Conestoga Capital Advisors, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 30, 2025), Conestoga Capital Advisors, LLC reported 122 stock positions worth $6.8 billion. Its top holding was Casella Waste Systems Class A (CWST) at 4.6% of the portfolio, followed by Construction Partners Class A (ROAD, 4.1%) and Descartes Systems Grp (DSGX, 4.0%). Compared with Q1 2025, it opened 3 new positions, sold out of 4, added to 33 and reduced 62. The biggest buy was Bright Horizons Family Solut (BFAM, shares +171%) and the biggest sale JBT Marel (JBTM, shares −82%).

Most Recent 13F
Q2 2026
Location
WAYNE, PA
CIK
0001163744
Portfolio Value
$6.8B (Q2 2025)
SEC Filing
0001085146-25-004281 ↗ filed Jul 30, 2025

Holdings Value

0$2.0B$4.0B$6.0B$8.0B Q1 2024: $6.9B Q1 2024 Q2 2024: $6.7B Q2 2024 Q3 2024: $7.4B Q3 2024 Q4 2024: $7.5B Q4 2024 Q1 2025: $6.6B Q1 2025 Q2 2025: $6.8B $6.8B Q2 2025 Q3 2025: $6.2B Q3 2025 Q4 2025: $5.9B Q4 2025 Q1 2026: $5.0B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 122 stocks · $6.8B
CWST Casella Waste Systems Inc. Class A 4.57% 2,680,114 $309.2M Reduce -6.9%
ROAD Construction Partners Inc. Class A 4.14% 2,633,558 $279.9M Reduce -23.8%
DSGX The Descartes Systems Grp 4.04% 2,687,949 $273.2M Reduce -3.3%
RBC RBC Bearings Inc. 3.63% 637,746 $245.4M Reduce -12.7%
FSV Firstservice Corp. 3.62% 1,402,540 $244.9M Reduce -2.9%
MMSI Merit Medical Systems Inc. 3.05% 2,211,589 $206.7M Reduce -2.4%
NOVT Novanta Inc. 3.01% 1,579,626 $203.7M Add +15.7%
EXPO Exponent Inc. 2.99% 2,705,827 $202.2M Reduce -2.5%
STVN Stevanato Group SPA 2.93% 8,124,761 $198.5M Reduce -0.8%
ESE Esco Technologies Inc. 2.88% 1,017,028 $195.1M Reduce -2.6%
BCPC Balchem Corp. 2.70% 1,147,367 $182.7M Reduce -1.6%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 2.67% 1,928,360 $180.5M Reduce -1.5%
SSD Simpson Manufacturing Co. Inc. 2.53% 1,103,162 $171.3M Reduce -2.5%
SPSC SPS Commerce Inc. 2.52% 1,250,742 $170.2M Reduce -0.8%
CSW CSW Industrials Inc. 2.51% 592,771 $170.0M Reduce -1.7%
CWAN Clearwater Analytics HDS-A 2.17% 6,690,647 $146.7M Reduce -0.5%
FSS Federal Signal Corp. 2.13% 1,353,428 $144.0M Reduce -1.8%
SITE Siteone Landscape Supply Inc. 2.07% 1,160,196 $140.3M Reduce -2.0%
MRCY Mercury Systems Inc. 2.04% 2,558,935 $137.8M Add +13.3%
AAON Aaon Inc. 2.03% 1,859,071 $137.1M Reduce -1.6%
CCC CCC Intelligent Solutions Ho 2.02% 14,520,630 $136.6M Add +16.7%
SPXC SPX Technologies Inc. 1.97% 795,188 $133.3M Reduce -0.5%
LMAT Lemaitre Vascular Inc. 1.97% 1,603,528 $133.2M Reduce -2.3%
MSA Msa Safety Inc. 1.94% 784,924 $131.5M Reduce -0.8%
DGII Digi International Inc. 1.83% 3,548,831 $123.7M Reduce -0.7%
RGEN Repligen Corp. 1.80% 976,907 $121.5M Reduce -0.3%
VERX Vertex Inc. Class A 1.77% 3,398,435 $120.1M Add +15.3%
BL Blackline Inc. 1.74% 2,079,738 $117.8M Reduce -1.5%
TREX Trex Company Inc. 1.60% 1,996,530 $108.6M Reduce -0.3%
BFAM Bright Horizons Family Solut 1.57% 858,010 $106.0M Add +171.0%
VCEL Vericel Corp. 1.55% 2,463,590 $104.8M Add +19.5%
TRNS Transcat Inc. 1.38% 1,088,471 $93.6M Add +13.7%
ULS Ul Solutions Inc. Class A 1.26% 1,169,274 $85.2M Add +64.6%
AGYS Agilysys Inc. 1.24% 732,264 $83.9M Add +0.2%
WK Workiva Inc. 1.18% 1,170,311 $80.1M Reduce -0.8%
NCNO Ncino Inc. 1.10% 2,669,920 $74.7M Add +24.0%
WDFC WD-40 Co. 1.08% 319,149 $72.8M Reduce -0.2%
KAI Kadant Inc. 1.04% 222,051 $70.5M Add +0.4%
HLIO Helios Technologies Inc. 0.96% 1,954,386 $65.2M Reduce -0.9%
