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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 27, 2025 | Thornburg Small/Mid Cap Core Fund | 10.4% | -2.3% | AGYS, AVTR, BJ, BMRN, CLH, COHR, CWST, CYTK, FTI, LPLA, MYRG, NTNX, PNFP, RPAY, SXT, TXNM, VRT, WD | Barbell, cyclicals, Domestically Focused, Risk Appetite, small caps, Trade Policy, valuation | Trump administration's Liberation Day tariff package sparked early April selloff, though temporary pause in tariff escalation helped drive market recovery. Tariffs remain an overhang and source of ongoing policy uncertainty, but small and mid-cap companies may be insulated as many are domestically focused and less reliant on global supply chains. | View | |
| 2025 Q2 | Jul 22, 2025 | Conestoga Mid Cap Composite | 3.5% | 4.5% | AAON, AGYS, BFAM, CWAN, CWST, DGII, DSGX, ESE, EXPO, FSS, FSV, JBTM, MLAB, MMSI, NEOG, NOVT, RBC, ROAD, SLP, STVN | growth, industrials, infrastructure, Quality, small cap, tariffs, technology | Federal infrastructure investment is driving robust demand in road maintenance and construction markets. Construction Partners has been a leader in seven of the past nine quarters due to this infrastructure spending. The company reported solid fiscal 2Q results with organic revenue increases and record backlog figures. | MTD NET FICO AAON POOL ROP WSO WCN CPRT VEEV IDXX GWRE HEI.A BSY |
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| 2025 Q2 | Jul 22, 2025 | Conestoga Small Cap Composite | 4.8% | -7.1% | AAON, AGYS, BFAM, CWAN, CWST, DGII, DSGX, ESE, EXPO, FSS, FSV, JBTM, MLAB, MMSI, NEOG, NOVT, RBC, ROAD, SLP, STVN | growth, healthcare, industrials, infrastructure, Quality, small cap, tariffs, technology | Federal infrastructure investment is driving robust demand in road maintenance and infrastructure markets. Construction Partners has been a leader in seven of the past nine quarters due to this infrastructure spending. The company reported solid fiscal 2Q results with organic revenue increases and record backlog figures. | SLP KIDS SSTI ERII HLMN MEG ROAD WLDN PL |
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| 2025 Q2 | Jul 22, 2025 | Conestoga SMid Cap Composite | 5.0% | -1.0% | AAON, AGYS, BFAM, CWAN, CWST, DGII, DSGX, ESE, EXPO, FSS, FSV, JBTM, MLAB, MMSI, NEOG, NOVT, RBC, ROAD, SLP, STVN | growth, industrials, infrastructure, Quality, small cap, tariffs, technology | Federal infrastructure investment is driving robust demand in road maintenance and construction markets. Construction Partners has been a leader in seven of the past nine quarters due to this infrastructure spending. The company reported solid fiscal 2Q results with organic revenue increases and record backlog figures. | RBC GWRE AXON ROAD |
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| 2025 Q2 | Jul 22, 2025 | Conestoga Micro Cap Composite | 15.7% | 6.1% | AAON, AGYS, BFAM, CWAN, CWST, DGII, DSGX, ESE, EXPO, FSS, FSV, JBTM, MLAB, MMSI, NEOG, NOVT, RBC, ROAD, SLP, STVN | growth, healthcare, industrials, infrastructure, Quality, small cap, tariffs, technology | Federal infrastructure investment driving robust demand in road maintenance and construction markets. Construction Partners has been a leader in seven of the past nine quarters due to this infrastructure spending tailwind. | TWST |
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| 2025 Q2 | Jul 18, 2025 | Invesco Discovery Fund | 17.2% | 3.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TSEM, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | TXRH QTWO CLS TTMI LSCC AEIS |
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| 2026 Q1 | May 1, 2026 | Aristotle Small/Mid Cap Equity | 2.3% | 2.3% | AEIS, ALIT, CIEN, CWST, HURN, NVST | AI, domestic, energy, Manufacturing, semiconductors, small caps, technology, value | NVST CWST HURN CIEN AEIS |
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| 2025 Q1 | May 1, 2025 | Conestoga SMid Cap Composite | -5.7% | -5.7% | AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO | industrials, Outperformance, Quality, SMID Cap, tariffs, technology | The portfolio benefited from high-quality factor leadership as profitable companies with strong ROIC and EBITDA margins declined less than high beta, non-earning counterparts during the market selloff. Conestoga's emphasis on higher-quality, conservative growth companies was a key contributor to outperformance. | View | |
