Conestoga Capital Advisors, LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 29 quarters, returned -0.1% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 34.5% of quarters (excess t = -1.34, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 114 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RBC | $233M | | TRIM |
| CWST | $223M | | HOLD |
| BCPC | $212M | | ADD |
| FSV | $195M | | ADD |
| ROAD | $184M | | TRIM |
| NOVT | $171M | | HOLD |
| LMAT | $161M | | ADD |
| ESE | $152M | | TRIM |
| DSGX | $151M | | TRIM |
| CSW | $151M | | TRIM |
| MMSI | $149M | | ADD |
| SITE | $147M | | ADD |
| DGII | $145M | | HOLD |
| MRCY | $140M | | TRIM |
| SPXC | $131M | | TRIM |
| RGEN | $129M | | ADD |
| EXPO | $124M | | TRIM |
| STVN | $117M | | ADD |
| MSA | $109M | | TRIM |
| BFAM | $106M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.