Conestoga Small Cap Fund
Overview
Fund Investment Approach (as of 6/30/24)
CCALX CUSIP
CCASX CUSIP
Benchmark
Medalist RatingTM
Medalist RatingTM
(9/05/23)
100.00
100.00
Overview
Total Net Assets (as of 6/30/24)
CCALX CUSIP
CCASX CUSIP
Benchmark
Medalist RatingTM
Medalist RatingTM
(9/05/23)
100.00
100.00
Fund Objective
The Fund seeks to provide long-term growth of capital.
Fund Investment Approach
The Fund strives to generate long-term investment returns favorable to its benchmarks with lower risk. The Fund typically holds 45-50 small capitalization stocks that the investment team believes are attractively valued relative to their growth prospects. Conestoga seeks companies which we believe have sustainable earnings growth rates, high returns on equity, low debt levels, and capable management teams.
Daily
Performance
Total Returns vs. Benchmark
| 1 Month | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception (8/13/2014) |
Since Inception (10/01/2002) |
|
|---|---|---|---|---|---|---|---|
| Conestoga Small Cap Fund (CCALX) | 0.92% | 19.19% | -0.29% | 8.62% | 12.23% | 11.56% | - |
| Conestoga Small Cap Fund (CCASX) | 0.88% | 18.94% | -0.49% | 8.40% | 12.00% | - | 11.34% |
| Russell 2000 Growth Index | 1.33% | 27.66% | -0.35% | 8.82% | 8.95% | 8.56% | 10.36% |
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception (8/13/2014) |
Since Inception (10/01/2002) |
|
|---|---|---|---|---|---|---|---|
| Conestoga Small Cap Fund (CCALX) | 9.76% | 19.19% | -0.29% | 8.62% | 12.23% | 11.56% | - |
| Conestoga Small Cap Fund (CCASX) | 9.70% | 18.94% | -0.49% | 8.40% | 12.00% | - | 11.34% |
| Russell 2000 Growth Index | 8.41% | 27.66% | -0.35% | 8.82% | 8.95% | 8.56% | 10.36% |
All periods greater than one year are annualized. Performance is based upon closing NAV calculation on listed dates and represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. Performance data includes reinvestment of dividends. Investment returns and principal value of an investment in Conestoga Small Cap Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the Fund’s daily NAV, list of additional holdings, total return as of the most recent month-end and a copy of the Fund’s prospectus, please visit www.conestogafunds.com or call 1-800-494-2755. Russell 2000 Index is an index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. An individual cannot invest directly in an index.
Portfolio
Sector Weightings
Sectors are defined according to the ICB industry classifications
Top Ten Equity Holdings
Top Ten Equity Holdings presented as a percent of the Fund’s assets. The security holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest, and may not be representative of the Fund’s current or future investments. Portfolio holdings are subject to change and should not be considered to be investment advice. Current and future holdings are subject to risk.
Fund Facts
| CCALX CCASX |
Russell 2000 Growth | |
| P/E (1 Yr. Forward incl. Neg.) | 31.3x | 29.7x |
| Earnings Growth (3-5 Yr.) | 16.1% | 17.6% |
| PEG Ratio | 1.94 | 1.69 |
| Weighted Avg. Market Cap. | $4,917.8 Mil | $5,953.2 Mil |
| ROE (5 Yr. Weighted Avg.) | 10.0% | 4.8% |
| Long-Term Debt/Capital | 27.5% | 36.4% |
| Number of Holdings | 48 | 1,054 |
P/E (1 Yr Fwd) is the ratio of a stock’s price to forecasted earnings over the next year. Earnings growth is the forecasted growth rate of a company’s earnings over the next 3-5 years. PEG Ratio represents the ratio of P/E over Earnings Growth rate, and is a widely used valuation metric. Wtd. Avg. is a calculation that takes into account the varying degrees of importance of the numbers in a data set. In calculating a weighted average, each number in the data set is multiplied by a predetermined weight before the final calculation is made. Wtd. Avg. Market Cap. is determined by multiplying the current market price by the number of outstanding shares and then taking an average to determine weighting. ROE—Five Year Average is calculated as a company’s net income divided by its shareholders’ equity, and is a measure of profitability. Long-Term Debt/Capital is a measure of how much debt a company is using to finance its operations, and is determined by dividing long-term debt by total capitalization. Forecasted data is sourced from FactSet Research Systems and represents the average of sell-side analyst forecasts
Annual Fund Operating Expenses
| CCALX | CCASX | |
| Management Fees | 0.90% | 0.90% |
| Distirbution (12b-1) Fees | 0.00% | 0.25% |
| Other Expenses | 0.08% | 0.31% |
| Service Fees1 | 0.05% | 0.25% |
| Other Operating Expenses | 0.03% | 0.06% |
| Total Annual Fund Operating Expenses | 0.98% | 1.46% |
| Expense Limitation | -0.08% | -0.36% |
| Total Net Operating Expenses | 0.90% | 1.10% |
These are expenses that you pay each year as a percentage of the value of your investments. Conestoga Capital Advisors, LLC (the “Adviser”) has contractually agreed to limit the Fund’s ‘Total Annual Fund Operating Expenses’ to 0.90% (for the Institutional Class) and 1.10% (for the Investors Class) of the Fund’s average daily net assets until at least January 31, 2025, subject to termination at any time at the option of the Fund. There is no guarantee that the agreement to limit the Fund’s net annual operating expense will be renewed or extended.