| 2025 Q1 | May 1, 2025 | Conestoga Micro Cap Composite | -8.2% | -8.2% | AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO | Micro Cap, Outperformance, Quality, small caps, tariffs, uncertainty | Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true for most strategies in Q1. | View | |
| 2025 Q1 | May 1, 2025 | Conestoga Small Cap Composite | -11.4% | -11.4% | AAON, ALTR, AZTA, BCPC, CWST, DSGX, ESE, EXPO, FSV, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, SSD, TRNS, VERX | growth, industrials, Outperformance, Quality, small caps, tariffs, technology | Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs in November 2024. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true as their strategies outperformed benchmarks during the quarter's volatility. | View | |
| 2026 Q1 | Apr 30, 2026 | Wasatch Long/Short Alpha Fund | 4.2% | 4.2% | ASAN, CWST, ENSG, LITE, PCOR, RBC | AI, defense, Long/Short, mid cap, Quality, small cap, software | LITE CWST PCOR ASAN ENSG RBC |
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| 2025 Q1 | Apr 30, 2025 | Invesco Discovery Fund | -12.2% | -12.2% | AAON, ALAB, BBIO, CLS.TO, COOP, CRS, CWAN, CWST, CYBR, DUOL, EHC, ERJ, EVR, FRPT, FTI, GKOS, ITCI, KKR, LITE, OLLI, PRS, RKLB, WAY | aerospace, AI, Biotech, growth, healthcare, small cap, technology | The fund experienced challenges from AI-related volatility, with the secular growth narrative being challenged by DeepSeek developments. Astera Labs declined significantly due to concerns about lower-cost AI models from China affecting the AI infrastructure investment thesis. | BBIO RKLB WAY |
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| 2026 Q1 | Apr 25, 2026 | The Osterweis Opportunity Fund | -3.8% | -3.8% | CWST, MOD, MTSI, RGEN, TTAN, TWST | AI, growth, healthcare, innovation, semiconductors, small cap, technology | RGEN TWST CWST MOD TTAN MTSI |
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| 2026 Q1 | Apr 21, 2026 | Conestoga Small Cap Composite | -5.0% | -5.0% | AORT, AZTA, BL, CWST, DGII, ESE, HLIO, HLMN, LMAT, NPO, RBC, RGEN, SPSC, STVN, UTI | defense, energy, growth, Quality, small cap, software, Valuations | View | ||
| 2026 Q1 | Apr 21, 2026 | Conestoga SMid Cap Composite | -10.2% | -10.2% | BCPC, CACI, CWST, PCTY, QTWO, RBC, RGEN, ROAD, SPSC, STVN, TYL, ULS, WSO | aerospace, energy, industrials, Quality, small cap, software, technology | View | ||
| 2026 Q1 | Apr 20, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -6.7% | -6.7% | BJ, CGON, CWST, EE, GRDN, HLNE, LGND, LSCC, MIRM, MTDR, MTSI, ONTO, RBC, RGEN, RRX, SOLV, STVN, VCTR, VVV, WING | Biotechnology, energy, growth, healthcare, semiconductors, small caps, technology | View | ||
| 2026 Q1 | Apr 15, 2026 | Alger Weatherbie Specialized Growth Fund | -11.4% | -11.4% | AIR, CWST, DOCN, PLNT, STEP | AI, Aviation, Data centers, energy, growth, infrastructure, small cap, Waste management | PLNT STEP CWST LGCE DOCN AIR |
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| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO | growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, mid cap, Performance, technology | The market's advance remained heavily dependent on AI-related stocks, with NVIDIA continuing its meteoric rise and Super Micro Computer benefiting from the surge in artificial intelligence-related stocks. The AI theme contributed significantly to market performance across multiple cap segments. | View | |
| 2024 Q1 | Apr 15, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAPL, AXON, CCCS, CWST, DGII, EXPO, MRCY, MSTR, NEOG, NVDA, PLOW, PRO, PYCR, ROAD, SLP, SMCI, SPSC, TSLA, VCEL, WK | growth, healthcare, industrials, infrastructure, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for construction, repair, and maintenance of America's surface infrastructure. Construction Partners has benefited with 13 consecutive quarters of backlog growth as strong demand offsets seasonal weakness. | View | |
| 2026 Q1 | Apr 14, 2026 | Fenimore Small Cap Strategy | -10.0% | -10.0% | BIP, BROS, BWIN, CBIZ, CIGI.TO, CWST, DFH, DSGX.TO, ESI, EXLS, LSTR, OSW, SPSC | AI, energy, Quality, small caps, software, value | View | ||
