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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 6, 2024 | GreenWood Investors | 0.0% | 16.6% | CTT.LS, LDO.MI, MEIP, ODET.PA, PDD, RACE, ROL, RTO.L | Biotechnology, Buybacks, defense, E-Commerce, Europe, Governance, value | Leonardo SpA is the largest contributor to performance, benefiting from increased defense spending driven by the Ukraine war and new normal lasting at least a decade. Italian government considering near-term orders that would eclipse total annual defense expenditures, with jumbo orders largely not included in the company's 5-year plan. | ODET.PA RTO.L PDD CTT.LS MEIP LDO.MI |
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| 2025 Q1 | May 1, 2025 | Conestoga Mid Cap Composite | 1.0% | 1.0% | ALGN, BFAM, CPRT, CSGP, FTNT, GNRC, GWRE, HEI.A, IT, RGEN, ROL, ROP, TECH, TYL, VRSK, WCN, WSO, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga's emphasis on higher-quality, conservative growth companies with higher recurring revenue, more stable product cycles, and less capital-intensive investment requirements was key to outperformance. The portfolio benefited from high-quality factor leadership as profitable companies measured by Return on Invested Capital and EBITDA margins declined less significantly than their high beta, non-earning counterparts. | View | |
| 2026 Q1 | Apr 23, 2026 | Polen Capital – Focus Growth | -17.3% | -17.3% | ABT, ADBE, BSX, CSGP, INTU, LRCX, META, MSFT, NOW, NVDA, PAYC, ROL, SBUX | AI, disruption, growth, semiconductors, software, technology, volatility | CSGP ROL META LRCX |
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| 2024 Q1 | Apr 15, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AXON, BFAM, CWST, DSGX, EXPO, FIVN, FSV, MRCY, NEOG, NOVT, PYCR, QTWO, RGEN, ROAD, ROL, SPSC, TFX, TREX, WK, WSO | growth, industrials, infrastructure, mid cap, small cap, software, technology, Waste management | 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 | |
| 2023 Q4 | Dec 31, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, CCCS, CWST, DSGX, EXPO, FICO, FSV, IT, JBT, MSA, MTN, PYCR, RBC, ROAD, ROL, SITE, SPSC, SSD, STVN, TREX, WSO, WST | growth, healthcare, industrials, Quality, small cap, technology | The Infrastructure Investment and Jobs Act (IIJA) is creating significant demand for maintenance and capacity increase related road projects, which benefits companies like Construction Partners in the Southeast United States. This has led to strong backlog growth for 12 consecutive quarters. | View | |
| 2023 Q4 | Dec 31, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ALGN, ANSS, CGNX, CPRT, CSGP, EXPO, FIVN, FTNT, HEI.A, IDXX, IT, JKHY, MTD, MTN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, Quality, technology | Conestoga focuses on higher-quality companies with durable competitive advantages, balance sheet strength, and capable management teams. The portfolio faced stylistic headwinds as low-quality, unprofitable businesses outperformed during the quarter, particularly after the October 27th market bottom. | View | |
| 2024 Q3 | Nov 5, 2024 | Broyhill Asset Management | 6.0% | 0.0% | AVTR, BAX, BN.PA, DG, EPAM, EVO.ST, FI, NICE, PM, PYPL, ROL, RTO.L, SCHW | consumer, financials, gaming, healthcare, technology, value | Philip Morris is shifting business mix from combustible cigarettes towards reduced risk products and re-entering the US market through Swedish Match acquisition. Zyn has become wildly popular with supply constraints despite production expansion, while youth usage remains under 2%. | NICE EVO.ST RTO.L |
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| 2025 Q3 | Oct 28, 2025 | Canopy Investors | -4.1% | - | AZO, BVI.PA, EDEN.PA, HEI, MCO.PA, MEDP, ROL, SBAC, STE, SXS.L, TREX, TW | AI, Biotechnology, Construction, Defensive, global, Quality, semiconductors, small caps | Small biotechs are the engine of innovation in the pharma industry and are expected to grow at high-single-digit rates over the medium term. Biotech funding levels and Pfizer's agreement with the Trump Administration on drug pricing have been cautiously positive developments. | TREX MEDP TREX US MEDP US TREX US MEDP US |
