SPSC

SPSC

SPSC

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
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 Q3	Oct 21, 2025	Alger Weatherbie Specialized Growth Fund	-	-	AORT, PI, PLMR, SMTC, SPSC, VRTX	AI, Automation, Cloud, Digitization, small caps	The fund underperformed as small- and mid-cap tech and health care names faced pressure amid shifting macro conditions. Managers remain focused on growth opportunities in digitization, cloud adoption, and AI infrastructure, where companies like Semtech and Impinj are showing strong product momentum. The team expects secular tailwinds in automation and connectivity to drive long-term growth.	VERX PLMR SPSC AORT PI VERX PLMR SPSC AORT PI	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 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 13, 2026	Fenimore Small Cap Strategy	-4.1%	-11.6%	APH, BIPC, BROS, BWIN, CASS, CHH, CIGI, DFH, EXLS, EXPO, FND, FSV, FTDR, JKHY, LSTR, NOVT, OSW, PNFP, ROST, SPSC, TRRSF	AI, Quality, small cap, Speculation, underperformance, value	The update highlights selective small-cap growth investing focused on companies with niche leadership, strong balance sheets, and long runway opportunities. Volatility is viewed as a source of opportunity to add to high-quality businesses at reasonable valuations. Small-cap growth is positioned for recovery as earnings growth reaccelerates.		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
2022 Q3	Sep 30, 2022	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	AMRC, CLB, DH, DRQ, PI, SPSC	-			View
2023 Q2	Jun 30, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	INSP, NVRO, PI, PLNT, SITE, SPSC	-			View
2023 Q2	Jun 30, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AXON, BL, FF0 GR, FSS, LMAT, MLAB, MRCY, NOVT, SITE, SPSC, SSD	-			View
2023 Q2	Jun 30, 2023	Conestoga SMid Cap Composite	12.9%	12.1%	AXON, EXPO, FICO, GGG, MRCY, PLOW, RBC, RGEN, SPSC, TREX, WSO	-			View
2023 Q1	May 23, 2023	Conestoga Small Cap Composite	10.1%	7.8%	AAON, ALTR, AXON, AZTA, CWAN, DGII, FFO GR, MODN, PLOW, QTWO, SPSC	-			View
2023 Q1	Mar 31, 2023	Alger Weatherbie Specialized Growth Fund	5.8%	9.5%	CHGG, FSV, MEG, SPSC, VERX, XMTR	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Nov 29, 2025	Fund Letters	H. George Dai	SPS Commerce	Information Technology	Application Software	Bear	NASDAQ	Deceleration, Edi, guidance, Outlook, SaaS, Sales cycles, supply chain	View Pitch
Nov 28, 2025	Fund Letters	H. George Dai	SPS Commerce	Information Technology	Application Software	Bear	NASDAQ	Deceleration, Edi, guidance, Outlook, SaaS, Sales cycles, supply chain	View Pitch

BSD Shareholders of SPSC

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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