Derek Johnston, CFA, serves as Partner and Co-Portfolio Manager with 20 years of investment experience, joining Conestoga in May 2015 and appointed Co-Portfolio Manager in February 2016. He previously served as co-portfolio manager at 300 North Capital, equity research analyst at Engemann Asset Management, and research associate at Banc of America Securities. Johnston holds a BS in Finance from Boston College, MBA from USC Marshall School of Business, and has been a CFA charterholder since 2003. Ted Chang, CFA, is Partner and Co-Portfolio Manager who joined Conestoga in June 2020 and was promoted to Co-Portfolio Manager in January 2021. Chang leads investment research across multiple growth products and serves on the firm's ESG Committee. He previously served as Portfolio Manager and Managing Director at Thornburg Investment Management with over 13 years of investment experience. Chang holds an MBA from USC Marshall School of Business, BA from UCLA, is a CFA Charterholder, and was promoted to Partner in 2023.

Read More

We invest with an ownership mindset focused entirely on identifying sector-leading small-to mid-cap companies with strong management teams capable of maintaining sustainable earnings growth that can result in lower volatility with durable alpha generation. Our strategies are built with a fundamental understanding of every business we invest in—including in-depth financial analysis, building relationships with management and identifying clear proof points of competitive durability. The investment approach emphasizes high-quality, conservative growth companies capable of sustainable earnings growth through multiple business cycles. Companies typically exhibit sustainable earnings growth of at least 15% annually over three years, strong profitability with return on equity over 15%, conservative balance sheets with debt less than 40% of capitalization, and management ownership above 10%. The approach features an average annual turnover of 20-30% and a typical holding period exceeding five years, emphasizing patient, long-term investment focused on 40-60 SMid capitalization stocks.

Read More