| 2025 Q1 | Mar 31, 2025 | Thornburg Small/Mid Cap Core Fund | -11.4% | -11.4% | AIT, BJ, CLH, CWST, LPLA, NTNX, PNFP, TXNM, WAL, WH | AI, growth, mid cap, rates, Recession, small cap, Trade Policy, value | Markets experienced substantial volatility driven by an unwind of the artificial intelligence and momentum trade following DeepSeek's arrival, which showcased China's cost-efficient advancement within AI technology. The Magnificent Seven stocks were hit especially hard, down 16%, as fears of peak AI spending emerged. | View | |
| 2023 Q4 | Dec 31, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, CCCS, CWST, DSGX, EXPO, FICO, FSV, IT, JBT, MSA, MTN, PYCR, RBC, ROAD, ROL, SITE, SPSC, SSD, STVN, TREX, WSO, WST | growth, healthcare, industrials, Quality, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for maintenance and capacity increase related road projects, which benefits companies like Construction Partners in the Southeast United States. This has led to strong backlog growth for 12 consecutive quarters. | View | |
| 2023 Q4 | Dec 31, 2023 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAON, ALTR, AQUA, BCPC, BL, CWST, DGII, DSGX, FOXF, HLIO, LMAT, MODN, PYCR, RBC, SITE, SSD, STVN, TREX, VCEL, XYL | Construction, growth, healthcare, industrials, Quality, small cap, technology | Conestoga remains positive on long-term expectations for relative performance of small caps over large caps, noting that relative valuations of small caps to large caps continues to sit near multi-decade lows. The market capitalization of the top five stocks in the S&P 500 Index is now three times the market capitalization of the entire Russell 2000 Index, representing unusual market breadth narrowness. | View | |
| 2025 Q3 | Nov 4, 2025 | Thornburg Small/Mid Cap Core Fund | 2.4% | 0.1% | AIT, ATGE, BJ, CLH, COHR, CWST, ITT, LPLA, PNFP, PSTG, SMPL, STKL, SXT, TLN, VRT, WAL | AI, Defensive, industrials, Quality, rates, small caps, technology, valuation | Semiconductor and software companies were supported by increased spending on data centers and power infrastructure tied to AI adoption during the quarter. | View | |
| 2025 Q3 | Oct 9, 2025 | Fenimore Dividend Focus Strategy | -0.7% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, MCHP, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | FSV CN VRSK US ROST US APH US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Small Cap Strategy | -5.1% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, rates, small caps, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving gains. Portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | CWST US |
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| 2025 Q3 | Oct 9, 2025 | Fenimore Value Strategy | 1.4% | - | APH, BROS, BWIN, CBZ, CHE, CIGI, CTAS, CWST, ENTG, EXPO, FSV, FTDR, GEHC, JKHY, LSTR, NOMD, POOL, ROST, SPSC, VRSK | AI, dividends, Quality, small caps, US, value | AI euphoria fueled strong market performance in Q3, with mega-cap AI leaders driving much of the gains. Many portfolio companies are using AI to improve operations, reduce costs, and better serve customers. Several holdings are participating directly in AI adoption, particularly in data center infrastructure buildout. | LSTR US A US ROST US APH US |
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| 2023 Q3 | Oct 31, 2023 | The London Company SMID Cap | 9.2% | 9.2% | AER, BKI, BR, CABO, CHDN, CWST, DECK, ICE, LANC, LW, MTN, NEU, RBA, ST, WAT, ZBRA | Automation, Quality, SMID Cap, Travel, value, Waste management | Initiated position in Casella Waste Systems, the 5th largest waste company in the U.S. and #1 player in the dense Northeast. The Northeast hasn't approved a new landfill permit in 30 years, creating scarcity value. CWST has significant pricing power due to vertical integration and rural market exposure. | ZBRA WAT ACGL|CHH|FDS|GWRE|IBKR|IDXX|MTN|SPOT|TSLA CWST |
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| 2025 Q3 | Oct 28, 2025 | The London Company SMID Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | AI, Fed, growth, Quality, small cap, SMID Cap, value, volatility | The portfolio maintains a Quality-at-a-Reasonable-Price discipline focused on companies with durable advantages, strong balance sheets, and steady free cash flow. Quality factors have been headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. | DECK ACIW JKHY CWST WAT NEU SGI AWI DECK ACIW JKHY CWST WAT NEU SGI AWI |
