Conestoga SMid Cap Fund

Institutional Class: CCSGX
|
Investors Class: CCSMX
12/15/14
CCSGX Inception Date
1/21/14
CCSMX Inception Date

Overview

$754.5 Mil

Fund Investment Approach (as of 9/30/24)

207019605

CCSGX

207019506

CCSMX

Russell 2500 Growth Index

Benchmark

Morningstar Medalist RatingTM
as of 09/05/24

Institutional Class

Overview

$754.5 Mil

Total Net Assets (as of 9/30/24)

207019605

CCSGX

207019506

CCSMX

Russell 2500 Growth Index

Benchmark

Morningstar Medalist RatingTM
as of 09/05/24

Institutional Class

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 40-60 SMid 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

Closing price as of 12/02/24
Share Price
$28.54
Change
-0.10%
Year-to-Date Performance
+20.32%

Performance

Total Returns vs. Benchmark

Net of Fees (as of 10/31/24)
Net of Fees (as of 9/30/24)
Monthly
|
Quarterly
1 Month 1 Year 3 Years 5 Years 10 Years Since Inception
(12/15/2014)
Since Inception
(1/21/2014)
Conestoga SMid Cap Fund (CCSGX) -2.53% 31.13% -2.24% 8.82% - 11.65% -
Conestoga SMid Cap Fund (CCSMX) -2.55% 30.81% -2.48% 8.55% 10.75% - 9.21%
Russell 2500 Growth Index -0.25% 34.21% -2.47% 9.14% 9.48% 9.82% 9.03%
3 Months 1 Year 3 Years 5 Years 10 Years Since Inception
(12/15/2014)
Since Inception
(1/21/2014)
Conestoga SMid Cap Fund (CCSGX) 13.01% 26.26% 0.46% 9.33% - 12.05% -
Conestoga SMid Cap Fund (CCSMX) 12.94% 25.93% 0.21% 9.06% 11.75% - 9.55%
Russell 2500 Growth Index 6.99% 25.20% -0.75% 9.75% 9.98% 9.94% 9.13%

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 SMid 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.conestogacapital.com or call 1-800-494-2755. Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Russell 2500 Index offers investors access to the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 includes the smallest 2500 securities in the Russell 3000. An individual cannot invest directly in an index.

Portfolio

Sector Weightings

(as of 9/30/24)

Sectors are defined according to the ICB industry classifications

Top Ten Equity Holdings

(as of 9/30/24)
1. Casella Waste Systems, Inc.
4.31%
2. Exponent, Inc.
3.67%
3. FirstService Corp.
3.63%
4. Tyler Technologies, Inc.
3.21%
5. Rollins, Inc.
3.17%
6. Descartes Systems Group, Inc.
3.16%
7. Construction Partners, Inc.
3.12%
8. Watsco, Inc.
3.01%
9. HEICO Corp.
2.82%
10. Merit Medical Systems, Inc.
2.80%
Total Percentage of Portfolio
32.90%

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

(as of 9/30/24)
CCSGX
CCSMX
Russell 2500 Growth
P/E (1 Yr. Forward incl. Neg.) 37.5x 31.0x
Earnings Growth (3-5 Yr.) 15.3% 16.7%
Weighted Avg. Market Cap. $11,197.6 Mil $6,688.7 Mil
ROE (5 Yr. Weighted Avg.) 13.2% 5.3%
Long-Term Debt/Capital 32.0% 37.5%
Number of Holdings 48 1,293

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. 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 Bloomberg and represents the average of sell-side analyst forecasts.

Annual Fund Operating Expenses

  CCSGX CCSMX
Management Fees 0.85% 0.85%
Distribution (12b-1) Fees 0.00% 0.25%
Other Expenses 0.23% 0.48%
Service Fees1 0.08% 0.25%
Other Operating Expenses 0.15% 0.23%
Total Annual Fund Operating Expenses 1.08% 1.58%
Expense Limitation -0.23% -0.48%
Total Net Operating Expenses 0.85% 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 0.85% (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.

Portfolio Management Team

Joe Monahan, CFA, serves as Co-Portfolio Manager. The team is supported with research from David Neiderer, CFA, CPA, Larry Carlin, CFA, Ted Chang, CFA and John Schipper.

How to Invest

Individual Investors

Fund Direct Account Access

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

Name(Required)
Firm Name
Select the product(s) of interested in(Required)

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.

The Conestoga SMid Cap Fund Institutional Share Class received a Silver Morningstar Medalist RatingTM on 9/7/2023. 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.

© 2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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.