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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 2024 Q4 | Dec 31, 2024 | Conestoga SMid Cap Composite | -0.7% | 11.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, infrastructure, small cap, SMID Cap, software, valuation | Enthusiasm for all things related to Artificial Intelligence created what the firm believes to be a more speculative investing environment, which proved challenging for Conestoga's investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on enthusiasm surrounding demand for AI-related hardware, was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Mid Cap Composite | -4.6% | 4.4% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, mid cap, small cap, technology, valuation | Enthusiasm for Artificial Intelligence created a speculative investing environment that proved challenging for Conestoga's strategies. AI-related hardware demand drove computer hardware industry surge over 100% in Russell 2000 Growth Index. Conestoga's lack of exposure to AI hardware was a key source of underperformance. | View | |
| 2024 Q4 | Dec 31, 2024 | Conestoga Small Cap Composite | 1.7% | 9.6% | AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, MSTR, NVDA, PRO, ROAD, SITE, SLP, SMCI, SPSC, SSD, TRNS, TSLA, VCEL | AI, growth, infrastructure, small cap, software, technology, valuation | Enthusiasm for all things related to Artificial Intelligence created what Conestoga believes to be a more speculative investing environment, which proved challenging for their investment strategies. The lack of exposure to computer hardware industry, which surged over 100% in the Russell 2000 Growth Index on AI-related hardware enthusiasm, was a key source of underperformance. | View | |
| 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 | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, BWMN, COCO, DGII, ERII, HLMN, IRMD, MAMA, MEG, OLO, PHR, PLMR, PRO, QTWO, ROAD, SLP, TCYSF, THBRF, TKNO, TRNS, USPH, VCEL, WLDN | growth, healthcare, industrials, Microcap, technology, volatility | The Health Care sector was the largest contributor to relative returns with positions in Alpha Teknova, BioLife Solutions, and iRadimed leading the way. TKNO surged 253% after reporting solid results and calling out an improving biotech funding environment and better customer order activity. However, concerns persist about spending patterns within the biotech and pharmaceutical industry. | 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 | |
| 2024 Q3 | Sep 30, 2024 | Alger Small Cap Focus Fund | 6.4% | 5.9% | ATEC, CDNA, MOD, PRO, QTWO, WFRD | AI, Biotechnology, Cloud, growth, healthcare, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. The fund observes heightened scrutiny around AI spend, with market participants questioning whether significant AI-related capital expenditures would yield sufficient returns. Utilities sector stocks are being viewed as a play on AI given the high electricity consumption needed to power data centers running AI programs. | WFRD ATEC PRO MOD QTWO CDNA |
View |
| 2024 Q3 | Sep 30, 2024 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | HLNE, MEG, NTRA, PGNY, PRO, STEP | AI, Cloud, Genomics, growth, healthcare, private markets, small cap, technology | AI is at an inflection point, potentially enabling significant increases in productivity. Utilities sector stocks are being viewed as a play on artificial intelligence given the high electricity consumption needed to power data centers running AI programs. However, Information Technology sector underperformed due to heightened scrutiny around AI spend, with market participants questioning whether the significant rise in AI-related capital expenditures would yield sufficient returns. | PRO PGNY MEG STEP NTRA HLNE |
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 | 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 | |
| 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 | Alger Small Cap Focus Fund | PROS Holdings, Inc. | Information Technology | Application Software | Neutral | NYSE | AI-enabled, B2B Commerce, CPQ Software, Price Optimization, Revenue Management, Travel Technology, Vertical SaaS | View Pitch |
| Apr 13, 2026 | Fund Letters | Alger Weatherbie Specialized Growth Fund | PROS Holdings, Inc. | Information Technology | Application Software | Neutral | NYSE | AI-enabled, B2B Commerce, CPQ, Pricing Optimization, Revenue Management, Rule of 40, SaaS, travel industry | 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. | ||||||||