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| 2025 Q3 | Oct 28, 2025 | The London Company Small-Mid Cap | 0.8% | -6.6% | ACIW, AWI, BR, CWST, DECK, JKHY, NEU, REYN, SGI, WAT | Fed Cuts, high beta, Quality, SMID Cap, value, volatility | The manager emphasizes their Quality-at-a-Reasonable-Price discipline, noting that quality factors were headwinds during the high beta rally but historically regain leadership when fundamentals reassert themselves. They remain confident in holdings with durable advantages, strong balance sheets, and steady free cash flow. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST | growth, industrials, infrastructure, software, technology | The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAON, ALTR, CSWI, CWST, DSGX, EXPO, FOXF, FSV, GWRE, NOVT, NRC, OFLX, PRO, QTWO, ROAD, SLP, SPSC, SSD, TREX, VCEL | growth, HVAC, industrials, infrastructure, small cap, software, technology | U.S. infrastructure spending has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants creating better pricing and expanding margins. Infrastructure spending programs continue to drive growth across multiple portfolio holdings. | View | |
| 2025 Q3 | Oct 20, 2025 | Invesco Discovery Fund | 7.9% | 11.0% | AEIS, BTSG, CLS, CRS, CW, CWST, DUOL, EHC, EVR, FN, LSCC, PAR, PRIM, QTWO, SHAK, SITM, STEP, STRL, TTMI, TXRH | AI, growth, industrials, infrastructure, semiconductors, small caps, technology | The artificial intelligence narrative remained a bullish force during the quarter. The pace of AI-related innovation and infrastructure build-out has remained robust, providing substantial investment opportunities. The fund increased semiconductor capital equipment exposure in anticipation of increased investments fueled by AI. | View | |
| 2025 Q3 | Oct 13, 2025 | Conestoga Mid Cap Composite | -3.2% | 1.1% | AAON, BCPC, CSWI, CWST, DSGX.TO, ESE, EXPO, FSV.TO, HLIO, HLMN, MIR, MRCY, NOVT, QTWO, RBC, ROAD, SLP, SPSC, STVN, VERX | defense, growth, Quality, small caps, software, value | Small cap stocks reached new all-time highs in Q3, with the Russell 2000 rising 12% and significantly outperforming the S&P 500. The rally has been characterized by historically narrow leadership, with the top 20 performing stocks representing 78% of the Russell 2000 Growth Index's gains year-to-date. This concentration is more extreme than during the COVID rally in 2020. | IDXX US WST US |
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| 2025 Q3 | Oct 13, 2025 | Conestoga Small Cap Composite | -1.4% | -8.4% | AAON, BCPC, CSWI, CWST, DSGX, ESE, EXPO, FSV, HLIO, HLMN, MIR, MRCY, NOVT, QTWO, RBC, ROAD, SLP, SPSC, STVN, VERX | Beta, defense, growth, profitability, Quality, small cap, software, technology | Small cap stocks reached new all-time highs in Q3, with the Russell 2000 Index rising 12% and significantly outperforming the S&P 500. The rally has been characterized by historically narrow leadership, with the top 20 performing stocks representing 78% of the Russell 2000 Growth Index's overall gains year-to-date. This extreme concentration exceeds even the COVID rally period when the top 20 stocks made up just 39% of returns. | ROAD US HLIO US MRCY US |
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| 2025 Q3 | Oct 13, 2025 | Conestoga SMid Cap Composite | -1.1% | -2.1% | AAON, BCPC, CSWI, CWST, DSGX.TO, ESE, EXPO, FSV, HLIO, HLMN, MIR, MRCY, NOVT, QTWO, RBC, ROAD, SLP, SPSC, STVN, VERX | defense, growth, industrials, Quality, small caps, software, technology | Small cap stocks reached new all-time highs in Q3, with the Russell 2000 rising 12% and significantly outperforming the S&P 500. The rally has been characterized by historically narrow leadership, with the top 20 performing stocks representing 78% of the Russell 2000 Growth Index's gains year-to-date. This extreme concentration exceeds even the COVID rally period when the top 20 stocks made up just 39% of returns. | View | |
| 2025 Q3 | Oct 13, 2025 | Conestoga Micro Cap Composite | 11.7% | 18.5% | AAON, BCPC, CSWI, CWST, DSGX.TO, ESE, EXPO, FSV.TO, HLIO, HLMN, MIR, MRCY, NOVT, QTWO, RBC, ROAD, SLP, SPSC, STVN, VERX | Beta, defense, industrials, profitability, Quality, small caps, software, technology | Small cap stocks reached new all-time highs in Q3, with the Russell 2000 rising 12% and significantly outperforming the S&P 500. The rally has been characterized by historically narrow leadership, with the top 20 stocks representing 78% of the Russell 2000 Growth Index's gains year-to-date. This concentration is more extreme than during the COVID rally in 2020. | BWMN US WLDN US |
