Conestoga Capital Small Cap Portfolio Q1 Review

Conestoga Capital Small Cap Portfolio Q1 Review
Conestoga Capital's small cap composite delivered mixed near-term results, but the firm maintains conviction in underlying portfolio fundamentals. LeMaitre Vascular emerged as a standout performer, with operating income surging 47 percent despite mid-teens revenue growth, demonstrating exceptional profit conversion from procedure-driven demand. RBC Bearings also impressed as mix shift toward higher-value programs drove growth and profitability gains, with aerospace and defense revenue climbing over 40 percent in the quarter. However, Stevanato Group struggled as investors balanced solid operational results against a mixed business mix and moderating growth trajectory. The portfolio exited its Hillman Solutions position entirely.