TRNS

TRNS

TRNS

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%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	industrials, Outperformance, Quality, SMID Cap, tariffs, technology	The portfolio benefited from high-quality factor leadership as profitable companies with strong ROIC and EBITDA margins declined less than high beta, non-earning counterparts during the market selloff. Conestoga's emphasis on higher-quality, conservative growth companies was a key contributor to outperformance.		View
2025 Q1	May 1, 2025	Conestoga Micro Cap Composite	-8.2%	-8.2%	AAON, ALTR, AZTA, CWST, DSGX, ESE, GGG, HEI.A, JKHY, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, TRNS, VERX, WSO	Micro Cap, Outperformance, Quality, small caps, tariffs, uncertainty	Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true for most strategies in Q1.		View
2025 Q1	May 1, 2025	Conestoga Small Cap Composite	-11.4%	-11.4%	AAON, ALTR, AZTA, BCPC, CWST, DSGX, ESE, EXPO, FSV, MMM, MMSI, NEOG, PAYX, PYCR, RBC, ROAD, SPSC, SSD, TRNS, VERX	growth, industrials, Outperformance, Quality, small caps, tariffs, technology	Small capitalization stocks declined nearly 11% in the first quarter and were down roughly 20% from their post-election highs in November 2024. The firm expects their investment approach to outperform in periods of heightened uncertainty, which proved true as their strategies outperformed benchmarks during the quarter's volatility.		View
2025 Q1	Apr 8, 2025	Headwaters Capital Management, LLC	-9.2%	-9.2%	BRO, CBZ, TRNS	Bear Market, Quality, small caps, Trade Policy, Valuations, volatility	Trump's tariff announcements created extreme uncertainty with 47% tariffs on all trading partners including Madagascar. Manager views broad tariffs as economically destructive, citing comparative advantage principles. Trade war dynamics are driving significant market volatility and creating difficult investment environment.	CBZ TRNS BRO	View
2026 Q1	Apr 21, 2026	Conestoga Micro Cap Composite	-7.1%	-7.1%	MAMA, NABL, ODD, PHR, PL, QTWO, TRNS, TWST, UTI, WLDN	AI, defense, energy, Quality, small caps, software, valuation			View
2024 Q1	Apr 15, 2024	Conestoga Micro Cap Composite	7.6%	3.3%	BWMN, DGII, HLMN, NVEE, PHR, PLMR, PLOW, QTWO, ROAD, SMLR, SSTI, TCYSF, TKNO, TRNS, USPH, VCEL, WLDN	growth, healthcare, industrials, infrastructure, Micro 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 Q1	Apr 15, 2024	THB Asset Management	10.3%	10.1%	BYON, CENX, CLNE, DOUG, FIGS, HWKN, ICHR, LIDR, LMAT, LUNA, PLUS, RELL, RES, TRNS, UCTT, UFPT, UTI, VCEL, WNC	Concentration, Economy, inflation, Micro Cap, rates, regulation, Small business	Inflation remains problematic and is a top concern among Americans, affecting their financial outlook despite robust economic conditions. Some elements have rolled over but food, energy, shelter, and insurance remain elevated, impacting daily consumer lives.	WNC	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 Micro Cap Composite	9.9%	13.5%	AAPL, AMZN, EXPO, FOXF, GOOG, JBT, META, MSFT, NEOG, NOVT, NVDA, QTWO, ROAD, SITE, SSD, TRNS, TSLA, VCEL, VERX, WK	Attribution, growth, healthcare, industrials, Micro Cap, Performance, technology	Enthusiasm for Artificial Intelligence created a more speculative investing environment that proved challenging for Conestoga's investment strategies. AI is a key technology unlocking the true potential of Planet Labs and its vast data engine.		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	THB Asset Management	10.3%	10.1%	ATMU, BYON, CENX, HONE, ICHR, LMAT, LMB, MHO, PLPC, PLUS, RES, SKIN, TRNS, TTI, UFPT, UTI, XPRO	Commercial real estate, consumer, Electric Vehicles, inflation, interest rates, Micro Cap	EV adoption is slowing with companies like Ford losing $36,000 per EV sold and GM delaying production. Consumer concerns about charging infrastructure, range, and cost are limiting adoption. Investment opportunities exist in ICE-related companies as EV transition timelines extend.	ATMU	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
2025 Q3	Nov 11, 2025	Prosper Stars & Stripes	9.8%	8.6%	AGYS, BRBR, GDYN, JACK, KLG, PKE, RAL, TATT, TRNS	aerospace, AI, defense, healthcare, Long/Short, small caps, technology	The fund sees significant opportunities in aerospace companies, particularly those benefiting from maintenance cycles and growth in auxiliary power units. TAT Technologies is positioned to capture market share in the B737 and A320 family aircraft markets with a total addressable market of $2.5 billion.	TATT	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
