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

Conestoga Capital Advisors, an asset management company, released its fourth-quarter 2025 investor letter. In Q4 2025, Conestoga Capital Advisors Mid Cap Strategy returned -5.75% net of fees compared to the Russell Midcap Growth Index’s -3.70% return. The underperformance was driven by negative stock selection in the Technology and Industrials sectors, while positive sector allocation effects partially eased underperformance. The Mid Cap Composite returned -4.73% net of fees for the full year 2025, trailing the benchmark return of 8.66%. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

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