ROAD

ROAD

ROAD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Conestoga Small Cap Composite	4.8%	-7.1%	AAON, AGYS, BFAM, CWAN, DSGX, ESE, EXPO, FSS, JBTM, MMSI, NEOG, RBC, ROAD, SLP	Beta, earnings, growth, Quality, small caps	The commentary highlights the challenges of conservative growth investing during periods dominated by low-quality, high-beta stock rallies. Management maintains focus on profitable small-cap companies with strong balance sheets and recurring revenues. Small-cap growth is positioned to benefit as fundamentals reassert importance over speculation.	SLP KIDS SSTI ERII HLMN MEG ROAD WLDN PL	View
2025 Q2	Jul 22, 2025	Conestoga SMid Cap Composite	5.0%	-1.0%	AXON, CWAN, EXPO, FICO, GWRE, HEI, MMSI, NEOG, POOL, RBC, ROAD, WSO	cash flow, fundamentals, growth, SMID Caps, valuation	The letter emphasizes disciplined growth investing amid tariff uncertainty and rapid market rebounds. While narrow leadership hurt short-term performance, management remains focused on companies with scalable business models and consistent cash generation. SMid-cap growth is viewed as attractive as valuation gaps persist.	RBC GWRE AXON ROAD	View
2025 Q2	Jul 22, 2025	Conestoga Micro Cap Composite	15.7%	6.1%	ERII, HLMN, KIDS, MEG, OLO, PL, ROAD, SLP, SSTI, TWST, WLDN	earnings, growth, Micro Caps, profitability, volatility	The letter discusses high-quality growth investing in micro-cap companies during a period of extreme volatility and narrow market leadership. While speculative and unprofitable stocks led short-term rallies, Conestoga stresses that durable revenue growth and profitability drive long-term returns. The outlook favors disciplined growth as earnings cycles recover.	TWST	View
2025 Q2	Jul 21, 2025	Wasatch Micro Cap Fund	12.6%	-	AGYS, AXGN, GDYN, LMB, ROAD, WEAV	earnings growth, growth, innovation, Market cycles, Micro-Cap	The letter focuses on high-growth micro-cap companies with differentiated models and strong management teams. A risk-on environment favored lower-quality peers, creating relative underperformance. The fund remains focused on long-term growth rather than short-term style rotations.	GDYN AGYS ROAD LMB	View
2025 Q1	May 1, 2025	Conestoga SMid Cap Composite	-5.7%	-5.7%	ALTR MM, BFAM, CCCS, HBCP, IT, MMSI, PCTY, QTWO, ROAD, ROL, SPSC, WK	-			View
2025 Q1	May 1, 2025	Conestoga Small Cap Composite	-11.4%	-11.4%	AAON, ALTR MM, CWST, DSGX, ESE CN, HBCP, MMSI, RBC, ROAD, SPSC, TRNS, VERX	-			View
2025 Q1	Apr 22, 2025	Polen Capital – U.S. SMID Company Growth	-12.7%	-12.7%	ALGN, BAH, CRL, ELF, ETSY, FIX, FOXF, GLOB, GSHD, MANH, MODG, PGNY, ROAD, RVLV, SAIA, TECH, WING, YETI	-			View
2024 Q1	Apr 15, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, BFAM, CWST, FIVN, MRCY, NEOG, ROAD, TREX, WK	-			View
2024 Q1	Apr 15, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, DGII, NVEE, PLMR, PLOW, ROAD, SMLR, SSTO, TKNO, VCEL, WLDN	-			View
2024 Q1	Apr 15, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAON, AXON, CCCS, CWST, EXPO, FOXF, MRCY, MSTR, NEOG, PLOW, ROAD, SMCI, TREX, VCEL, WK	-			View
2025 Q4	Feb 3, 2026	Fidelity Growth Strategies Fund	-3.4%	12.6%	ALNY, ATI, AXON, BROS, COHR, COR, DXCM, FICO, FIX, HLT, HOOD, HWM, IDXX, LITE, LVS, NET, RBLX, RCL, ROAD, STRL	aerospace, AI, growth, industrials, mid cap, technology	The fund benefited from AI infrastructure investment driving demand for optical components and semiconductors. Coherent saw surge in demand for products in advanced semiconductor manufacturing due to AI infrastructure spending. The broader market was supported by ongoing boom in artificial intelligence spending. Strong positioning in aerospace and defense components through ATI and Howmet Aerospace holdings. ATI designs and manufactures components for aerospace and defense firms representing two-thirds of its business, with strong earnings growth projected for 2025 and Q1 2026.	IDXX AXON LITE ATI COHR	View
