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 Mid Cap Composite returned 3.46% net-of-fees in the quarter, trailing the Russell Mid Cap Growth Index’s 18.20% return. After a strong first quarter in 2025, investor enthusiasm shifted towards high-beta and AI stocks following the "Liberation Day" announcements, creating a narrow leadership group that posed challenges for...
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