CA - Conestoga Micro Cap Composite Q2 2025 Commentary
2025-07-23 12:30:00 ET
2Q25 Performance & Attribution
The Conestoga Micro Cap Composite advanced 15.65% net-of-fees in the second quarter but struggled to keep up with the 20.92% return of the Russell Microcap Growth Index, which was a sharp snapback from the benchmark's -17.75% decline in the first quarter of the year. We don't expect our performance to keep up with the Index during periods of extreme volatility, when high beta and lower quality stocks lead the market higher, so this relative performance may have been disappointing but was not unexpected. Negative stock selection was the primary driver of the relative underperformance, while positive sector allocation effects drove the positive returns....
Conestoga Micro Cap Composite Q2 2025 Commentary