As of December 31, 2025, the portfolio included 44 holdings with a weighted average market capitalization of approximately $9.86 billion, a forward P/E ratio of 30.0x, an earnings growth forecast of 14.7%, an ROE of 13.3%, and a long-term debt to capital ratio of 27.7%. The top ten equity holdings constitute about 35.2% of the portfolio, featuring companies such as Casella Waste Systems, RBC Bearings, and Rollins, Inc. Performance data as of December 31, 2025, show the strategy with annualized returns of 10.34% over three years, 2.01% over five years, and 11.44% since inception (January 31, 2017), underperforming the Russell 2500 Growth Index benchmark on a year-to-date basis (-4.71% vs. +10.31%). The strategy aims for favorable returns with lower risk, reflected in a turnover rate of 14.4% and a five-year standard deviation slightly below the benchmark.

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Conestoga seeks companies which they believe have sustainable earnings growth rates, high returns on equity, low debt levels, and capable management teams. The investment team invests 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. The Strategy seeks to provide long-term growth of capital by investing predominantly in 40-60 small and mid-capitalization stocks believed to be attractively valued relative to their growth prospects. Conestoga strives to generate long-term investment returns favorable to its benchmarks with lower risk. The firm emphasizes companies with sustainable earnings growth, high returns on equity (ROE), low debt levels, and strong management teams.

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