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| 2024 Q3 | Oct 23, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, BFAM, CGNX, CWST, DSGX, EXPO, FIVN, FSV, GWRE, MSA, POOL, QTWO, ROAD, ROL, SITE, TREX, TYL, WSO, WST | growth, industrials, infrastructure, software, technology | The infrastructure spending in the United States has benefited companies like Construction Partners in two ways: the level of demand and funding available, and supply tightness in hot mixed asphalt plants leading to better pricing and expanding margins. | View | |
| 2024 Q3 | Oct 23, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | ANSS, CPRT, CSGP, FIVN, FTNT, GWRE, HEI.A, IDXX, IT, PCOR, POOL, RGEN, ROL, ROP, TFX, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, industrials, mid cap, software, technology | Fortinet led portfolio returns as the cybersecurity leader reported significant beats on billings and accelerating bookings growth, indicating the firewall product cycle may have turned positive. The company is managing inventory well and operating margins surprised to the upside. | View | |
| 2024 Q3 | Oct 13, 2024 | Andvari Associates | 0.0% | 20.3% | AJG, CSU.TO, LMN.TO, ROL, TOI.TO | Capital Allocation, insurance, M&A, Serial Acquirers, software, value creation | The fund owns three serial acquirers of vertical market software companies: Constellation Software, Topicus.com, and Lumine Group. This trio acquired another 22 software businesses in just the prior quarter. The manager views this group as a semi-permanent holding still capable of outperforming the market over the long term. | ROL AJG CSU.TO |
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| 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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| 2023 Q3 | Sep 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | BALL, CGNX, CPRT, CSGP, FDS, FTNT, GGG, GNRC, GWRE, HEI.A, IDXX, POOL, RGEN, ROL, ROP, VEEV, VRSK, WCN, WST | growth, healthcare, interest rates, mid cap, Quality, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus is positioned to outperform in an environment facing higher interest rates and potential recession. | OMCL CSWI |
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| 2023 Q3 | Sep 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CSWI, CWAN, CWST, DSGX, EXPO, FICO, FSV, GGG, GWRE, MMSI, NOVT, OMCL, POOL, RGEN, ROAD, ROL, SPSC, WSO | growth, healthcare, infrastructure, Quality, small cap, technology | Conestoga emphasizes higher-quality companies with positive earnings, higher margins, higher returns on equity, and lower debt levels. This quality focus positioned their strategies for outperformance in an environment facing higher interest rates and potential recession. | NSTG AD8 AU|ARB AU|BAP AU|CAT AU|DHG AU|PME AU|PNI AU|RDX AU|TNE AU OMCL CSWI |
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| 2024 Q2 | Jul 15, 2024 | Cooper Investors Global Equities Fund (Unhedged) | 5.5% | 5.4% | ACN, AER, BKNG, CDW, CRM, ERF.PA, FER.MC, FERG.L, GEHC, GOOGL, HDB, LPX, LSEG.L, REL.L, ROL, RTO.L, SONY, TSM, ULTA, YUMC | AI, global, growth, Quality, semiconductors, value | Portfolio has 10% exposure through TSMC and Alphabet, with TSMC positioned to extract more value from AI profit pools and Alphabet leveraging AI across search, YouTube, and cloud. Manager sees AI revolution making companies with unique datasets more valuable as it permanently improves business models, citing examples like RELX's LexisNexis Legal business and GE Healthcare's diagnostic imaging. | View | |
| 2023 Q3 | Jul 11, 2023 | Andvari Associates | 0.0% | 20.3% | AMT, ROL | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga SMid Cap Composite | 12.9% | 12.1% | CWST, DH, DSGX, EXPO, FICO, FSV, GWRE, HEI.A, POOL, RBC, RGEN, ROAD, ROL, SITE, SPXC, STVN, TREX, TYL, WSO | consumer discretionary, growth, healthcare, small caps, software, technology | Software industry holdings outperformed despite perceived shift in spending to AI-related hardware. Tyler Technologies reported strong results with recurring revenues now at 84% of revenue. Guidewire Software showed acceleration in subscription software growth to 35%. | View | |
