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| 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 |
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| 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 |
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| 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 |
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| 2025 Q3 | Oct 13, 2025 | Conestoga Micro Cap Composite | 11.7% | 18.5% | BWMN, CLMB, MAMA, OLO, PHR, PL, PLMR, QTMO, SLP, TKNO, TWST, VCEL, WLDN | Construction, Energy Efficiency, industrials, Infrastructure Spending, Micro Caps | Micro-caps rallied sharply amid risk-on sentiment, driven by illiquid and unprofitable stocks. Conestogas industrial holdingsespecially engineering, defense, and environmental firmsoutperformed on infrastructure spending tailwinds, while healthcare and software detracted. The letter emphasizes durable growth from clean-energy consulting and engineering projects benefiting from federal investment. | BWMN US WLDN US |
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| 2024 Q2 | Jul 18, 2024 | Harding Loevner Global Small Companies | 7.8% | 4.1% | ATKR, BC8 GR, BGEO LN, FIVE, RMV LN, SLP | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga Micro Cap Composite | 7.6% | 3.3% | BLFS, CYRX, DGII, DH, ERII, MEG, MLAB, MODN, PRO, QTWO, SLP, SSTI, TKNO, TRNS, UTI | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Conestoga Small Cap Composite | 10.1% | 7.8% | AGYS, ALTR, DH, EXPO, LMAT, MMSI, MODN, MSA, MSTR, PYCR, SITE, SLP, SMCI, SPXC, SSD, STVN, TREX, ULS | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Dec 5, 2025 | Fund Letters | Bob Mitchell | Simulations Plus, Inc. | Health Care | Life Sciences Tools & Services | Bear | NASDAQ | Demand, Drugdevelopment, Margins, restructuring, Software | 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 |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $2.1M | 0.00% | 116,685 | -123,517 | -51.42% | 0.8690% |
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.4M | 0.00% | 130,933 | +130,933 | +100.00% | 0.9751% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $683,242 | 0.00% | 37,479 | +37,479 | +100.00% | 0.2791% |
| Israel Englander | Millennium Management LLC | $233.2B | $2.7M | 0.00% | 147,490 | -158,530 | -51.80% | 1.0984% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $4.1M | 0.01% | 224,053 | +133,328 | +146.96% | 1.6686% |
| Cliff Asness | AQR Capital Management | $190.6B | $1.9M | 0.00% | 101,979 | +75,710 | +288.21% | 0.7595% |
| Richard Kayne & John Anderson | Kayne Anderson Rudnick Investment Management | $37.3B | $27,108 | 0.00% | 1,487 | +0 | +0.00% | 0.0111% |