%

PEGA2.3%

Others (82)64.8%

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

Sector Allocation

Technology84.7%

Industrials7.3%

Communication Services4.1%

Other3.9%

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

Position Sizing

Positions: 92Median: 0.76%Avg: 1.09%

0–0.5%

28(8.6%)

0.5–1%

34(25.0%)

1–3%

23(38.6%)

3–5%

6(21.1%)

5%+

1(6.7%)

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

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Portfolio Overlap

Shared: 0Unique: 92vs 20 funds

0%Low

Fund positions

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.

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Position Changes This Quarter

New0Increased8Decreased54Exited5

Increased

CI&T Inc0.4%

+475K(+90%)

CMRC0.4%

+360K(+51%)

VERX0.5%

+100K(+50%)

PATH0.4%

+94K(+46%)

RDVT2.2%

+64K(+34%)

POWL0.6%

+10K(+200%)

MPTI0.8%

+4K(+6%)

AAPL1.0%

+2K(+10%)

Decreased

KOPN0.8%

-652,500(-34%)

RMNI0.2%

-650,000(-65%)

IDN0.2%

-519,816(-63%)

HLIT0.6%

-518,000(-66%)

ELVA1.0%

-445,500(-39%)

MRAM0.8%

-358,250(-60%)

QUIK0.7%

-351,047(-57%)

SMCI1.7%

-277,900(-40%)

ARLO2.1%

-242,675(-18%)

SIMO6.7%

-220,000(-60%)

Exited

-41,240

-419,370

-63,000

-100,000

M-Tron Industries In…

-55,000

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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