2024 Q4	Dec 31, 2024	Conestoga SMid Cap Composite	-0.7%	11.4%	AXON, BFAM, CGNX, DSGX, EXPO, HLMN, KAI, MTN, NCNO, NOVT, PCOR, QTWO, ROAD, TFX, WK	-			View
2024 Q4	Dec 31, 2024	Conestoga Micro Cap Composite	9.9%	13.5%	ERII, MEG, NABL, NVEE, ODFL, OLO, PCTY, PL, ROAD, TBRD CN, TFX, TKNO, TRNS, UTI	-			View
2024 Q4	Dec 31, 2024	Conestoga Small Cap Composite	1.7%	9.6%	ALTR, CXT, EXPO, FOXF, KAI, NCNO, NEOG, NOVT, QTCO, ROAD, SITE, SSD, VERX, WK	-			View
2024 Q4	Dec 31, 2024	Wasatch Small Cap Growth Strategy	1.7%	15.2%	BOOT, BRBR, PACS, PCTY, ROAD, TMDX	-			View
2023 Q4	Dec 31, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CCCS, FICO, IT, JBT, MSA, PYCR, ROAD, SITE, SSD, STVN, TREX, WST	-			View
2023 Q4	Dec 31, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	DGII, IRMD, MLAB, OLO, PHR, PL, PLOW, QTQO, ROAD, SMLR, SSTI	-			View
2024 Q3	Oct 23, 2024	Conestoga SMid Cap Composite	12.9%	12.1%	ALTR, AXON, CGNX, EXPO, FIVN, FSV, GWRE, MSA, ROAD, TREX, WST	-			View
2024 Q3	Oct 23, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, COCO, ERII, MAMA, MEG, PRO, QTWO, ROAD, SLP, TKNO, USPH, WLDN	-			View
2024 Q3	Oct 23, 2024	Conestoga Small Cap Composite	10.1%	7.8%	AAON, CSWI, EXPO, FFO GR, NRC, OFLX, PRO, QTWO, ROAD, SLP, TREX, VCEL	-			View
2025 Q3	Oct 13, 2025	Conestoga Small Cap Composite	-1.4%	-8.4%	AAON, CWST, DSGX, HLIO, HLMN, MIR, MRCY, NOVT, ROAD, SLP, SPSC, VERX	Beta, Earnings Cycle, quality growth, small caps, valuation	The letter highlights that speculative rallies in low-quality, unprofitable, and high-beta small-cap stocks drove index gains, while Conestogas focus on profitable, high-quality businesses lagged. Management remains confident that when market leadership rotates back to fundamentals, quality stocks will outperform again. The environment reflects the early phase of a new small-cap cycle, supported by earnings acceleration and valuation discounts.	ROAD US HLIO US MRCY US	View
2025 Q3	Oct 13, 2025	Conestoga SMid Cap Composite	-1.1%	-2.1%	CWST, DSGX, EVI, GNRC, JKHY, MRCY, QTWO, ROAD, TYL, WST	quality growth, semiconductors, SMID Caps, software, technology	The SMid-Cap strategy underperformed amid a rally dominated by unprofitable, high-beta stocks, while its disciplined quality-growth approach faced headwinds. Weakness in software and lack of semiconductor exposure weighed on returns, though select industrials and healthcare names showed resilience. Management views the current low-quality outperformance as typical of early-cycle conditions likely to normalize.		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	View
2025 Q4	Jan 18, 2026	Conestoga Small Cap Composite	-1.9%	-10.1%	AAON, AZTA, BMI, CWAN, DGII, DSGX, FSV, KRMN, LMAT, NGEN, NOVT, RBC, RGEN, ROAD, SPSC, STVN, TREX, TRNS, VCEL, VERX	Biotechnology, credit, Performance, Quality, small caps, tariffs, volatility	Small Caps achieved new all-time highs in 2025 despite extreme volatility, with the Russell 2000 Growth Index surging 50% from April to October after initial tariff concerns. The manager expects Small Caps to outperform Large Caps given 32% projected earnings growth versus 13% for Large Caps and a 25% valuation