Conestoga Capital Advisors
Conestoga Capital Advisors Small Cap, SMid Cap, and Micro Cap Strategies
Sep 2026 → Sep 2026
Our archive holds 1 letter from this strategy, behind 3 investment theses and positions in 32 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Conestoga Capital Advisors for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Small Cap Composite (Net)
- YTD−3.6%index +10.7%
- 1Y−5.4%index +12.1%
- 3Y · /yr+1.8%index +17.6%
- 5Y · /yr−2.5%index +4.7%
- 10Y · /yr+8.3%index +9.9%
- Inception · /yr+10.0%index +7.5%
Index: Russell 2000 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Conestoga Capital Advisors Small Cap, SMid Cap, and Micro Cap Strategies | −3.6% | −5.4% | +1.8% | −2.5% | +8.3% | +10.0% |
| Russell 2000 Growth Index | +10.7% | +12.1% | +17.6% | +4.7% | +9.9% | +7.5% |
Since inception: Since Inception 12/31/1998
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We sold the stock to reduce the portfolio’s exposure to software, which has been a battleground for investors as it’s deemed a potential area of disruption for AI.
We initiated a position based on the company’s strong competitive position, durable demand for pawn services and significant opportunity to expand its store base.
We initiated a position because demand is growing for faster data center connections and more advanced defense electronics.
We exited the position as the company’s growth became increasingly dependent on acquisitions and new business wins, while underlying core growth remained modest.
We exited the position because of persistent enrollment growth challenges at its full-service centers since the Covid pandemic.
We exited the position after a period of rapid, acquisition driven expansion as the company continued to extend its buy and build strategy.
We exited the position following the company’s agreement to be acquired by Merck KGaA for $73 per share in cash, representing an enterprise value of approximately $11.3 billion.
We initiated a position because its scale and experience help it win complex, mission-critical projects.
We initiated a position in SEIC, a provider of investment processing, administration, and asset-management solutions.
This former holding has a new CEO, and the business maintains its high-quality characteristics, including its leading market position, proprietary technology, high barriers to entry, attractive margins, and strong balance sheet.
We were attracted to the company’s increasing exposure to faster-growing markets, including grid infrastructure, electrification and data centers, as well as its growing pipeline of new products.
Also held
- Stevanato Group SpA
- Climb Global Solutions, Inc.
- Merit Medical Systems, Inc.
- Rollins, Inc.
- SPX Technologies, Inc.
- Descartes Systems Group, Inc.
- Q2 Holdings, Inc.
- Construction Partners, Inc.
- Universal Technical Institute, Inc.
- Twist Bioscience Corp.
- BioLife Solutions, Inc.
- SiteOne Landscape Supply, Inc.
- Repligen Corp.
- UL Solutions, Inc.
- AAON, Inc.
- Alpha Teknova, Inc.
- Mercury Systems, Inc.
Its investment theses
- Cavco Industries, Inc.Sep 2026Cavco Industries produces manufactured homes, and the fund points to affordable-housing demand, order strength, operating leverage, and share gain potential.
- VSE Corp.Sep 2026VSE provides aviation aftermarket distribution and repair services, supported by platform expansion, durable demand, and margin expansion opportunities.
- Graham Corp.Sep 2026Graham Corp. makes highly engineered equipment for defense, space, and energy, supported by record backlog and investment-led margin expansion potential.