Conestoga Capital Advisors Micro Cap Strategy’s Q3 2023 Investor Letter

Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The micro capitalization segment of the market proved the most challenging in the quarter with the Russell Micro Cap Index declining -7.93%. The Russell Micro Cap Growth Index fell further with a loss of -11.95%. The Micro Cap Composite also declined 13.34% net of fees during the same period. Particularly difficult stock selection in the Health Care and Consumer Discretionary sectors more than offset stronger stock selection effects in the Technology sector. In addition, please check the fund’s top five holdings to know its best picks in 2023.