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Conestoga Capital Advisors Micro Cap Strategy’s Q2 2025 Investor Letter

Conestoga Capital Advisors, an asset management company, released its second-quarter 2025 investor letter. The second quarter began with a historically poor start but gained momentum later as tariff fears subsided and market volatility dropped precipitously. Conestoga Micro Cap Composite appreciated 15.65% net-of-fees in the second quarter but underperformed the Russell Microcap Growth Index’s 20.92% return. In a highly volatile market led by high-beta and lower-quality stocks, the firm does not expect the fund to align with index performance. Please review the fund's top 5 holdings to...