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| 2025 Q3 | Oct 12, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 2.0% | - | ACVA, BJ, CWST, KTOS, MIR, NVDA, PAR, SITM, UNF, VERX | AI, Biotechnology, defense, Federal Reserve, growth, M&A, small cap, software | AI remains a dominant theme though some cracks are beginning to appear. Industry participants questioned the pace of infrastructure spending to support AI and how sustainable that would be. Some spending appeared circular, with debt levels increasing for the biggest AI spenders approaching dot-com peak levels. | SITM US KRAT US |
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| 2025 Q4 | Jan 27, 2026 | The Osterweis Opportunity Fund | 3.3% | 0.3% | AX, BIRK, CAVA, CECO, CWST, FSV, GH, GWRE, LSCC, LTH, MOD, MTSI, NOVT, SITM, TREX, TTAN, WAY | AI, Biotech, Fintech, growth, healthcare, semiconductors, small cap, technology | AI was identified as one of the big investment themes driving 2025 returns, with the AI boom propelling many indices to all-time highs. SiTime Corp benefited from 115% growth in its data center segment reflecting surging demand from AI applications. The manager published a piece discussing AI as one of their top five secular trends for the near-to-medium term. The portfolio had strong performance from semiconductor investments including MACOM and SiTime. MACOM delivered strong Q4 results with 30% revenue growth, serving telecommunications, data center, defense, and industrial markets. SiTime revolutionized timing devices with MEMS-based silicon solutions and saw 45% growth driven by AI applications in data centers. Chime was highlighted as a leading online bank and top contributor in the Financial sector. The company's cost-effective, mobile-first, cloud-native infrastructure allows it to serve underbanked populations with free banking services. Revenue continues to increase above 30% annually with profit margins above 65%, and the manager believes Chime can triple its revenue per customer over the next five years. Guardant Health, a provider of blood-based diagnostic tests for cancer, was a significant contributor with strong Q3 results. The core oncology business grew revenues 30% with acceleration driven by innovative product enhancements. The company continues to lead the charge in converting oncology testing from tissue to blood, representing a major shift in cancer diagnostics. Flying taxis were mentioned as one of the speculative investment themes that drove 2025 returns, though the manager deliberately avoided these speculative companies. Drones were also identified as one of the top five secular trends for the near-to-medium term in the manager's recent publication. Robotics was identified as one of the manager's top five secular trends for the near-to-medium term. This represents an area of focus for finding category leaders before they become widely discovered, though specific robotics investments were not detailed in this letter. | View | |
| 2025 Q4 | Jan 26, 2026 | ClearBridge Mid Cap Growth Strategy | 0.0% | 0.0% | APG, ARE, ARGX, BSY, CHDN, CHWY, CMPO, CPAY, CWST, DKNG, DOCS, DT, EXPE, LNW, PFGC, PTC, RBLX, RESI, TDY, TYL, XPO | AI, dispersion, fundamentals, gaming, mid cap, real estate, stock selection, technology | AI-driven disruption concerns weighed on software businesses as investor sentiment weakened amid heightened sensitivity to earnings expectations. The market showed unusually concentrated focus on AI and its immediate beneficiaries throughout 2025, with limited investor attention for performance not tied to artificial intelligence. Gaming holdings provided positive contributions with Light & Wonder rebounding following technical selling pressure and Churchill Downs advancing as operating trends normalized. The gaming sector showed resilience despite broader market headwinds affecting other areas of the portfolio. Online travel platforms contributed positively with Expedia benefiting from improved execution in its consumer business and continued strength in its business-to-business segment. The travel sector demonstrated solid fundamentals amid the challenging market environment. Real estate was a significant source of pressure, particularly Alexandria Real Estate Equities which declined due to slowdown in biopharma research spending and excess laboratory capacity weighing on leasing demand and rental growth expectations. The position was exited due to ongoing uncertainty and dividend cut. | CPAY CWST ARE CHDN EXPE LNWO |
