Conestoga Capital Advisors Micro Cap Strategy’s Q4 2025 Investor Letter

Conestoga Capital Advisors, an asset management company, released its fourth-quarter 2025 investor letter. US equities experienced solid returns in 2025, with double-digit gains across all major indices. In 2025, the Conestoga Micro-Cap Composite met its purpose of preserving capital during negative market returns and capturing upside during strong market returns. Micro Caps faced significant volatility in 2025. During the course of events, Conestoga Micro-Cap Composite returned -1.91% net of fees in the fourth quarter and 16.24% net of fees for the full year 2025, trailing the Russell Microcap Growth Index’s 2.14% and 21.84% gains in the fourth quarter and full year, respectively. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

A copy of Conestoga Capital Advisors Micro-Cap Strategy’s Q4 2025 investor letter can be downloaded here.