Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trading at an expensive 20x forward earnings, the manager has positioned heavily in short-duration fixed income and cash to shield capital from an overdue equity correction, while favoring defensive healthcare over declining technology sectors.
Full Quick Take
The fund employs a value-and-trend-driven dynamic asset allocation strategy, currently maintaining an exceptionally defensive stance with 39% equity exposure. With the S&P 500 trading at an expensive 20x forward earnings, the manager has positioned heavily in short-duration fixed income and cash to shield capital from an overdue equity correction, while favoring defensive healthcare over declining technology sectors.
While speculative market behavior led to underperformance in 2025, Conestoga's commitment to high-quality compounding remains unchanged, and the firm sees a highly compelling 2026 setup for Small Caps.
Full Quick Take
While speculative market behavior led to underperformance in 2025, Conestoga's commitment to high-quality compounding remains unchanged, and the firm sees a highly compelling 2026 setup for Small Caps.