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| 2025 Q4 | Jan 26, 2026 | Baron Discovery Fund | 0.2% | 11.0% | ALKT, CWAN, CWST, DKNG, DT, ESTA, EXAS, FROG, GCI, GTLB, INDIE, LLYVA, LOAR, MRCY, PRMB, RGEN, S, SITM, TREX, VRNS, WAY | AI, defense, growth, healthcare, Quality, small caps, software | The fund discusses AI as a transformative force requiring careful alignment of goals with humanity's interests. They view AI advancement as creating massive capital investment opportunities, particularly in datacenter buildout, while acknowledging concerns about AI's impact on software competitive advantages. The fund maintains significant exposure to enterprise software companies, particularly cybersecurity and systems software. They believe complexity of enterprise integration protects established players from AI disruption, with companies like Dynatrace, Varonis, and SentinelOne offering defensive moats through proven resilience and security. The fund focuses on innovative healthcare companies including molecular diagnostics (Exact Sciences), medical devices (Establishment Labs), and healthcare IT (Waystar). They see opportunities in companies improving patient outcomes through technology and automation in healthcare processes. The fund holds defense companies benefiting from increased defense budgets, including allocations for unmanned vehicles and missile defense systems. They trimmed positions after meaningful valuation increases but maintain defense as a core holding area. | CWST GLIBA PRMB LLYVA VRNS INDI FROG CAS WAY CWAN ESTA EXAS |
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| 2025 Q4 | Jan 21, 2026 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 3.5% | 5.9% | ABVX.PA, AXGN, BOOT, CBLL, CWST, FROG, LGCE, MTSI, NAMS, NSKE, OLLI, SLNO, STVN, TTEK, UEC, WRBY | Biotechnology, consumer, energy, growth, healthcare, industrials, small caps, technology | The fund holds multiple biotech positions including Abivax SA for ulcerative colitis treatment, NewAmsterdam Pharma for cholesterol inhibitors, and Axogen for peripheral nerve regeneration. Strong clinical trial results and FDA approvals are driving performance, with Abivax rising 58% on acquisition speculation. Focus on value-oriented retailers, franchise models, and premium brands including Boot Barn for western wear, Warby Parker for eyewear, and Ollie's Bargain Outlet for closeouts. Consumer behavior shifts toward lower-priced inventory are impacting performance, with mixed results across positions. Investment in cybersecurity companies like Netskope and JFrog, with JFrog being the portfolio's strongest performer rising 32% due to increased security demand following NPM supply chain attacks. Security add-on products are seeing significant pipeline growth. Position in Uranium Energy as the largest licensed uranium miner in the U.S., positioned to benefit from renewed focus on nuclear power as long-term energy solution and U.S. efforts to strengthen domestic nuclear fuel supply chains for national security. Holdings include Ceribell for portable EEG technology and Stevanato Group for pharmaceutical packaging. Ceribell surged 91% after FDA clearance for neonatal applications, while Stevanato faced conservative guidance despite beating expectations. | FROG AXGN UEC OLLI WRBY BOOT |
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| 2025 Q4 | Jan 18, 2026 | Conestoga Mid Cap Composite | -5.8% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | AI, Biotech, defense, healthcare, industrials, mid cap, Quality, technology | The manager emphasizes their focus on high-quality stocks with steady earnings characteristics, noting that their portfolio's emphasis on high-quality, steady earners continued to face headwinds in a market focused on short-term macroeconomic shifts. They believe quality stocks will eventually reclaim leadership after periods of low-quality outperformance. Small Cap biotechnology and pharmaceuticals emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns. The manager notes they are materially underweight this sector, which created headwinds for relative performance as biotech rallied 33% for the year. The market showed persistent preference for AI-related hardware and infrastructure stocks, with AI themes dominating Index returns. The manager notes that capital flowed into more speculative AI names within the benchmark, creating valuation compression for traditional quality holdings. Defense-related stocks were among the key drivers of benchmark performance, with investors concentrating capital in defense stocks. The manager notes their lack of exposure to defense contractors weighed on relative results as this sector outperformed significantly. | GNRC BSY CSGP VEEV POOL WST IDXX ROL RGEN JKHY |
