# EDGAR Filing Document

**Accession Number:** 0001831133
**File Stem:** 0001085146-25-004824
**Filing Date:** 2025-8
**Character Count:** 20060
**Document Hash:** a03c27e2801b997204bcf95d116ad516
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-25-004824.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001085146-25-004824

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Montanaro Asset Management Ltd
- **CENTRAL INDEX KEY:** 0001831133

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20840
- **FILM NUMBER:** 251203711

**BUSINESS ADDRESS:**
- **STREET 1:** MONTANARO ASSET MANAGEMENT LTD
- **STREET 2:** 53 THREADNEEDLE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2R 8AR
- **BUSINESS PHONE:** 0207 448 8600

**MAIL ADDRESS:**
- **STREET 1:** MONTANARO ASSET MANAGEMENT LTD
- **STREET 2:** 53 THREADNEEDLE STREET
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2R 8AR

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001831133

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Montanaro Asset Management Ltd

**Address:** 53 Threadneedle Street, London, X0 EC2R 8AR

**Telephone number:** 44-207-448-8600

**Name of agent for service:** ACN Solutions LLC

**Agent Address:** 600 Superior Avenue, Cleveland, OH OH 44114

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-20840

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 213800HD3GNPXS6IC996

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                     | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                              | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| Advanced Drainage Systems, Inc.    | 00790R104 | 07/18/2024     | Approval, in a non-binding advisory vote, of the compensation for named executive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          89200 |                0 | FOR         | 89200.000000                             | FOR                         |  |
| Houlihan Lokey, Inc.               | 441593100 | 09/18/2024     | To approve, on an advisory basis, the compensation of our named executive officers as disclosed in the accompanying Proxy Statement;                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          41250 |                0 | FOR         | 41250.000000                             | FOR                         |  |
| Houlihan Lokey, Inc.               | 441593100 | 09/18/2024     | To approve, on an advisory basis, the frequency (every one, two or three years) of future advisory votes to approve the compensation of our named executive officers;                                                                         | SECTION 14A SAY-ON-PAY VOTES |          41250 |                0 | ONE YEAR    | 41250.000000                             | FOR                         |  |
| Masimo Corporation                 | 574795100 | 09/19/2024     | To provide an advisory vote to approve the compensation of our named executive officers.                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          53700 |                0 | FOR         | 53700.000000                             | FOR                         |  |
| Masimo Corporation                 | 574795100 | 09/19/2024     | An advisory vote to approve the compensation of the Company's named executive officers.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |  |  |  |
| Aehr Test Systems                  | 00760J108 | 10/21/2024     | To approve, on an advisory (non-binding) basis, the compensation of the Company's named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           6750 |                0 | FOR         | 6750.000000                              | FOR                         |  |
| Bio-Techne Corporation             | 09073M104 | 10/24/2024     | Approve, on an advisory basis, the compensation of our executive officers.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         228000 |                0 | FOR         | 228000.000000                            | FOR                         |  |
| Stride, Inc.                       | 86333M108 | 12/05/2024     | Approval, on a non-binding advisory basis, of the compensation of the named executive officers of the Company;                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          85000 |                0 | FOR         | 85000.000000                             | FOR                         |  |
| Fabrinet                           | G3323L100 | 12/12/2024     | Approval, on a non-binding, advisory basis, of the compensation of Fabrinet's named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           1250 |                0 | FOR         | 1250.000000                              | FOR                         |  |
| Zscaler, Inc.                      | 98980G102 | 01/10/2025     | To approve on a non-binding, advisory basis, the compensation of our named executive officers.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            800 |                0 | FOR         | 800.000000                               | FOR                         |  |
| MSCI Inc.                          | 55354G100 | 04/22/2025     | To approve, by advisory vote, our executive compensation.                                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          13800 |                0 | FOR         | 13800.000000                             | FOR                         |  |
| Entegris, Inc.                     | 29362U104 | 04/23/2025     | Approval, by non-binding vote, of the compensation paid to Entegris, Inc.'s named executive officers (advisory vote).                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          84580 |                0 | AGAINST     | 84580.000000                             | AGAINST                     |  |
| Badger Meter, Inc.                 | 056525108 | 04/25/2025     | ADVISORY VOTE TO APPROVE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          49500 |                0 | FOR         | 49500.000000                             | FOR                         |  |
| Masimo Corporation                 | 574795100 | 04/29/2025     | An advisory vote to approve the compensation of our named executive officers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          46900 |                0 | FOR         | 46900.000000                             | FOR                         |  |
| Cognex Corporation                 | 192422103 | 04/30/2025     | To approve, on an advisory basis, the compensation of Cognex's named executive officers, as described in the proxy statement including the Compensation Discussion and Analysis, compensation tables and narrative discussion ("say-on-pay"). | SECTION 14A SAY-ON-PAY VOTES |         224202 |                0 | FOR         | 224202.000000                            | FOR                         |  |
