MODN

MODN

MODN

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q1	May 2, 2024	Madison Small Cap Fund	6.3%	17.2%	CCOI, CHRD, CNM, CSL, EHC, ENTG, ERF.TO, FORM, HCP, MODN, MWA, OSW, PRMW, PTC, SUM, WSC	energy, industrials, Quality, small cap, technology, value	Mueller Water Products manufactures products and services used in the transmission, distribution, and measurement of water in North America. America's water infrastructure is massive and in very serious need for upgrade and modernization. Significant federal funds have been allocated to do just this and the fund believes MWA is well positioned to capitalize.	HCP MWA CHRD CCOI CNM	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
2023 Q3	Oct 15, 2023	Madison Small Cap Fund	6.3%	17.2%	AWI, AXS, BBCP, CC, CSL, EHC, ENTG, FROG, GOGO, HAYW, MGNI, MODN, NEWR, OLLI, OLN, OSW, PRMW, PTC, RADI, SUM, WSC	interest rates, Quality, Recession, Russell 2000, small caps, value	Fund focuses exclusively on small cap investments with historically low valuations relative to large caps providing significant opportunity. Managers believe small caps continue to lag large caps but see this as creating attractive entry points.	HAYW FROG OLLI MDLZ MGNI GOGO	View
2023 Q3	Sep 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, DGII, DH, HLMN, IIIV, MODN, NSTG, NVEE, PHR, PLMR, PRO, QTWO, ROAD, SLP, THBRF, TKNO, TRNS, USPH, VCEL, WLDN	Biotechnology, growth, healthcare, infrastructure, Micro Cap, small cap, software	The bioprocessing industry continues to be negatively impacted by inventory destocking and elongated sales cycles. Companies like BioLife Solutions and Repligen faced challenges from inventory overhang and longer purchase-approval timeframes. Despite near-term headwinds, the longer-term prospects for bioprocessing tools remain bright.		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
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, CHX, DH, FN, GLBE, HEES, ICLR, INTA, MODN, MPWR, MSFT, MSTR, NVDA, PCVX, ROAD, SMCI, TREX, VRNS, WIX, XPRO	AI, Concentration, growth, semiconductors, small caps, software, technology, underperformance	AI overhang is creating challenges for software budgets and mindshare diversion to AI hardware development versus other software priorities. Early enthusiasm around generative AI has benefited infrastructure providers supporting advanced computing requirements. As the cycle matures, businesses with durable recurring revenue models should outperform.		View
2024 Q2	Jul 17, 2024	Madison Small Cap Fund	6.3%	17.2%	CCOI, CNM, CR, CSL, CVLT, EHC, FORM, HCP, INSP, LZ, MODN, OPCH, OSW, PRMW, SUM, WSC	AI, industrials, semiconductors, small caps, takeovers, technology, value	The AI data center buildout is driving significant demand for specialized memory chips called High Bandwidth Memory (HBM), with test intensity 25% higher than traditional memory. Form Factor has dominant market share at leading HBM maker SK Hynix and benefits from this trend. However, the AI frenzy is creating overheated valuations in anything related to the Nvidia-charged AI data center buildout.	OPCH INSP LZ FORM	View
2024 Q2	Jun 30, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, CYRX, DGII, DH, ERII, HLMN, MEG, MLAB, MODN, PHR, PLMR, PRO, QTWO, SLP, SSTI, TCYSF, TKNO, TRNS, UTI, WLDN	Biotechnology, Environmental, growth, healthcare, Industrial, Micro Cap, technology	The portfolio includes multiple biotech-related holdings including BioLife Solutions, Alpha Teknova, and CryoPort serving the life sciences industry. BioLife Solutions exceeded expectations and is seeing increased regulatory approvals for its bio-preservation media. Alpha Teknova provides critical reagents for biopharmaceutical development despite current market headwinds.		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 Micro Cap Composite	7.6%	3.3%	CYRX, DGII, HCAT, IIIV, MEG, MLAB, MODN, NSTG, NVEE, OLO, PL, PRO, ROAD, SSTI, THBRF, TRNS, USPH, VCEL	Biotech, defense, growth, healthcare, industrials, infrastructure, Micro Cap, technology	The portfolio faced challenges in biotech holdings with inventory destocking headwinds prevalent across the industry. Companies like CryoPort and NanoString experienced pressure from the challenging funding environment and weakened biotech demand, though some recovery is expected in 2024.		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	View
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	View
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	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of MODN

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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