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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 15, 2025 | Unconventional Value | - | 31.6% | PGY, PL, RELY, SPIR, THRY, UPST, XMTR | AI, Concentration, Fintech, growth, SaaS, small caps, technology | AI is viewed as an accelerant to value unlock across multiple portfolio companies. Planet Labs benefits from AI in moving up the value chain to deliver solutions rather than raw data. Consumer credit companies like Pagaya and Upstart use AI as a perfectly matched solution for the massive opportunity in consumer credit. Xometry's business is enabled by an AI instant quoting engine that allows for a new business model category. | RELY XMTR SPIR THRY UPST PGY PL RELY XMTR THRYV PGY PL |
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| 2026 Q1 | Apr 21, 2026 | Conestoga Micro Cap Composite | -7.1% | -7.1% | MAMA, NABL, ODD, PHR, PL, QTWO, TRNS, TWST, UTI, WLDN | AI, defense, energy, Quality, small caps, software, valuation | View | ||
| 2026 Q1 | Apr 14, 2026 | Driehaus Small Cap Growth Fund | -0.3% | -0.3% | CRNX, FTAI, IDCC, OWL, PL, PRAX | AI, defense, energy, growth, Infrastructure Spending, Iran, private credit, small caps | View | ||
| 2025 Q4 | Feb 22, 2026 | Unconventional Value | 0.0% | 0.0% | AMZN, HIMS, PGY, PL, RELY, SPIR, THRY, UPST, WISE.L, WU, XMTR | AI, Fintech, growth, SaaS, Satellites, small cap, technology, value | AI is viewed as a technology enabler that will accelerate product development and create tailwinds for existing businesses rather than replace human judgment. The manager believes AI will never replace human judgment and sees it as enhancing rather than disrupting core investment strategies. Planet's satellite constellation and daily Earth imaging capability represents a unique infrastructure play. The manager believes Planet is building the default system of record for monitoring Earth, with the daily scan providing infinitely scalable data distribution at zero marginal cost. Remitly's digital remittance platform is taking market share from legacy players like Western Union. The business model relies on acquiring customers via digital channels and earning fees on repeat transactions, with scale benefits improving economics over time. Thryv represents a business model transition from legacy marketing services to SaaS, targeting small businesses moving up-market. The strategy focuses on converting legacy customers to the SaaS platform and expanding functionality for larger businesses with more complex needs. | RELY THRY PL |
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| 2024 Q4 | Feb 10, 2025 | Meridian Contrarian Fund | 1.7% | 9.6% | AXS, BEPC, BWXT, CCO, CSTM, FCNCA, HNST, LEGN, LPLA, MIR, PL, PRGO, THC | aerospace, contrarian, healthcare, nuclear, small cap, turnaround, value | The fund employs a contrarian investment process seeking out-of-favor companies with depressed valuations and visible catalysts for sustainable improvement. They screen for companies with multiple quarters of year-over-year earnings decline and identify those poised for earnings rebounds through turnaround plans, new management, or business improvements. | THC CSTM LEGN PL MIR HNST |
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| 2023 Q4 | Dec 31, 2023 | Conestoga Micro Cap Composite | 7.6% | 3.3% | DGII, HLMN, IIIV, IRMD, MLAB, NVEE, OLO, PHR, PL, PLOW, PRO, QTWO, ROAD, SLP, SMLR, SSTI, TCYSF, TRNS, USPH, VCEL | Biotech, growth, healthcare, industrials, Microcap, technology, underperformance | The biotechnology and pharmaceuticals industries significantly outperformed the broader market during Q4, creating headwinds for the portfolio due to its large underweight to these areas. The manager notes these are typically unprofitable businesses with zero or insignificant earnings and negative cash flows that benefit from lower interest rates. | View | |
| 2025 Q3 | Oct 24, 2025 | NCG Micro Cap Growth Strategy | 4.6% | 5.2% | ADMA, ADPT, AEHR, AMPX, AMSC, AORT, APLD, ATRO, BRCF, CCB, CDNA, EVLV, FEIM, KEST, LEU, LMB, OPRX, PAR, PGY, PI, PKE, PL, PRCH, WULF, XMTR, ZETA | AI, defense, growth, Micro Cap, nuclear, Onshoring, small cap | AI infrastructure buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. The infrastructure needed to support AI development is creating substantial near-term investment opportunities. | ATRO |
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| 2025 Q3 | Oct 24, 2025 | NCG Small Cap Growth Strategy | 5.9% | 3.9% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, STRL, TOL, VCEL, XMTR | AI, defense, growth, infrastructure, nuclear, small cap, Speculation, valuation | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant increases in investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | BE XMTR |
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| 2025 Q3 | Oct 24, 2025 | NCG SMID Cap Growth Strategy | 7.1% | 4.3% | AAON, ADMA, AEHR, APLD, AVAV, BE, CDNA, FROG, KVYO, LEU, MIRM, MP, PAR, PGY, PI, PL, PRCH, SPRY, STRL, TOL, XMTR | AI, earnings, growth, industrials, infrastructure, Rate Cuts, small caps, technology | Artificial intelligence presents great promise for enhancing business models and improving productivity long-term. In the near-term, the infrastructure needed to support the AI buildout is spurring significant investment and capital expenditures, driving new growth opportunities for innovative companies across technology, industrials, and energy sectors. | View | |
| 2025 Q3 | Oct 24, 2025 | Meridian Contrarian Fund | 6.7% | - | AXS, BEPC, CACI, DLTR, EVRG, FCNCA, HNST, KRNT, LASR, MIR, NVST, PENG, PL, PRGO, TCBI | contrarian, defense, Electrification, small caps, technology, turnaround, value | AI infrastructure demand drove strong performance in technology names and data centers. Several portfolio companies benefited from AI datacenter demand, particularly in high-performance computing and memory businesses. | LASR PL KRNT PRGO HNST LASR PL KRNT PRGO HNST |