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| 2025 Q4 | Jan 18, 2026 | Conestoga SMid Cap Composite | -2.7% | -4.7% | AAON, AZTA, BCPC, BLFS, BMI, BSY, BWMN, COCO, CPRT, CSGP, CSW, CWAN, CWST, CYX, DGII, DSGX, ELVA, ESE, FSV, GNRC, GWRE, HEI.A, IDXX, IIIV, IRMD, IT, JKHY, KRMN, LMAT, MAMA, MEG, MLAB, MMSI, NGEN, NOVT, ODD, OLO, PHR, PL, PLMR, POOL, QTWO, RBC, RGEN, ROAD, ROL, ROP, SPSC, SSTI, STVN, TKNO, TREX, TRNS, TYL, UTI, VCEL, VEEV, VERX, VRSK, WCN, WLDN, WSO, WST | Biotechnology, defense, growth, industrials, Quality, small caps, technology | Small Caps achieved nearly 9% earnings growth in 2025 and are projected to grow by an additional 32% in 2026, contrasting with 13% growth expected for Large Caps. Small Caps are trading at a nearly 25% discount to Large Caps, creating a compelling case for outperformance for the first time since 2020. The market experienced extreme leadership concentrated in low-quality, high-beta, unprofitable stocks during the April-October rally. However, profitable stocks began outperforming unprofitable counterparts by over 5% from mid-October through year-end, suggesting high-quality stocks may be reclaiming leadership. Small Cap Biotech/Pharmaceutical stocks represented 132% of the Russell 2000 Growth Index's total returns in the fourth quarter alone, after comprising just 11% through the third quarter. The bioprocessing market showed clear signs of recovery with companies delivering encouraging order growth. Defense technology companies specializing in highly engineered, mission-critical systems showed strong performance. Companies with exposure to space, missiles, hypersonic, and defense programs generated mid-teens organic revenue growth complemented by acquisitions. | GNRC KRMN AAON ROAD STVN TREX POOL FSV CWAN CSW JKHY RBC RGEN |
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| 2023 Q3 | Sep 30, 2023 | Conestoga Small Cap Composite | 10.1% | 7.8% | ALTR, AZTA, CSWI, CWAN, CWST, DGII, FICO, HLIO, MLAB, MODN, NOVT, NRC, OMCL, PRO, RGEN, ROAD, SPSC, SSD, TRNS, VERX | growth, healthcare, industrials, Quality, small cap, technology | Conestoga emphasizes profitable companies with lower debt levels relative to benchmarks, which they believe positions their strategies for outperformance in an economy facing higher interest rates and potential recession. Higher-quality companies enjoyed stronger relative performance in the third quarter. | View | |
| 2023 Q3 | Sep 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO | growth, healthcare, infrastructure, Quality, small cap, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession. | NSTG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU OMCL CSWI |
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| 2023 Q3 | Sep 30, 2023 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, NEWR, PLNT, PRAA, RETA, TMCI, VERX | Biotechnology, consumer, growth, healthcare, industrials, small cap, technology | While cloud adoption is still nascent, many businesses slowed spending earlier this year as part of cost-cutting measures. Companies are now in better financial positions and beginning to reengage with cloud initiatives, with green shoots noted by some holdings. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO | consumer discretionary, growth, healthcare, small caps, software, technology | Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AGYS, ALTR, CWST, DGII, DH, DSGX.TO, EXPO, LMAT, MMSI, MODN, MSA, PYCR, RGEN, SITE, SLP, SPXC, SSD, STVN, TREX, ULS | Bioprocessing, growth, healthcare, industrials, small caps, software, technology | Manager discusses the current period as peak pessimism for small caps, with private equity and delayed IPOs shrinking the universe. However, they believe the current prophecy of permanent large cap tech dominance has the cautionary ring of 'it's different this time' and note that relative valuations hover near early 2000s lows. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO | consumer discretionary, growth, industrials, SMID Cap, technology, Utilities | SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns. | View | |