With limited exceptions, effective March 2, 2018, shares of the Small Cap Fund are generally closed to new retail investors opening accounts through financial intermediaries (i.e., advisory firms, broker dealers, etc.). Shares continue to be available for purchase to existing retail or “fund direct” investors.
Effective July 1, 2018 through at least January 31, 2025, shares of the Small Cap Fund are generally not available to new accounts through financial intermediaries without existing client relationships with the Small Cap Fund or the Adviser. As of that effective date, shares continue to be available for purchase by existing and new investors purchasing through financial intermediaries with existing client relationships with the Small Cap Fund or the Adviser. Effective July 1, 2018, shareholders of the Funds who are not currently also shareholders of the Small Cap Fund are generally no longer able to exchange their shares of another series of Conestoga Funds for shares of the Small Cap Fund; however, shareholders of the Small Cap Fund may continue to exchange their shares of the Small Cap Fund for shares of another series of Conestoga Funds. Contact Conestoga Funds or your financial advisor for more information about investing in the Funds.
Effective July 1, 2018 through at least January 31, 2025, shares of the Small Cap Fund are generally not available to new accounts through financial intermediaries without existing client relationships with the Small Cap Fund or the Adviser. As of that effective date, shares continue to be available for purchase by existing and new investors purchasing through financial intermediaries with existing client relationships with the Small Cap Fund or the Adviser. Effective July 1, 2018, shareholders of the Funds who are not currently also shareholders of the Small Cap Fund are generally no longer able to exchange their shares of another series of Conestoga Funds for shares of the Small Cap Fund; however, shareholders of the Small Cap Fund may continue to exchange their shares of the Small Cap Fund for shares of another series of Conestoga Funds. Contact Conestoga Funds or your financial advisor for more information about investing in the Funds.
Portfolio Management Team
How to Invest
Individual Investors
To open a new Conestoga Fund Account or to view an Existing Fund Direct Account, please access the secure site above. Please contact a member of our Shareholder Services department at 1-800-494-2755 with any questions. Representatives are available Monday through Friday, 8:00am – 6:00pm EST.
Institutional & Financial Professionals
Disclosures
An investor should consider investment objectives, risks, charges, and expenses carefully before investing. Download a prospectus, which contains this information or call toll free 1-800-494-2755. Read the prospectus carefully before investing or sending money.
Important Risk Information:
Mutual Fund Investing involves risk, principal loss is possible. Investment in the Fund is subject to investment risks, including, without limitation, equity risk, market risk, management risk, small company risk, foreign investment risk, currency risk, large redemption risk. Funds that invest in small and mid cap stocks are often more volatile than large cap stocks. Smaller companies generally face higher risks due to their limited product lines, markets and financial resources. For more information about the Fund, including the Fund’s objectives, charges, expenses and risks (including more information about the risks listed above), please read the prospectus.
1) The Fund has adopted a Shareholder Servicing Plan on behalf of the Institutional and Investors Class shares that will allow the Fund to pay an annual fee of up to 0.10% (for Institutional Class) and 0.25% (for Investors Class) of its average daily net assets for providing services to the Fund’s Institutional and Investors Class shareholders, respectively.
Ultimus Fund Distributors, LLC. (Member FINRA & SIPC) serves as the Distributor to the Conestoga Funds.
Ultimus Fund Distributors, LLC. (Member FINRA & SIPC) and Conestoga Funds are non affiliated.
The Conestoga Small Cap Fund received a Silver Morningstar Medalist RatingTM on 9/5/2023. The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
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