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| 2025 Q4 | Jan 21, 2026 | NCG Micro Cap Growth Strategy | 6.4% | 11.9% | AAOI, AGX, AII.TO, ALKT, AMPX, AMSC, ATEC, AVPT, AXGN, BLND, INOD, INTA, PHAT, PL, PSNL, TATT, TCMD, UAMY, UTI | active management, Biotechnology, growth, Microcap, Quality, small caps, underperformance | The firm emphasizes investing in high-quality growth companies with proven business models and sustainable growth drivers. They note that quality factors worked against active managers in 2025, with low-quality stocks significantly outperforming. The S&P 600 Growth Index, which requires profitability and has market cap constraints, returned only 5.4% versus Russell 2000/Microcap Growth at 13% and 22% respectively. Biotech was a significant area of outperformance that the firm avoided, contributing approximately 8 points to the Russell Microcap Growth Index's 21.84% return. The firm maintains low or no exposure to biotech, viewing many business models as unproven despite strong recent performance. This sector constituted almost all of the relative underperformance from their microcap strategy. The firm sees improving conditions for small cap performance, with earnings growth turning positive in 2025 and expected to accelerate in 2026. Small caps historically benefit during Fed rate-cutting cycles and continue to trade at a relative discount to large caps. Combined with an improving fundamental backdrop, they believe there's opportunity for this discount to narrow. | View | |
| 2024 Q4 | Jan 19, 2025 | Unconventional Value | - | 73.2% | PGY, PL, QQQ, SPIR, SPY, UPST, XMTR | Data, growth, small caps, SPACs, technology, value | Manager has decent concentration in busted SPACs - companies that went public at too high valuations and have been left for dead. Some entities might possess solid business models, good leadership, and promising prospects; it will just take longer than expected to justify exorbitant valuations. | View | |
| 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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| 2025 Q4 | Jan 18, 2026 | Conestoga Micro Cap Composite | -1.9% | 16.2% | BLFS, BWMN, COCO, CYX, DGII, ELVA, IIIV, IRMD, MAMA, MEG, PHR, PL, PLMR, QTWO, ROAD, TKNO, TRNS, UTI, VCEL, WLDN | Biotech, consumer, defense, energy, growth, Micro Cap, Quality, small cap | Small Cap biotech and pharmaceutical stocks emerged as significant outperformers in Q4, representing 132% of the Russell 2000 Growth Index's total returns despite comprising just 11% year-to-date through Q3. The portfolio had limited exposure to this sector rally, with mixed results from holdings like Alpha Teknova facing inventory normalization headwinds while IRadimed delivered record results. Defense-related stocks provided strong performance leadership throughout 2025, with Planet Labs benefiting significantly from expanding contracts in government and defense sectors. The company secured significant new contract wins and achieved profitability earlier than expected, delivering a 388% total return for the year. Energy efficiency and grid modernization themes drove strong performance, particularly through Willdan Group which capitalized on surging demand from AI-driven data center markets and large government contracts. Electrovaya also benefited from industrial electrification trends and differentiated battery technology for material handling applications. Consumer staples holdings delivered exceptional performance with strong brand momentum and execution. Mama's Creations achieved 69% annual returns through successful market share capture and new product placements at major retailers, while Vita Coco demonstrated category leadership with 44% annual returns and consistent cash generation. | ODD ELVA BWMN IIIV COCO MAMA IRMD PL |
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| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Unconventional Value | Planet Labs PBC | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NYSE | AI Analytics, Constellation, Data Monetization, Earth Observation, Geospatial Data, remote sensing, Satellite Imaging | View Pitch |
| Apr 13, 2026 | Fund Letters | Meridian Contrarian Fund | Planet Labs PBC | Technology | Software | Bull | NYSE | Data Analytics, defense sector, Earth Imagery, Geospatial Data, government contracts, SaaS, satellite technology, Space Technology | View Pitch |
| Feb 26, 2026 | Fund Letters | Tim Gallagher | Planet Labs PBC | Industrials | Research & Consulting Services | Bull | New York Stock Exchange | Data, Geospatial, Satellites, Scalability, valuation, Workflow | View Pitch |
| Feb 4, 2026 | Twitter / X | @guo_lin99725 | Planet Labs PBC | Software & Services | Internet Services & Infrastructure | Bull | New York Stock Exchange | Dataplatforms, EarthObservation, Mapping, SatelliteImagery | View Pitch |
| Jan 21, 2026 | Fund Letters | David Neiderer | Planet Labs PBC | Industrials | Commercial Services & Supplies | Bull | New York Stock Exchange | backlog, defense contracts, Geospatial Data, operating leverage, Satellite Imagery | View Pitch |
| Jan 8, 2026 | Fund Letters | Tim Gallagher | Planet Labs PBC | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | AI, Data Monetization, Earth Observation, Satellite Imagery, Unique Asset | View Pitch |
| Dec 5, 2025 | Fund Letters | Bob Mitchell | Planet Labs PBC | Industrials | Aerospace & Defense | Bull | NYSE | cashflow, Defense, Demand, Geospatial, Satellites | View Pitch |
| Nov 29, 2025 | Fund Letters | James England | Planet Labs PBC | Industrials | Aerospace & Defense | Bull | NYSE | Addressable market, Data, Defense, Earth imaging, operating leverage, valuation | View Pitch |
| Nov 28, 2025 | Fund Letters | James England | Planet Labs PBC | Industrials | Aerospace & Defense | Bull | NYSE | Addressable market, Data, Defense, Earth imaging, operating leverage, 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. | ||||||||