Conestoga Capital Advisors, LLC

Conestoga Capital Advisors trimmed its Q1 2026 book to $5.0 billion across 114 positions, a $935 million retreat from the $5.9 billion it held at 2025 year-end — and the retreat wasn't evenly spread. The single steepest cut in dollar terms hit Descartes Systems Group (DSGX), down $68.8 million as the manager trimmed shares by nearly 16%, while CCC Intelligent Solutions (CCC) absorbed the sharpest conviction change of the quarter: Conestoga sold 58% of its share count, shrinking a once mid-tier stake to just 0.6% of the portfolio. Genuine new positions surfaced in West Pharmaceutical Services (WST), Artivion (AORT), and Pool Corp (POOL), while Clearwater Analytics (CWAN) and Vertex (VERX) were exited outright. But the more durable structural fact about this 114-name book is that it isn't as diversified as the position count implies: with RBC Bearings (RBC) the largest single holding at just 4.66% of assets, no stock dominates individually — yet Technology and Healthcare together account for 62% of the portfolio, meaning the real concentration risk here is sector-level, not name-level.