Conestoga Capital Advisors Small Cap Fund Q1 2025 Commentary

2025-05-16 10:10:00 ET

Summary

• Our Small Cap Composite declined -11.35% in Q1 2025, modestly underperforming the Russell 2000 Growth Index due to company-specific headwinds.
• Stock selection in Industrials and Health Care detracted, while Technology and Basic Materials holdings provided relative strength in the quarter.
• We realized gains on Paycor HCM and Altair Engineering following acquisition offers, reinvesting proceeds into higher conviction positions.
• Despite short-term volatility, we remain confident in the medium- and long-term prospects of our high-quality small cap growth holdings.

Small Cap Composite Net Performance (as of 3/31/25)*

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