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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 2024 Q1 | Apr 15, 2024 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ASND, BJ, BOOT, EME, ESAB, FLYW, FROG, KRYS, MTDR, ONTO, PRA, RAPT, SMAR, SWAV, VCTR, VERX, WING, WNS | - | View | ||
| 2025 Q1 | Mar 31, 2025 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | -9.6% | -9.6% | ACVA, ADUS, AZEK, BFAM, BJ, BOOT, CBLL, CHEF, CWST, DAWN, ERJ, FORM, FROG, FRPT, HLNE, INR, INSM, ITCI, KTOS, MGY, MVBF, PAY, PI, RRX, SLNO, TTEK, VERX, VRNA, VVV, WHD | - | View | ||
| Q4 2025 | Feb 3, 2026 | Baird Small/Mid Cap Growth Equity Fund | 1.2% | -8.5% | ABT, AFRM, BOOT, BRBR, BROS, BURL, BWXT, CASY, CHDN, COCO, CRDO, CW, DKNG, DT, ELF, EME, EXAS, FOUR, GKOS, KTB, LII, MASI, MNDY, MTSI, PEN, PODD, RGEN, RKLB, TARS, TWLO, ULS, VERX, WAY, WSO | AI, defense, growth, healthcare, mid cap, semiconductors, small cap, technology | The extended federal government shutdown added volatility during what was otherwise a risk-on environment, with a mid-quarter shift in market behavior for AI-related equities as the exuberant narrative evolved to one more balanced in assessing the technology's enormous potential against staggering capital spending plans and high expectations. The team initiated a position in Credo Technology as a more diversified way to gain exposure to strong trends in AI-connectivity. MACOM Technology Solutions rose nearly +40% as the company experienced broad-based demand, similar to many semiconductor companies in 2025. The team exited Astera Labs following industry conference presentations that suggested emerging competitive risks and concerns over single customer concentration, while initiating a position in Credo Technology for AI-connectivity exposure. Healthcare was the strongest relative contributor in the quarter with holdings increasing nearly +16% compared to benchmark returns of roughly +12%. Exact Sciences was acquired for a significant premium by Abbott Laboratories resulting in an +86% return, while other strong performers included Tarsus Pharmaceuticals, Glaukos following approval of a new product, Penumbra, and Repligen driven by strong earnings results. The team initiated a position in Curtiss-Wright, believing the company is entering a period where multiple near-term growth drivers are converging, including rising defense budgets, commercial aerospace production ramps, nuclear power plant life extensions and new builds, and submarine production. EMCOR Group was initiated as a new position, viewed as a critical contractor enabling multi-year investment cycles across data centers, semiconductor fabrication, electrification, and broader infrastructure modernization. Its decentralized, cash-generative model, recurring service base, and exposure to structural growth drivers create a profile viewed as more durable than a typical cyclical contractor framework. | 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 | ||
| 2023 Q4 | Dec 31, 2023 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | ACAD, CLB, FLYW, NTRA, STEP, VERX | - | 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 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 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 |
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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 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | AGTI, INSP, NOVT, OLLI, STEP, VERX | - | 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 | TimesSquare Capital Management U.S. Small Cap Growth Strategy | 6.2% | 0.0% | ALGM, BJ, CWAN, CWST, DRVN, EME, HCP, HLNE, HQY, INSP, KRYS, LESL, MODG, PLNT, PRA, TMCI, VERX | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Baird Small/Mid Cap Growth Equity Fund | 6.9% | 2.7% | AAON, APPF, CACI, DECK, HEI, MANH, POOL, RGEN, VERX, XPEL, ZBRA | - | View | ||
| 2023 Q1 | Mar 31, 2023 | Alger Weatherbie Specialized Growth Fund | 5.8% | 9.5% | CHGG, FSV, MEG, SPSC, VERX, XMTR | - | View | ||
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | AMZN, ISRG, NOW, SAP, SND GR, VERX | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Nov 29, 2025 | Fund Letters | H. George Dai | Vertex Inc. | Information Technology | Application Software | Bear | NASDAQ | Bookings, Compliance, Demand, ERP, Guidance cut, Sales cycles, Tax software | View Pitch |
| Nov 28, 2025 | Fund Letters | H. George Dai | Vertex Inc. | Information Technology | Application Software | Bear | NASDAQ | Bookings, Compliance, Demand, ERP, Guidance cut, Sales cycles, Tax software | View Pitch |
| Nov 27, 2025 | Value Investors Club | leob710 | Vertex Inc | Information Technology | Application Software | — | NASDAQ | Tax Engine, Compliance Moat, E-Invoicing Wave, SAP Migration, Enterprise Stickiness, Rule Density, Pricing Rebound, PE Optionality | 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. | ||||||||