Conestoga Capital Advisors SMid 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. Conestoga Smid Cap Composite underperformed the Russell 2500 Growth Index in the quarter and returned -1.1% net-of-fees vs +10.7% for the index. The narrow and “low quality” leadership in the stock market rally that began in April grew stronger in the third quarter. 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 SMid Cap Strategy’s Q3 2025 investor letter can be downloaded here.