Conestoga Capital Advisors Small Cap Strategy’s Q3 2025 Investor Letter

Conestoga Capital Advisors, an asset management company, released its third-quarter 2025 investor letter. Equity markets continued their momentum that began in early April, reaching new all-time highs in the third quarter. In the quarter, the Conestoga Small Cap Composite returned -1.4% net-of-fees, underperforming the Russell 2000 Growth Index’s impressive 12.2% gain. Most of the Index’s gains come from low-quality stock leadership, where unprofitable, high-beta names have considerably outperformed. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2025.

A copy of Conestoga Capital Advisors Small Cap Strategy’s Q3 2025 investor letter can be downloaded here.