Conestoga SMid Cap Composite Q2 2025 Commentary

2025-07-23 12:25:00 ET

2Q25 Performance & Attribution

The Conestoga SMid Cap Composite underperformed the Russell 2500 Growth Index in the second quarter, rising 5.00% net-of-fees versus the benchmark's return of 11.31%. The quarter began with heightened levels of volatility with the Index declining more than -12% from the beginning of the quarter through April 8th. Announcements around global tariffs created market uncertainty and VIX levels spiked to 52 on April 8th. We were pleased that the portfolio outperformed and provided the downside capture we would have expected during this period. However, on April 9th, the White House announced a 90-day pause on reciprocal tariffs igniting a strong market rally that saw the index climb almost 27% through quarter-end....

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