CC
Conestoga Capital Advisors, LLC's 13F Portfolio ($4.6B, Q2 2026)
Conestoga Capital Advisors, LLCCIK: 0001163744
Diversified strategySector-focusedContrarian
Total reported value
$4.6B
Reporting period: 2026-06-30 · Number of holdings: 109
Conestoga Capital Advisors, LLC disclosed 109 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $4.6B and a quarterly turnover rate of 25.3%.
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Personality snowflake
- Concentration
- 10.48
- Portfolio Stability
- 25.3
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 86.31
Conestoga Capital Advisors, LLC's disclosed holdings carry a Herfindahl concentration index of 0.026 — mathematically equivalent to about 38 equally-sized positions, well below its 109 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.37), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 68% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BFAM
-65.6% -$74.7M
Sold out BL
Sold out AZTA
Add MRCY
-22.5% $42.0M
New buy KGS
Add NOVT
-16.0% $26.4M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CWST | Casella Waste Systems Inc-a | Stock-Industrials | 4.93% | +0.49% | -16.70% | |
| 2 | RBC | RBC Bearings Inc | Stock-Industrials | 4.59% | -0.07% | -23.72% | |
| 3 | NOVT | Novanta Inc | Stock-Other | 4.30% | +0.88% | -15.99% | |
| 4 | BCPC | Balchem CORP | Stock-Materials | 4.00% | -0.23% | -13.05% | |
| 5 | MRCY | Mercury Systems Inc | Stock-Industrials | 3.96% | +1.17% | -22.49% | |
| 6 | FSV | Firstservice CORP | Stock-Other | 3.76% | -0.14% | -13.42% | |
| 7 | DGII | Digi International Inc | Stock-Other | 3.55% | +0.66% | -27.54% | |
| 8 | ROAD | Construction Partners Inc-a | Stock-Industrials | 3.51% | -0.16% | -17.84% | |
| 9 | ESE | Esco Technologies Inc | Stock-Tech | 3.40% | +0.36% | -17.48% | |
| 10 | MMSI | Merit Medical Systems Inc | Stock-Healthcare | 2.99% | +0.01% | -8.66% | |
| 11 | SPXC | Spx Technologies Inc | Stock-Industrials | 2.92% | +0.29% | -16.79% | |
| 12 | RGEN | Repligen CORP | Stock-Healthcare | 2.91% | +0.33% | -10.64% | |
| 13 | CSW | Csw Industrials Inc | Stock-Industrials | 2.86% | -0.15% | -18.45% | |
| 14 | LMAT | Lemaitre Vascular Inc | Stock-Other | 2.85% | -0.37% | -7.40% | |
| 15 | DSGX | Descartes Systems Grp/the | Stock-Tech | 2.81% | -0.21% | -11.67% | |
| 16 | AAON | Aaon Inc | Stock-Industrials | 2.80% | +0.70% | -20.03% | |
| 17 | STVN | Stevanato Group S.p.A. | Stock-Other | 2.75% | +0.42% | -17.48% | |
| 18 | SITE | Siteone Landscape Supply Inc | Stock-Industrials | 2.39% | -0.55% | -13.23% | |
| 19 | MSA | Msa Safety Inc | Stock-Industrials | 2.11% | -0.07% | -16.58% | |
| 20 | HLIO | Helios Technologies Inc | Stock-Other | 2.11% | +0.40% | -18.18% | |
| 21 | VCEL | Vericel CORP | Stock-Other | 2.02% | +0.44% | -15.41% | |
| 22 | FSS | Federal Signal CORP | Stock-Industrials | 2.00% | +0.14% | -16.76% | |
| 23 | ULS | Ul Solutions Inc - Class A | Stock-Industrials | 1.82% | +0.02% | -21.94% | |
| 24 | SSD | Simpson Manufacturing Co Inc | Stock-Materials | 1.72% | -0.35% | -37.66% | |
| 25 | EXPO | Exponent Inc | Stock-Industrials | 1.62% | -0.86% | -33.61% | |
| 26 | QTWO | Q2 Holdings Inc | Stock-Tech | 1.46% | -0.22% | -21.85% | |
| 27 | UTI | Universal Technical Institut | Stock-Other | 1.10% | +0.17% | -8.56% | |
