Montanaro Asset Management Ltd Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ENTG	ENTEGRIS INC	104,700 (+115.4%)	$8,821 (+96.3%)	2.5%	$102.46	-15.3%	COM	29362U104
CSW	CSW INDUSTRIALS INC	46,200 (+15.5%)	$13,561 (+39.7%)	3.8%	$152.65	+74.4%	COM	126402106
BCPC	BALCHEM CORP	101,300 (+28.7%)	$15,535 (+31.5%)	4.3%	$133.06	+14.1%	COM	057665200
FSS	FEDERAL SIGNAL CORP	68,500 (+65.9%)	$7,438 (+51.4%)	2.1%	$98.99	+15.6%	COM	313855108
MANH	MANHATTAN ASSOCIATES INC	94,910 (+3.0%)	$16,449 (-12.9%)	4.6%	$248.79	-26.5%	COM	562750109
EGP	EASTGROUP PPTYS INC	47,600 (+28.6%)	$8,479 (+35.4%)	2.4%	$171.24	—	COM	277276101
MIR	MIRION TECHNOLOGIES INC	255,400 (+48.8%)	$5,981 (+49.9%)	1.7%	$22.71	+9.8%	COM CL A	60471A101
HWKN	HAWKINS INC	65,900 (+11.5%)	$9,362 (-13.3%)	2.6%	$128.13	+14.9%	COM	420261109
HLI	HOULIHAN LOKEY INC	97,650 (+9.7%)	$17,010 (-6.9%)	4.7%	$90.58	+102.2%	CL A	441593100
ROL	ROLLINS INC	305,000 (+2.7%)	$18,306 (+4.9%)	5.1%	$41.70	+40.7%	COM	775711104
MSCI	MSCI INC	15,150 (+5.6%)	$8,692 (+6.8%)	2.4%	$462.43	+21.1%	COM	55354G100
DOCS	DOXIMITY INC	41,200 (+28.0%)	$1,824 (-22.5%)	0.5%	$63.22	-11.2%	CL A	26622P107
HQY	HEALTHEQUITY INC	37,200 (+13.1%)	$3,408 (+9.3%)	0.9%	$98.01	-2.3%	COM	42226A107
TW	TRADEWEB MKTS INC	69,500 (+6.9%)	$7,474 (+3.6%)	2.1%	$116.42	-7.8%	CL A	892672106

Exited Positions (2)

FORM FORMFACTOR INC 1.3%

Value ($000) $4,553 Shares 125,000 Est. Cost $32.31 Unrealized +55.9%

MASI MASIMO CORP 0.5%

Value ($000) $1,912 Shares 12,960 Est. Cost $221.36 Unrealized -35.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FORM	FORMFACTOR INC	125,000	$4,553	1.3%	$32.31	+55.9%	—	346375108
MASI	MASIMO CORP	12,960	$1,912	0.5%	$221.36	-35.3%	—	574795100

Decreased Positions (16)

LRN STRIDE INC 2.0%

Value ($000) $7,012 (-64.4%) Shares 108,000 (-18.3%) Est. Cost $79.44 Unrealized +14.3%

TYL TYLER TECHNOLOGIES INC 3.8%

Value ($000) $13,743 (-35.3%) Shares 30,275 (-25.4%) Est. Cost $438.00 Unrealized +8.8%

TREX TREX CO INC 3.0%

Value ($000) $10,610 (-36.3%) Shares 302,462 (-6.2%) Est. Cost $72.73 Unrealized -44.4%

PAYC PAYCOM SOFTWARE INC 2.2%

Value ($000) $8,048 (-39.1%) Shares 50,500 (-20.5%) Est. Cost $248.54 Unrealized -28.8%

VEEV VEEVA SYS INC 2.5%

Value ($000) $8,840 (-26.2%) Shares 39,600 (-1.5%) Est. Cost $239.28 Unrealized +10.9%

NVMI NOVA LTD 5.8%

Value ($000) $20,895 (-11.3%) Shares 63,630 (-13.6%) Est. Cost $109.16 Unrealized +194.5%

TMDX TRANSMEDICS GROUP INC 3.5%

Value ($000) $12,401 (-15.4%) Shares 101,939 (-21.9%) Est. Cost $89.31 Unrealized +40.5%

AWK AMERICAN WTR WKS CO INC NEW 3.3%

Value ($000) $11,776 (-13.3%) Shares 90,240 (-7.5%) Est. Cost $136.64 Unrealized -2.5%

CGNX COGNEX CORP 0.4%

Value ($000) $1,512 (-49.7%) Shares 42,012 (-36.6%) Est. Cost $63.65 Unrealized -36.5%

ERII ENERGY RECOVERY INC 0.5%

Value ($000) $1,729 (-45.5%) Shares 128,160 (-37.7%) Est. Cost $20.03 Unrealized -24.3%

WMS ADVANCED DRAIN SYS INC DEL 0.7%

Value ($000) $2,361 (-36.0%) Shares 16,300 (-38.7%) Est. Cost $111.70 Unrealized +29.5%

ALRM ALARM COM HLDGS INC 2.1%

Value ($000) $7,658 (-12.2%) Shares 150,100 (-8.6%) Est. Cost $69.93 Unrealized -27.1%

BRKR BRUKER CORP 2.3%

Value ($000) $8,174 (+14.0%) Shares 173,500 (-21.4%) Est. Cost $54.67 Unrealized -22.8%

OLED UNIVERSAL DISPLAY CORP 0.4%

Value ($000) $1,506 (-25.1%) Shares 12,900 (-7.9%) Est. Cost $190.74 Unrealized -32.2%