| 2024 Q2 | Jun 30, 2024 | Conestoga Mid Cap Composite | 8.4% | 9.4% | CPRT, CSGP, GWRE, HEI.A, IDXX, IT, LSPD, POOL, RGEN, ROL, ROP, TYL, VEEV, VRSK, WCN, WST | growth, healthcare, mid cap, software, technology | Manager discusses the prolonged underperformance of small cap stocks versus large caps, noting this feels like peak pessimism for small caps. They believe the current environment parallels past cycles like the Nifty Fifty and Dot Com eras, with small cap valuations near early 2000s lows. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga Mid Cap Composite | 8.4% | 9.4% | AAPL, ANSS, CPRT, CSGP, FDS, GGG, GWRE, HEI.A, IDXX, MSFT, MTD, RGEN, ROL, ROP, TSCO, VRSK, WCN, WST | consumer discretionary, growth, healthcare, industrials, mid cap, technology | The manager focuses on high quality conservative growth companies with sustainable earnings growth and strong balance sheets. They employ a time horizon arbitrage approach by identifying higher quality companies capable of growing through multiple business cycles. | View | |
| 2023 Q2 | Jun 30, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | AAPL, AXON, BFAM, CWAN, CWST, DSGX, EXPO, FICO, GGG, GWRE, MRCY, MSFT, PYCR, RBC, RGEN, ROL, SITE, SPSC, TREX, WSO | consumer discretionary, growth, industrials, SMID Cap, technology, Utilities | SPS Commerce benefits from secular growth in the digitization of ecommerce and maintains a steady, durable business model that has remained resilient in a slower macroeconomic environment. The company highlights that historically they have only seen about a 1% drag on revenue growth from macro slowdowns. | View | |
| 2022 Q2 | Jun 30, 2022 | Baron Asset Fund | 8.3% | 10.6% | ANSS, ARGX, FND, ICLR, IDXX, MTD, OT, ROL, ZI | - | View | ||
| 2023 Q1 | May 23, 2023 | Conestoga SMid Cap Composite | 12.9% | 12.1% | ALTR, AXON, CWAN, CWST, DSGX, EVI, EXPO, FICO, FSV, JKHY, LSPD, NOVT, PLOW, RBC, RGEN, ROL, SPSC, TECH, WSO, WST | Banking, growth, healthcare, Quality, small cap, software, technology | The strategy benefited from a market rotation into quality-growth companies with higher multiples, particularly within software, which had underperformed cheaper stocks throughout much of 2022 because of the sharp rise in interest rates. Companies with stronger balance sheets, positive cash flows, and more sustainable growth rates may be preferred given banking sector pressures. | View | |
| 2023 Q1 | Apr 18, 2023 | Brasada Focused Equity Strategy | 0.0% | 0.0% | CP, GOOGL, KSU, ROL, RTO.L | Concentration, Mergers, Pest Control, Railroads, technology, value | Canadian Pacific's merger with Kansas City Southern creates the only single-line railway connecting Canada to Mexico, expected to shift 64,000 truckloads from road to rail. This represents the first Class 1 Railroad merger since 1999 and will be the last major railroad merger due to regulatory constraints. | GOOGL ACP.WA RTO.L |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Polen Capital - Focus Growth | Rollins Inc | Personal Services | Commercial Services & Supplies | Bull | New York Stock Exchange | Acquisitions, customer retention, defensive, Fragmented Industry, Non-cyclical, Orkin, pest control, recurring revenue | View Pitch |
| Apr 13, 2026 | Fund Letters | Andvari Associates | Rollins Inc. | Industrials | Environmental & Facilities Services | Bull | New York Stock Exchange | Consumer services, Fragmented Market, M&A, North America, pest control, Roll-up Strategy, serial acquirer | View Pitch |
| Jan 26, 2026 | Seeking Alpha | Seeking Alpha | Rollins, Inc. | Consumer Discretionary | Commercial Services | Bull | New York Stock Exchange | cash flows, defensive characteristics, Dividend Increase, economic cycles, incremental margins, organic growth, Orkin, pest control services, Pricing power, recurring revenue | View Pitch |
| Jan 26, 2026 | Seeking Alpha | Seeking Alpha | Rollins, Inc. | Consumer Services | Pest Control | Bull | New York Stock Exchange | defensive characteristics, Dividend Increase, earnings compounding, incremental margins, organic growth, Orkin, pest control services, Pricing power, recurring revenue | View Pitch |
| Jan 21, 2026 | Fund Letters | Derek Johnston | Rollins, Inc. | Consumer Discretionary | Commercial Services & Supplies | Bull | New York Stock Exchange | cashflow, defensive, Pricingpower, Recurringrevenue, services | View Pitch |
| Sep 16, 2025 | Short Thesis | Spruce Point | Rollins Inc | Consumer Discretionary | Environmental & Facilities Services (Pest Control) | Bear | NYSE | M&A, pest control, Recurring, Regulation, valuation | View Pitch |
| Aug 13, 2025 | Seeking Alpha | IWA Research | Rollins, Inc. | Other | - | Bear | NYSE | — | 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. | ||||||||