| 28 | AGYS | Agilysys Inc | Stock-Other | 1.08% | +0.11% | -30.30% | |
| 29 | KGS | Kodiak Gas Services Inc | Stock-Other | 1.06% | +1.06% | NEW | |
| 30 | KAI | Kadant Inc | Stock-Other | 1.03% | -0.20% | -28.43% | |
| 31 | LGN | Legence Corp-cl A | Stock-Other | 0.94% | +0.47% | +21.81% | |
| 32 | TRNS | Transcat Inc | Stock-Other | 0.91% | +0.16% | -12.28% | |
| 33 | ROL | Rollins Inc | Stock-Consumer Disc | 0.90% | -0.36% | -15.82% | |
| 34 | WST | West Pharmaceutical Services | Stock-Healthcare | 0.87% | +0.21% | -15.02% | |
| 35 | KRMN | Karman Holdings Inc | Stock-Industrials | 0.87% | +0.05% | +55.80% | |
| 36 | KN | Knowles CORP | Stock-Other | 0.84% | +0.84% | NEW | |
| 37 | AORT | Artivion Inc | Stock-Other | 0.79% | -0.07% | +38.14% | |
| 38 | HEI-A | Heico Corp-class A | Stock-Other | 0.76% | -0.02% | -27.51% | |
| 39 | NCNO | Ncino Inc | Stock-Other | 0.75% | -0.07% | -22.17% | |
| 40 | WSO | Watsco Inc | Stock-Industrials | 0.73% | -0.16% | -33.57% | |
| 41 | BFAM | Bright Horizons Family Solut | Stock-Consumer Disc | 0.69% | -1.43% | -65.59% | |
| 42 | WDFC | Wd-40 Co | Stock-Materials | 0.67% | -0.10% | -33.65% | |
| 43 | NPO | Enpro Inc | Stock-Industrials | 0.65% | +0.25% | -1.19% | |
| 44 | JKHY | Jack Henry & Associates Inc | Stock-Tech | 0.60% | -0.18% | -18.79% | |
| 45 | GWRE | Guidewire Software Inc | Stock-Tech | 0.60% | -0.22% | -18.36% | |
| 46 | TYL | Tyler Technologies Inc | Stock-Tech | 0.60% | -0.19% | -18.18% | |
| 47 | GGG | Graco Inc | Stock-Industrials | 0.58% | -0.33% | -35.33% | |
| 48 | MTDR | Matador Resources Co | Stock-Energy | 0.55% | +0.55% | NEW | |
| 49 | MGY | Magnolia Oil & Gas CORP - A | Stock-Energy | 0.52% | +0.52% | NEW | |
| 50 | JBTM | Jbt Marel CORP | Stock-Industrials | 0.50% | — | -17.83% |
1–50 of 109
💡
Data Source Notice: AlphaSMO is the web's most authoritative 13F / Inside Trader database. Institutional holdings and insider trades presented here are precisely computed to deliver accurate portfolio reporting.
Portfolio Performance
Performance for Q3 2026
+4.2%
Performance Last 4 Quarters
-1.5%
- Stdev
- +18.5%
- Beta
- +1.02
- Alpha
- -15.2%
- Max Drawdown
- -20.9%
- Annualized Perf
- +3.5%
- Batting Avg vs S&P
- +25%
- Sortino
- +0.45
- Stutzer
- +0.08
- Treynor
- +0.05
- Sterling
- +0.17
- Calmar
- +0.17
- Information Ratio
- -1.15
- Tracking Error
- +13%
- Stdev Down
- +11.4%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +34.4%
- Worst 12 Months
- -14.5%
- Efficiency Ratio
- +0.08
- Sharpe
- +0.28
- Stdev Sectors
- +17.7%
- Skewness
- +0.38
- Kurtosis
- -0.24
- Upside Potential
- +2.36
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 109 | $4.6B | 25 | ||
| 2026 Q1 | 114 | $5.0B | 28 | ||
| 2025 Q4 | 121 | $5.9B | 17 | ||
| 2025 Q3 | 122 | $6.2B | 24 | ||
| 2025 Q2 | 122 | $6.8B | 0 | ||
| 2025 Q1 | 123 | $6.6B | 100 | ||
| 2024 Q4 | 124 | $7.5B | 0 | ||
| 2024 Q3 | 121 | $7.4B | 0 | ||
| 2024 Q2 | 130 | $6.7B | 0 | ||
| 2024 Q1 | 131 | $6.9B | 0 | ||
| 2023 Q4 | 131 | $6.7B | 0 | ||
| 2023 Q3 | 128 | $5.8B | 0 | ||
| 2023 Q2 | 126 | $6.3B | 0 | ||
| 2023 Q1 | 129 | $6.0B | 0 | ||
| 2022 Q4 | 132 | $5.3B | 0 | ||
| 2022 Q3 | 135 | $5.1B | 0 | ||
| 2022 Q2 | 139 | $5.5B | 0 | ||
| 2022 Q1 | 139 | $6.6B | 0 | ||
| 2021 Q4 | 144 | $7.7B | 0 | ||