FN FABRINET 3.5%

Value ($000) $12,520 (+4.1%) Shares 27,500 (-16.7%) Est. Cost $121.57 Unrealized +257.8%

TECH BIO-TECHNE CORP 5.7%

Value ($000) $20,375 (+1.2%) Shares 346,450 (-4.3%) Est. Cost $73.24 Unrealized -17.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRN	STRIDE INC	108,000 (-18.3%)	$7,012 (-64.4%)	2.0%	$79.44	+14.3%	COM	86333M108
TYL	TYLER TECHNOLOGIES INC	30,275 (-25.4%)	$13,743 (-35.3%)	3.8%	$438.00	+8.8%	COM	902252105
TREX	TREX CO INC	302,462 (-6.2%)	$10,610 (-36.3%)	3.0%	$72.73	-44.4%	COM	89531P105
PAYC	PAYCOM SOFTWARE INC	50,500 (-20.5%)	$8,048 (-39.1%)	2.2%	$248.54	-28.8%	COM	70432V102
VEEV	VEEVA SYS INC	39,600 (-1.5%)	$8,840 (-26.2%)	2.5%	$239.28	+10.9%	CL A COM	922475108
NVMI	NOVA LTD	63,630 (-13.6%)	$20,895 (-11.3%)	5.8%	$109.16	+194.5%	COM	M7516K103
TMDX	TRANSMEDICS GROUP INC	101,939 (-21.9%)	$12,401 (-15.4%)	3.5%	$89.31	+40.5%	COM	89377M109
AWK	AMERICAN WTR WKS CO INC NEW	90,240 (-7.5%)	$11,776 (-13.3%)	3.3%	$136.64	-2.5%	COM	030420103
CGNX	COGNEX CORP	42,012 (-36.6%)	$1,512 (-49.7%)	0.4%	$63.65	-36.5%	COM	192422103
ERII	ENERGY RECOVERY INC	128,160 (-37.7%)	$1,729 (-45.5%)	0.5%	$20.03	-24.3%	COM	29270J100
WMS	ADVANCED DRAIN SYS INC DEL	16,300 (-38.7%)	$2,361 (-36.0%)	0.7%	$111.70	+29.5%	COM	00790R104
ALRM	ALARM COM HLDGS INC	150,100 (-8.6%)	$7,658 (-12.2%)	2.1%	$69.93	-27.1%	COM	011642105
BRKR	BRUKER CORP	173,500 (-21.4%)	$8,174 (+14.0%)	2.3%	$54.67	-22.8%	COM	116794108
OLED	UNIVERSAL DISPLAY CORP	12,900 (-7.9%)	$1,506 (-25.1%)	0.4%	$190.74	-32.2%	COM	91347P105
FN	FABRINET	27,500 (-16.7%)	$12,520 (+4.1%)	3.5%	$121.57	+257.8%	SHS	G3323L100
TECH	BIO-TECHNE CORP	346,450 (-4.3%)	$20,375 (+1.2%)	5.7%	$73.24	-17.1%	COM	09073M104

Unchanged Positions (9)

BSY BENTLEY SYS INC 4.9%

Value ($000) $17,610 Shares 461,409 Est. Cost $46.63 Unrealized -2.4%

SITM SITIME CORP 3.4%

Value ($000) $12,362 Shares 35,000 Est. Cost $124.83 Unrealized +150.7%

BRBR BELLRING BRANDS INC 0.8%

Value ($000) $2,940 Shares 110,000 Est. Cost $71.27 Unrealized -56.5%

STVN STEVANATO GROUP S P A 1.0%

Value ($000) $3,521 Shares 175,000 Est. Cost $30.27 Unrealized -23.2%

TRNS TRANSCAT INC 0.6%

Value ($000) $2,269 Shares 40,000 Est. Cost $114.76 Unrealized -45.7%

FCN FTI CONSULTING INC 2.4%

Value ($000) $8,542 Shares 50,000 Est. Cost $200.03 Unrealized -17.6%

GGG GRACO INC 2.1%

Value ($000) $7,377 Shares 90,000 Est. Cost $85.20 Unrealized -3.8%

EXPO EXPONENT INC 2.3%

Value ($000) $8,370 Shares 120,500 Est. Cost $84.46 Unrealized -17.1%

BMI BADGER METER INC 0.6%

Value ($000) $2,093 Shares 12,000 Est. Cost $86.70 Unrealized +107.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BSY	BENTLEY SYS INC	461,409	$17,610	4.9%	$46.63	-2.4%	COM CL B	08265T208
SITM	SITIME CORP	35,000	$12,362	3.4%	$124.83	+150.7%	COM	82982T106
BRBR	BELLRING BRANDS INC	110,000	$2,940	0.8%	$71.27	-56.5%	COMMON STOCK	07831C103
STVN	STEVANATO GROUP S P A	175,000	$3,521	1.0%	$30.27	-23.2%	ORD SHS	T9224W109
TRNS	TRANSCAT INC	40,000	$2,269	0.6%	$114.76	-45.7%	COM	893529107
FCN	FTI CONSULTING INC	50,000	$8,542	2.4%	$200.03	-17.6%	COM	302941109
GGG	GRACO INC	90,000	$7,377	2.1%	$85.20	-3.8%	COM	384109104
EXPO	EXPONENT INC	120,500	$8,370	2.3%	$84.46	-17.1%	COM	30214U102
BMI	BADGER METER INC	12,000	$2,093	0.6%	$86.70	+107.4%	COM	056525108