ROL Rollins Inc. 0.90% 1,081,675 $61.0M Reduce -1.9%
HEI.A Heico Corp. Class A 0.87% 228,703 $59.2M Reduce -1.4%
AZTA Azenta Inc. 0.87% 1,918,366 $59.0M Add +0.1%
GWRE Guidewire Software Inc. 0.86% 248,645 $58.5M Reduce -2.9%
TYL Tyler Technologies Inc. 0.83% 94,426 $56.0M Reduce -1.4%
CXT Crane NXT Co. 0.79% 994,592 $53.6M Add +0.1%
MLAB Mesa Laboratories Inc. 0.79% 566,150 $53.3M Reduce -0.9%
HLMN Hillman Solutions Corp. 0.78% 7,357,129 $52.5M Reduce -0.4%
WSO Watsco Inc. 0.69% 105,692 $46.7M Add +0.5%
GGG Graco Inc. 0.59% 465,169 $40.0M Add +0.7%
POOL Pool Corp. 0.58% 133,773 $39.0M Reduce -0.1%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.54% 201,560 $36.3M Add +0.2%
WST West Pharmaceutical Services 0.35% 107,907 $23.6M Add +49.9%
PCOR Procore Technologies Inc. 0.34% 337,442 $23.1M Add +51.4%
GNRC Generac Holdings Inc. 0.34% 160,497 $23.0M Reduce -3.1%
PCTY Paylocity Holding Corp. 0.33% 124,988 $22.6M Add +16.5%
SLP Simulations Plus Inc. 0.33% 1,282,143 $22.4M Reduce -50.9%
JBTM JBT Marel Corp. 0.31% 172,509 $20.7M Reduce -82.0%
EVI Evi Industries Inc. 0.27% 833,551 $18.2M Add +2.7%
TECH Bio-Techne Corp. 0.25% 331,912 $17.1M Add +0.8%
LCII Lci Industries 0.24% 175,596 $16.0M Reduce -1.2%
WLDN Willdan Group Inc. 0.04% 44,093 $2.8M No change
PL Planet Labs PBC 0.04% 427,365 $2.6M Add +13.1%
UTI Universal Technical Institut 0.03% 68,760 $2.3M Reduce -19.0%
PHR Phreesia Inc. 0.03% 77,455 $2.2M No change
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.03% 88,075 $1.9M Add +25.4%
IIIV I3 Verticals Inc. Class A 0.03% 69,772 $1.9M No change
MAMA Mama's Creations Inc. 0.03% 229,140 $1.9M No change
TCYSF Tecsys Inc. 0.03% 63,720 $1.8M No change
OLO Olo Inc. Class A 0.03% 198,105 $1.8M Reduce -25.5%
NVEE NV5 Global Inc. 0.03% 73,872 $1.7M No change
VRSK Verisk Analytics Inc. 0.03% 5,460 $1.7M Reduce -0.3%
PLMR Palomar Holdings Inc. 0.02% 10,780 $1.7M Reduce -22.5%
COCO The Vita Coco Co. Inc. 0.02% 45,560 $1.6M Add +28.1%
IRMD Iradimed Corp. 0.02% 27,455 $1.6M No change
BWMN Bowman Consulting Group Ltd. 0.02% 56,630 $1.6M No change
NABL N-Able Inc. 0.02% 180,780 $1.5M Add +33.5%
ERII Energy Recovery Inc. 0.02% 112,420 $1.4M Add +25.6%
KIDS Orthopediatrics Corp. 0.02% 66,588 $1.4M Add +23.8%
BLFS Biolife Solutions Inc. 0.02% 65,017 $1.4M No change
MSFT Microsoft Corp. 0.02% 2,707 $1.3M Reduce -0.2%
CSGP Costar Group Inc. 0.02% 15,490 $1.2M Reduce -0.0%
WCN Waste Connections Inc. 0.02% 6,464 $1.2M Reduce -0.3%
USPH U.S. Physical Therapy Inc. 0.02% 14,965 $1.2M No change
COST Costco Wholesale Corp. 0.02% 1,060 $1.0M Reduce -0.5%
TWST Twist Bioscience Corp. 0.02% 28,390 $1.0M New
THBRF Thunderbird Entertainment GR 0.02% 842,105 $1.0M No change
ROP Roper Technologies Inc. 0.01% 1,739 $986K Reduce -0.9%
SSTI Soundthinking Inc. 0.01% 75,110 $981K No change
TKNO Alpha Teknova Inc. 0.01% 192,274 $944K No change
CPRT Copart Inc. 0.01% 18,911 $928K Add +0.1%
IDXX Idexx Laboratories Inc. 0.01% 1,684 $903K Reduce -0.6%
VEEV Veeva Systems Inc. Class A 0.01% 3,059 $881K Reduce -0.5%
CYRX Cryoport Inc. 0.01% 110,557 $825K Add +55.9%
SPGI S&P Global Inc. 0.01% 1,496 $789K No change
FAST Fastenal Co. 0.01% 18,480 $776K Reduce -0.5%
ANSS Ansys Inc. 0.01% 2,176 $764K Reduce -15.6%
FTNT Fortinet Inc. 0.01% 7,173 $758K Reduce -30.1%
IT Gartner Inc. 0.01% 1,834 $741K Reduce -0.3%
TSCO Tractor Supply Company 0.01% 13,140 $693K Add +0.3%
XYL Xylem Inc. 0.01% 4,829 $625K Add +1.1%