| 2021 Q3 | 145 | $7.2B | 0 | ||
| 2021 Q2 | 144 | $6.9B | 98 | ||
| 2021 Q1 | 141 | $6.6B | 14 | ||
| 2020 Q4 | 145 | $6.3B | 27 | ||
| 2020 Q3 | 143 | $5.0B | 16 | ||
| 2020 Q2 | 146 | $4.6B | 34 | ||
| 2020 Q1 | 140 | $3.4B | 29 | ||
| 2019 Q4 | 145 | $4.2B | 12 | ||
| 2019 Q3 | 141 | $3.9B | 24 | ||
| 2019 Q2 | 143 | $4.0B | 26 | ||
| 2019 Q1 | 144 | $3.6B | 21 | ||
| 2018 Q4 | 126 | $3.1B | 32 | ||
| 2018 Q3 | 124 | $3.9B | 24 | ||
| 2018 Q2 | 124 | $3.1B | 21 | ||
| 2018 Q1 | 120 | $2.6B | 10 | ||
| 2017 Q4 | 123 | $2.6B | 20 | ||
| 2017 Q3 | 116 | $2.3B | 26 | ||
| 2017 Q2 | 115 | $1.9B | 17 | ||
| 2017 Q1 | 113 | $1.7B | 21 | ||
| 2016 Q4 | 117 | $1.5B | 20 | ||
| 2016 Q3 | 114 | $1.5B | 15 | ||
| 2016 Q2 | 116 | $1.4B | 21 | ||
| 2016 Q1 | 113 | $1.5B | 26 | ||
| 2015 Q4 | 114 | $1.2B | 16 | ||
| 2015 Q3 | 109 | $1.2B | 21 | ||
| 2015 Q2 | 116 | $1.4B | 13 | ||
| 2015 Q1 | 117 | $1.5B | 16 | ||
| 2014 Q4 | 118 | $1.4B | 19 | ||
| 2014 Q3 | 115 | $1.4B | 17 | ||
| 2014 Q2 | 131 | $1.5B | 20 | ||
| 2014 Q1 | 135 | $1.6B | 20 | ||
| 2013 Q4 | 138 | $1.5B | 27 | ||
| 2013 Q3 | 131 | $1.2B | 27 | ||
| 2013 Q2 | 126 | $968.7M | 21 |
Holding changes this quarter
Conestoga Capital Advisors, LLC's most significant position changes for 2026-06-30: Sold out: Blackline Inc (BL); Sold out: Azenta Inc (AZTA); New buy: Kodiak Gas Services Inc (KGS); New buy: Knowles CORP (KN); Sold out: Ccc Intelligent Solutions Ho (CCC).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MRCY | Mercury Systems Inc | +1.2% | -22.49% | Trim |
| 2 | KGS | Kodiak Gas Services Inc | +1.1% | NEW | New buy |
| 3 | NOVT | Novanta Inc | +0.9% | -15.99% | Trim |
| 4 | KN | Knowles CORP | +0.8% | NEW | New buy |
| 5 | AAON | Aaon Inc | +0.7% | -20.03% | Trim |
| 6 | DGII | Digi International Inc | +0.7% | -27.54% | Trim |
| 7 | MTDR | Matador Resources Co | +0.6% | NEW | New buy |
| 8 | MGY | Magnolia Oil & Gas CORP - A | +0.5% | NEW | New buy |
| 9 | CWST | Casella Waste Systems Inc-a | +0.5% | -16.70% | Trim |
| 10 | LGN | Legence Corp-cl A | +0.5% | +21.81% | Add |
| 11 | VCEL | Vericel CORP | +0.4% | -15.41% | Trim |
| 12 | PRM | Perimeter Solutions Inc | +0.4% | NEW | New buy |
| 13 | STVN | Stevanato Group S.p.A. | +0.4% | -17.48% | Trim |
| 14 | HLIO | Helios Technologies Inc | +0.4% | -18.18% | Trim |
| 15 | ESE | Esco Technologies Inc | +0.4% | -17.48% | Trim |
| 16 | RGEN | Repligen CORP | +0.3% | -10.64% | Trim |
| 17 | SPXC | Spx Technologies Inc | +0.3% | -16.79% | Trim |
| 18 | NPO | Enpro Inc | +0.3% | -1.19% | Trim |
| 19 | WST | West Pharmaceutical Services | +0.2% | -15.02% | Trim |
| 20 | PR | Permian Resources Corp-cl A | +0.2% | NEW | New buy |
| 21 | FPS | Forgent Power Solutions Inc | +0.2% | NEW | New buy |
| 22 | UTI | Universal Technical Institut | +0.2% | -8.56% | Trim |
| 23 | DTM | Dt Midstream Inc | +0.2% | NEW | New buy |
| 24 | TRNS | Transcat Inc | +0.2% | -12.28% | Trim |
| 25 | FSS | Federal Signal CORP | +0.1% | -16.76% | Trim |
| 26 | AGYS | Agilysys Inc | +0.1% | -30.30% | Trim |
| 27 | TWST | Twist Bioscience CORP | +0.1% | -24.21% | Trim |
| 28 | KRMN | Karman Holdings Inc | +0.1% | +55.80% | Add |
| 29 | PKE | Park Aerospace CORP | 0% | NEW | New buy |
| 30 | BLFS | Biolife Solutions Inc | 0% | +31.56% | Add |
