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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 Q4 | Jan 24, 2026 | Long Cast Advisers | 1.0% | 0.0% | CCRD, CCRN, EEFT, LSYN, MAMA, MTRX, NRC, PDEX, PESI, QRHC, RELL, RSSS | healthcare, Owner-Operator, small caps, Staffing, value | Significant focus on healthcare staffing through CCRN investment, with nurse staffing industry facing competitive pressures but potential for margin improvement. Also invested in NRC, a healthcare consulting and patient survey company with strong margins despite industry headwinds. Portfolio concentrated in small and micro-cap companies with intent to own for multiple years. Manager emphasizes patient capital approach targeting 15% annualized returns through well-researched small company investments. Focus on companies trading at attractive valuations with strong balance sheets and cash positions. CCRN example shows investment in company with 40% of market cap in cash and low enterprise value multiples. | RSSS MTRX NRC CCRN |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Jan 27, 2026 | Fund Letters | Avram Fisher | NRC Health, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | Deferred revenue, healthcare, Margins, Owner operator, valuation | 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. | ||||||||