| Paycom Software, Inc.              | 70432V102 | 05/05/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          18835 |                0 | FOR         | 18835.000000                             | FOR                         |  |
| Trex Company, Inc.                 | 89531P105 | 05/06/2025     | Non-binding advisory vote on executive compensation ("say-on-pay")                                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |         198100 |                0 | FOR         | 198100.000000                            | FOR                         |  |
| Tyler Technologies, Inc.           | 902252105 | 05/06/2025     | Advisory Approval of Our Executive Compensation.                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          27961 |                0 | FOR         | 27961.000000                             | FOR                         |  |
| IDEX Corporation                   | 45167R104 | 05/08/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          33500 |                0 | FOR         | 33500.000000                             | FOR                         |  |
| Manhattan Associates, Inc.         | 562750109 | 05/13/2025     | Non-binding resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          47920 |                0 | FOR         | 47920.000000                             | FOR                         |  |
| American Water Works Company, Inc. | 030420103 | 05/14/2025     | Approval, on an advisory basis, of the compensation of the Company's named executive officers.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         124200 |                0 | FOR         | 124200.000000                            | FOR                         |  |
| FormFactor, Inc.                   | 346375108 | 05/16/2025     | Advisory approval of Form Factor's executive compensation.                                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           4501 |                0 | FOR         | 4501.000000                              | FOR                         |  |
| Tradeweb Markets Inc.              | 892672106 | 05/20/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          47000 |                0 | FOR         | 47000.000000                             | FOR                         |  |
| Bentley Systems, Incorporated      | 08265T208 | 05/22/2025     | To approve, on an advisory (non-binding) basis, the compensation paid to the Company's named executive officers                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         224239 |                0 | FOR         | 224239.000000                            | FOR                         |  |
| TransMedics Group, Inc.            | 89377M109 | 05/22/2025     | To approve, on a non-binding advisory basis, the compensation paid to TransMedics' named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          93675 |                0 | FOR         | 93675.000000                             | FOR                         |  |
| Axon Enterprise, Inc.              | 05464C101 | 05/29/2025     | Proposal No. 2 requests that shareholders vote to approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            430 |                0 | FOR         | 430.000000                               | FOR                         |  |
| Bruker Corporation                 | 116794108 | 05/29/2025     | Approval on an advisory basis of the 2024 compensation of our named executive officers, as discussed in the Proxy Statement.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         148700 |                0 | FOR         | 148700.000000                            | FOR                         |  |
| SiTime Corporation                 | 82982T106 | 05/30/2025     | To approve, on an advisory basis, the compensation of SiTime's named executive officers as disclosed in SiTime's proxy statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            779 |                0 | FOR         | 779.000000                               | FOR                         |  |
| Alarm.com Holdings, Inc.           | 011642105 | 06/04/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers as disclosed in the Proxy Statement.                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          99790 |                0 | FOR         | 99790.000000                             | FOR                         |  |
| Energy Recovery, Inc.              | 29270J100 | 06/05/2025     | To approve, on an advisory basis, our executive compensation for the fiscal year ended December 31, 2024 as described in the Proxy Statement.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         216700 |                0 | FOR         | 216700.000000                            | FOR                         |  |
| Exponent, Inc.                     | 30214U102 | 06/05/2025     | To approve, on an advisory basis, the fiscal 2024 compensation of the Company's named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          39200 |                0 | FOR         | 39200.000000                             | FOR                         |  |
| Pure Storage, Inc.                 | 74624M102 | 06/11/2025     | An advisory vote on our named executive officer compensation.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2570 |                0 | AGAINST     | 2570.000000                              | AGAINST                     |  |
| Balchem Corporation                | 057665200 | 06/18/2025     | Advisory approval of the compensation of the Company's named executive officers.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          29900 |                0 | FOR         | 29900.000000                             | FOR                         |  |
| Universal Display Corporation      | 91347P105 | 06/18/2025     | Advisory resolution to approve the compensation of the Company's named executive officers.                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          15995 |                0 | FOR         | 15995.000000                             | FOR                         |  |
| HealthEquity, Inc.                 | 42226A107 | 06/26/2025     | To approve, on a non-binding, advisory basis, the fiscal 2025 compensation paid to our named executive officers.                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          15300 |                0 | FOR         | 15300.000000                             | FOR                         |  |
| ANSYS, Inc.                        | 03662Q105 | 06/27/2025     | Advisory Approval of the Compensation of Our Named Executive Officers                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          34406 |                0 | FOR         | 34406.000000                             | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Montanaro Asset Management Ltd

**By (Signature):** Cedric Durant des Aulnois

**By (Printed Signature):** Cedric Durant des Aulnois

**By (Title):** Chief Executive Officer

**Date:** 08/11/2025