| 31 | NPKI | Npk International Inc | 0% | NEW | New buy |
| 32 | ELVA | Electrovaya Inc | 0% | +24.60% | Add |
| 33 | MAMA | Mama's Creations Inc | 0% | +22.86% | Add |
| 34 | GHM | Graham CORP | 0% | -0.47% | Trim |
| 35 | ULS | Ul Solutions Inc - Class A | 0% | -21.94% | Trim |
| 36 | CYRX | Cryoport Inc | 0% | -0.74% | Trim |
| 37 | COCO | Vita Coco Co Inc/the | 0% | +24.52% | Add |
| 38 | TKNO | Alpha Teknova Inc | 0% | -0.80% | Trim |
| 39 | PLMR | Palomar Holdings Inc | 0% | +25.81% | Add |
| 40 | MMSI | Merit Medical Systems Inc | 0% | -8.66% | Trim |
| 41 | WLDN | Willdan Group Inc | 0% | +16.65% | Add |
| 42 | CLMB | Climb Global Solutions Inc | 0% | -0.39% | Trim |
| 43 | KIDS | Orthopediatrics CORP | 0% | — | Unchanged |
| 44 | GOOG | Alphabet Inc-cl C | 0% | -0.69% | Trim |
| 45 | DHR | Danaher CORP | 0% | +5.98% | Add |
| 46 | ITW | Illinois Tool Works | 0% | — | Unchanged |
| 47 | JBTM | Jbt Marel CORP | — | -17.83% | Trim |
| 48 | CACI | Caci International Inc -cl A | — | +6.87% | Add |
| 49 | STE | STERIS plc | — | EXIT | Sold out |
| 50 | AXON | Axon Enterprise Inc | — | NEW | New buy |
1–50 of 126
Filing History
FAQ
What is Conestoga Capital Advisors, LLC and what type of investor is it?
Conestoga Capital Advisors, LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $4.6B, spread across 109 disclosed positions.
What are Conestoga Capital Advisors, LLC's largest equity positions?
Based on the latest 13F filing, Conestoga Capital Advisors, LLC's top holdings by market value are:
1. Casella Waste Systems Inc-a (CWST) — $226.5M (4.9%)
2. RBC Bearings Inc (RBC) — $210.9M (4.6%)
3. Novanta Inc (NOVT) — $197.6M (4.3%)
4. Balchem CORP (BCPC) — $183.8M (4.0%)
5. Mercury Systems Inc (MRCY) — $181.9M (4.0%)
What changes did Conestoga Capital Advisors, LLC make in its most recent portfolio filing?
In the latest reported quarter, Conestoga Capital Advisors, LLC made 115 notable position adjustments: 12 new positions were initiated, 14 existing holdings were added to, 72 positions were partially reduced, and 17 were completely exited. The largest of these moves: Sold out: Blackline Inc (BL); Sold out: Azenta Inc (AZTA); New buy: Kodiak Gas Services Inc (KGS); New buy: Knowles CORP (KN); Sold out: Ccc Intelligent Solutions Ho (CCC)
What sectors does Conestoga Capital Advisors, LLC focus on?
Conestoga Capital Advisors, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Industrials: 58.8%
• Information Technology: 15.7%
• Health Care: 10.7%
• Materials: 9.5%
• Consumer Discretionary: 2.9%
• Energy: 2.1%
Investment Profile
Conestoga Capital Advisors, LLC returned an annualized 3.5% over the trailing 36 months — underperforming the S&P 500 by 15.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.02 (roughly in line with the market) and a 25% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 58.8% of the portfolio concentrated in Industrials.
Its turnover score has risen from 0 to 25 over the past 4 quarters — a shift toward more active trading.
It has added to its UTI position over the past two quarters (+$48.2M, now $50.5M), while trimming EXPO over the same stretch (-$91.8M, still holding $74.4M).
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Developer Access
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