Conestoga Capital Advisors, an asset management company, released its fourth-quarter 2025 investor letter. As many believe, US equities experienced solid returns in 2025, with double-digit gains across all major indices, yet underlying conditions revealed extreme volatility and market leadership. A copy of the letter can be downloaded here. In Q4 2025, Conestoga Capital Advisors Small Cap Strategy returned -1.89% net-of-fees, trailing the Russell 2000 Growth Index’s 1.22% return. The returns were volatile in the quarter. The “low quality” stocks rally persisted in the quarter, but at a slower pace compared to earlier quarters. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Conestoga Capital Advisors highlighted stocks like Repligen Corporation (NASDAQ:RGEN). Repligen Corporation (NASDAQ:RGEN) is a life science company that develops and distributes bioprocessing technologies and systems. The one-month return of Repligen Corporation (NASDAQ:RGEN) was -17.76%, and its shares lost 15.10% of their value over the last 52 weeks. On February 18, 2026, Repligen Corporation (NASDAQ:RGEN) stock closed at $138.11 per share, with a market capitalization of $7.774 billion.
Conestoga Capital Advisors stated the following regarding Repligen Corporation (NASDAQ:RGEN) in its fourth quarter 2025 investor letter:
“Repligen Corporation (NASDAQ:RGEN) supplies bioprocessing equipment and consumables used in biologic drug manufacturing. Shares rebounded strongly as evidence mounted that industry destocking had bottomed and order trends were stabilizing. Improved visibility into 2026 growth, combined with disciplined cost controls, drove operating leverage expectations higher. The market re-rated the stock as investors looked past near term volatility and focused on RGEN’s high-quality consumables mix, strong market positions, and long-term biologics growth tailwinds.”
Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 53 hedge fund portfolios held Repligen Corporation (NASDAQ:RGEN) at the end of the third quarter, which was 49 in the previous quarter. While we acknowledge the risk and potential of Repligen Corporation (NASDAQ:RGEN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Repligen Corporation (NASDAQ:RGEN) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Repligen Corporation (NASDAQ:RGEN) and shared Baron Health Care Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