| 2023 Q1 | May 23, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN | Banking, growth, healthcare, industrials, Quality, small cap, technology | Conestoga focuses on companies with stronger balance sheets, positive cash flows, and more sustainable growth rates, which may be preferred in the current environment of banking sector pressures and financial instability. | DGII |
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| 2023 Q1 | May 23, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN | Banking, growth, healthcare, Outperformance, Performance, small cap, stock selection, technology | Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for banks as depositors sought higher returns while limiting uninsured deposits. Many small- to medium-sized banks saw sharp stock price declines as investors reassessed viability. | DGII |
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| 2023 Q1 | May 23, 2023 | Conestoga Small Cap Composite | 10.1% | 7.8% | AAON, ALTR, AXON, AZTA, CWAN, CWST, DGII, DSGX, EXPO, FOXF, FSV, MMM, MODN, NEOG, NOVT, PLOW, QTWO, SPSC, SSD, STVN | Banking, growth, healthcare, industrials, Performance, Quality, small cap, technology | Silicon Valley Bank's unprecedented depositor flight and transition to FDIC receivership created banking sector turmoil. Rising interest rates created asset-liability mismatches for many banks, with depositors seeking higher returns while limiting uninsured deposits. Small- to medium-sized banks saw sharp stock price declines as investors reassessed viability and future earnings. | DGII |
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| 2023 Q1 | May 23, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST | Banking, growth, healthcare, Quality, small cap, software, technology | The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| May 4, 2026 | Fund Letters | Aristotle Small/Mid Cap Equity | Casella Waste Systems | Waste Management | Commercial Services & Supplies | Bull | NASDAQ | Landfills, Northeast Markets, recurring revenue, Recycling, vertical integration, waste management | View Pitch |
| May 4, 2026 | Fund Letters | Wasatch Long/Short Alpha Fund | Casella Waste Systems, Inc. | Waste Management | Environmental & Facilities Services | Bull | NASDAQ | Acquisitions, Integration, Recycling, Regional, Resource Management, Solid Waste, waste management | View Pitch |
| Apr 28, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | Casella Waste Systems, Inc. | Waste Management | Commercial Services & Supplies | Bull | NASDAQ | Acquisitions, environmental services, Industrials, Northeastern US, recurring revenue, Recycling, Regional Consolidator, waste management | View Pitch |
| Apr 28, 2026 | Fund Letters | The London Company SMID Cap | Casella Waste Systems | Industrials | Environmental & Facilities Services | Bull | NASDAQ | Consolidation Target, environmental services, Family-owned, Landfills, Northeast, Pricing power, recurring revenue, Rural Markets, vertical integration, waste management | View Pitch |
| Apr 28, 2026 | Fund Letters | The Osterweis Opportunity Fund | Casella Waste Systems Inc | Waste Management | Commercial Services & Supplies | Bull | NASDAQ | compounding, defensive, double-digit growth, Northeastern US, operating leverage, Regional, waste management | View Pitch |
| Jan 28, 2026 | Fund Letters | Andrew Peck | Casella Waste Systems Inc. | Industrials | Waste Management | Bull | NASDAQ | consolidation, infrastructure, Margins, Pricing power, Waste bManagement | View Pitch |
| Jan 28, 2026 | Fund Letters | Brian Angerame | Casella Waste Systems, Inc. | Industrials | Environmental & Facilities Services | Bull | NASDAQ | cashflow, consolidation, Defensiveness, Pricingpower, Wastemanagement | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Casella Waste Systems Inc. | Industrials | Environmental Services | Bull | NASDAQ | — | View Pitch |
| Nov 29, 2025 | Fund Letters | Brian Campbell | Casella Waste Systems Inc. | Industrials | Environmental Services | Bull | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | Joseph E. Jones | Casella Waste Systems | Industrials | Waste Management | Neutral | NASDAQ | — | View Pitch |
| Aug 7, 2025 | Seeking Alpha | The Value Investor | Casella Waste Systems | Industrials | Waste Management | Bear | NASDAQ | — | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||