discount. The market was dominated by low-quality, high-beta, unprofitable stocks during the April-October rally, creating headwinds for the manager's high-quality approach. However, profitable stocks began outperforming unprofitable ones by 5% from mid-October through year-end, suggesting quality leadership may be returning. Small Cap biotech and pharmaceutical stocks dominated fourth quarter performance, representing 132% of the Russell 2000 Growth Index's total returns despite comprising only 11% year-to-date through Q3. The manager's minimal exposure to this sector was a significant performance headwind. Trump administration's comprehensive tariff strategy announcement in February caused Small Caps to plummet over 20% in weeks. However, potential policy modifications in April sparked a dramatic turnaround, with the Russell 2000 Growth Index surging nearly 50% over six months. Concerns about credit quality in private credit and regional banking emerged in Q4, highlighted by First Brands bankruptcy and Tricolor fraud allegations. JPMorgan CEO's cockroach comment underscored systemic concerns, triggering a 10% correction in the Russell 2000 Growth Index.	MLAB KRMN BMI FSV RGEN RBC CWAN	View
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	View
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	View
2023 Q3	Sep 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	BLFS, DGII, DH, MODN, NSTG, PHR, PRO, ROAD, TBRD CN, TRNS, WLDN	-			View
2023 Q3	Sep 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	CSWI, CWAN, CWST, DGII, MODN, NOVT, OMCL, PRO, ROAD, SPSC, SSD, VERX	-			View
2023 Q3	Sep 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	CSWI, CWAN, CWST, FICO, GGG, GWRE, MMSI, NOVT, OMCL, RGEN, ROAD, ROL	-			View
2024 Q2	Jul 24, 2024	Polen Capital – U.S. Small Company Growth	7.4%	-0.9%	AAON, AIT, ALIT, DAVA, HELE, HLNE, IBP, OPCH, PGNY, RGEN, ROAD, RVLV, SITM, SMCI, WING, XPEL	-			View
2024 Q2	Jul 18, 2024	ClearBridge Investments Small Cap Growth Strategy	0.0%	0.0%	BPMC, FN, GLBE, PCVX, ROAD, TREX, VRNS, XPRO	-			View
2023 Q2	Jun 30, 2023	Conestoga Micro Cap Composite	7.6%	3.3%	CYRX, DGII, HCAT, MEG, MLAB, NSTG, OLO, PL, ROAD, SSTI, USPH, VCEL	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Bob Mitchell	Construction Partners, Inc.	Industrials	Construction & Engineering	Bear	NASDAQ	backlog, Execution, infrastructure, Margins	View Pitch
Jan 8, 2026	Fund Letters	Ken Korngiebel	Construction Partners, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	earnings growth, infrastructure spending, M&A, Road Construction, Roll-up	View Pitch
Dec 5, 2025	Fund Letters	Bob Mitchell	Construction Partners, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	backlog, construction, Funding, infrastructure, Margins	View Pitch
Dec 5, 2025	Fund Letters	Bob Mitchell	Construction Partners, Inc.	Industrials	Construction & Engineering	Bull	NASDAQ	backlog, construction, growth, infrastructure, Margins	View Pitch
Oct 30, 2025	Seeking Alpha	Seeking Alpha	Construction Partners, Inc.		Engineering & Construction	Bull		Acquisitions, backlog, construction, infrastructure, M&A, Margins, Public and private sectors, Revenue Growth, Sunbelt region, valuation	View Pitch
Sep 16, 2025	Short Thesis	Spruce Point	Construction Partners Inc	Industrials	Construction Materials	Bear	NASDAQ	Asphalt, Budgets, construction, infrastructure, Margins	View Pitch

BSD Shareholders of ROAD

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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