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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | Apr 24, 2025 | Diamond Hill Small Cap Fund | -11.5% | -11.5% | ALGT, AVNS, CALM, CIVI, COOP, ESGR, FADV, FTAI, HLIO, IGIC, LOB, NSP, SEB, TBK, TKO.TO, TTAN, UGI, WBS | Mortgage, small caps, tariffs, Trade Policy, Utilities, value, volatility | President Trump announced significant tariffs including a 104% tariff on China in response to retaliation, creating widespread uncertainty about global trade relationships. Markets are struggling to digest whether tariffs are negotiation tactics or permanent policy changes that will reshape world trade order. | View | |
| 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 | ||
| 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 | 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 Q4 | Jan 29, 2026 | abrdn U.S. Small Cap Equity Fund | 0.5% | 8.8% | ARCB, ARQT, ATEC, ATZ.TO, AZZ, CARG, CORT, ELF, HLIO, ITGR, LRN, LZB, OSW, PI, REVG, SUPN, TRNO, VIAV | healthcare, industrials, infrastructure, Quality, small caps, technology | The fund focuses on US small-cap equities, which rose over the quarter but lagged broader US equities. The manager emphasizes higher-quality small-cap businesses that offer resilience against macroeconomic headwinds while benefiting from secular trends. The manager sees compelling opportunities from increased infrastructure investment as a secular trend. New position AZZ is positioned to benefit from grid modernization and domestic manufacturing reshoring. Reshoring of supply chains presents compelling opportunities for smaller companies. AZZ is positioned to benefit from domestic manufacturing reshoring trends, while the broader strategy targets companies that can capitalize on this shift. The fund initiated a position in AZZ, which is positioned to benefit from accelerating data-center development. This reflects the manager's view on the growth potential in data center infrastructure. | CORT |
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| 2025 Q4 | Jan 27, 2026 | Diamond Hill Small-Mid Cap Strategy | 1.2% | 8.5% | AMH, ARE, BAH, CCS, CIEN, CUBE, GIS, GTES, HII, HLIO, IAC, LEA, PRGO, SBAC, UDR, WCC, WIX, WLK, WNS | defense, healthcare, industrials, mid cap, real estate, small cap, technology, value | The portfolio faced headwinds from AI-driven market exuberance creating momentum-driven rallies favoring lower-quality businesses. However, some holdings like Ciena benefited from hyperscaler and AI-related demand optimism. The managers express caution about AI bubble concerns emerging in December. WESCO International's data center business reached nearly 20% of total revenue and drove better-than-expected organic growth. The rapid expansion of this segment was a key contributor to the company's outperformance during the quarter. Huntington Ingalls Industries benefited from strong execution, new frigate contract awards, and discussion of a potential Trump-class battleship. Booz Allen Hamilton faced pressure from Department of Government Efficiency initiatives but remains well-positioned given differentiated technology capabilities and sustained government demand. The portfolio includes exposure to various real estate segments including self-storage (CubeSmart facing occupancy pressures), wireless tower infrastructure (SBA Communications), life sciences real estate (Alexandria Real Estate), and single-family rentals (Invitation Homes). The sector faces headwinds from higher interest rates and housing market challenges. | INVH ARE BAH SBAC CUBE GTES HII WCC CIEN ZTS HII |
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| 2024 Q3 | Sep 30, 2024 | Diamond Hill Small-Mid Cap Strategy | 8.4% | 9.2% | ASH, BBWI, CALM, CIVI, COOP, CTRA, CUBE, DEI, FTRE, HII, HLIO, LANC, LOB, NVR, RRX, WWW | defense, energy, Homebuilders, rates, small caps, value | Huntington Ingalls Industries is positioned as a critical supplier to the US Navy and Department of Defense, with high visibility into strong demand over the next 5 to 10 years given the long-cycle nature of defense products and preparation for potential Pacific conflict. | View | |
| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 16, 2026 | Seeking Alpha | Seeking Alpha | Helios Technologies, Inc. | Industrial Goods | Hydraulic and Electronic Control Systems | Bull | New York Stock Exchange | Acquisitions, EBITDA margin, Electronics segment, GARP play, Helios Technologies, Hydraulics, industrial goods, Market expansion, organic growth, Revenue Growth | 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 |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||