2025 Q4	Jan 27, 2026	Diamond Hill Small Cap Fund	4.9%	11.9%	ALGT, ARE, CIVI, CSR, MVBF, ODC, OZK, POST, RKT, SM, TFIN, TKO, TRNS, WCC	defense, industrials, infrastructure, real estate, Resilience, small cap, value, volatility	The manager emphasizes focusing on resilient businesses that can navigate ongoing uncertainty and take advantage of market volatility. They seek companies built with the ability to endure through uncertainty while capitalizing on opportunities. This resilience theme is central to their investment approach in the current volatile environment. The portfolio has exposure to industrial infrastructure which has been neglected from an investment standpoint over the previous decade. The manager sees opportunity in businesses with exposure to industrial infrastructure as a key area of focus. This represents a structural investment theme they are pursuing. Defense modernization is identified as one of the key areas where the manager continues to see opportunity. This sector has been neglected from an investment standpoint over the previous decade, creating potential opportunities for the portfolio. The manager views defense modernization as having structural growth drivers. The manager has exposure to critical materials as an area that has been neglected from an investment standpoint over the previous decade. They continue to see opportunity in businesses with exposure to critical materials. This includes holdings like Taseko Mines, a copper mining company that benefited from rising copper prices. The manager has increasingly been finding opportunities within the real estate sector as of late. They initiated positions in apartment REIT Centerspace and life-sciences real estate company Alexandria Real Estate Equities. The real estate sector represents a growing area of opportunity for the portfolio.	ARE	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
2024 Q3	Sep 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, BSIG, BWMN, CEG, CLMB, HONE, HWKN, HZO, IMMR, LUMN, LUNA, MSFT, MYRG, PLUS, POOL, RBBN, TRNS, UFPT, VZ, XPRO	Data centers, Energy Transition, Federal Reserve, interest rates, Micro Cap, productivity, small caps, Utilities	Green energy transition initiatives are taking place just as demand for electricity is increasing from EVs and data centers. Utilities are raising rates to fund grid upgrades for offshore wind and neighborhood electrification investments. Solutions to the challenges facing the electrical grid and power generation needs are being developed in real time, which provides investment opportunities within small and mid-size investment universes.	RBBN	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	Jul 14, 2024	Merion Road Capital	5.4%	11.2%	CLH, GOOGL, LAKE, MSA, NAPA, TRNS, UBAB, VCTR	Asset Management, Community Banks, Consolidation, Industrial Safety, M&A, small caps, value	Victory Capital Holdings represents a traditional asset management firm with strong shareholder returns and M&A strategy. The Amundi USA acquisition provides significant scale and revenue synergy opportunities through distribution agreements.	LAKE VCTR	View
2024 Q2	Jun 30, 2024	THB Asset Management	10.3%	10.1%	ALNT, AMZN, BSIG, BYON, CRNC, DAKT, HWKN, IMMR, LIMB, LMAT, LUNA, NVDA, NVEE, PLUS, POOL, RES, TRNS, UFPT, VCEL, VITL	AI, Elections, inflation, infrastructure, Microcap, small caps, technology, value	Artificial intelligence is receiving significant media attention with companies committing billions to building infrastructure for data storage and processing. The AI ecosystem includes undiscovered companies whose products and services are necessary for continued infrastructure build-out. THB holdings participating in AI infrastructure include Limbach Holdings, NV5 Global, ePlus, and Luna Innovations.	DAKT	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

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Headwaters Capital	Transcat	Industrials	Research & Consulting Services	Bull	NASDAQ	Calibration Services, FDA Regulated, life sciences, M&A Opportunities, Mission-Critical, Outsourcing Trend, recurring revenue	View Pitch
Aug 8, 2025	Seeking Alpha	The Value Investor	Transcat, Inc.	Industrials	Specialty Business Services	Bear	NASDAQ	—	View Pitch

BSD Shareholders of TRNS

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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