Overview
- The investor letters, published Monday through Wednesday, describe a volatile quarter shaped by Middle East conflict and changing rate expectations.
- Conestoga said its Small Cap Composite fell 5.01% versus a 2.81% drop for the Russell 2000 Growth because stock picks in technology and health care lagged.
- The firm detailed moves that include a new Enpro position, exits from Vertex and Hillman, and a focus on Legence, which it calls an AI data‑center bottleneck with a $3.7 billion backlog up 49% year over year.
- Conestoga also flagged SPS Commerce after management guided 2026 revenue growth to 7%, which it said points to a smaller market and slower sales cycles.
- Wedgewood pointed to Motorola Solutions as a positive outlier, noting 7% organic growth and double‑digit orders and stressing that land mobile radios let first responders talk radio‑to‑radio when power or cell networks fail.