Show all 122 holdings

Portfolio Sells Q1 2025 → Q2 2025
JBTM JBT Marel Corp. Reduce -82.0% 0.31% −1.46
NEOG Neogen Corp. Sold out 0.00% −1.12
SLP Simulations Plus Inc. Reduce -50.9% 0.33% −0.63
MMSI Merit Medical Systems Inc. Reduce -2.4% 3.05% −0.56
CWAN Clearwater Analytics HDS-A Reduce -0.5% 2.17% −0.55
PYCR Paycor HCM Inc. Sold out 0.00% −0.45
EXPO Exponent Inc. Reduce -2.5% 2.99% −0.41
CWST Casella Waste Systems Inc. Class A Reduce -6.9% 4.57% −0.27
AXON Axon Enterprise Inc. Reduce -98.5% 0.01% −0.24
MLAB Mesa Laboratories Inc. Reduce -0.9% 0.79% −0.23
BCPC Balchem Corp. Reduce -1.6% 2.70% −0.22
HLMN Hillman Solutions Corp. Reduce -0.4% 0.78% −0.20
AAON Aaon Inc. Reduce -1.6% 2.03% −0.20
DSGX The Descartes Systems Grp Reduce -3.3% 4.04% −0.19
WK Workiva Inc. Reduce -0.8% 1.18% −0.17
TREX Trex Company Inc. Reduce -0.3% 1.60% −0.15
SSD Simpson Manufacturing Co. Inc. Reduce -2.5% 2.53% −0.15
CSW CSW Industrials Inc. Reduce -1.7% 2.51% −0.14
LMAT Lemaitre Vascular Inc. Reduce -2.3% 1.97% −0.11
WDFC WD-40 Co. Reduce -0.2% 1.08% −0.10
FICO Fair Isaac Corp. Reduce -93.1% 0.01% −0.10
SITE Siteone Landscape Supply Inc. Reduce -2.0% 2.07% −0.09
RGEN Repligen Corp. Reduce -0.3% 1.80% −0.09
POOL Pool Corp. Reduce -0.1% 0.58% −0.07
TYL Tyler Technologies Inc. Reduce -1.4% 0.83% −0.01
SPSC SPS Commerce Inc. Reduce -0.8% 2.52% −0.01
MTD Mettler-Toledo International Sold out 0.00% −0.01
PLMR Palomar Holdings Inc. Reduce -22.5% 0.02% −0.00
FDS Factset Research Systems Inc. Reduce -35.8% 0.01% −0.00
FTNT Fortinet Inc. Reduce -30.1% 0.01% −0.00
SJM The JM Smucker Co. Sold out 0.00% −0.00
WCN Waste Connections Inc. Reduce -0.3% 0.02% −0.00
ANSS Ansys Inc. Reduce -15.6% 0.01% −0.00
ROP Roper Technologies Inc. Reduce -0.9% 0.01% −0.00
IT Gartner Inc. Reduce -0.3% 0.01% −0.00
LIN Linde PLC Reduce -1.5% 0.01% −0.00
CSGP Costar Group Inc. Reduce -0.0% 0.02% −0.00
COST Costco Wholesale Corp. Reduce -0.5% 0.02% +0.00
STE Steris PLC Reduce -0.2% 0.01% +0.00
GOOG Alphabet Inc. Class C Reduce -0.5% 0.01% +0.00
FAST Fastenal Co. Reduce -0.5% 0.01% +0.00
VRSK Verisk Analytics Inc. Reduce -0.3% 0.03% +0.00
GOOGL Alphabet Inc. Class A Reduce -0.3% 0.01% +0.00
UTI Universal Technical Institut Reduce -19.0% 0.03% +0.00
INTU Intuit Inc. Reduce -0.6% 0.01% +0.00
OLO Olo Inc. Class A Reduce -25.5% 0.03% +0.00
LCII Lci Industries Reduce -1.2% 0.24% +0.00
VEEV Veeva Systems Inc. Class A Reduce -0.5% 0.01% +0.00
IDXX Idexx Laboratories Inc. Reduce -0.6% 0.01% +0.00
ROL Rollins Inc. Reduce -1.9% 0.90% +0.00

Portfolio Buys Q1 2025 → Q2 2025
BFAM Bright Horizons Family Solut Add +171.0% 1.57% +0.96
ULS Ul Solutions Inc. Class A Add +64.6% 1.26% +0.65
MRCY Mercury Systems Inc. Add +13.3% 2.04% +0.57
AGYS Agilysys Inc. Add +0.2% 1.24% +0.44
NOVT Novanta Inc. Add +15.7% 3.01% +0.38
CCC CCC Intelligent Solutions Ho Add +16.7% 2.02% +0.32
TRNS Transcat Inc. Add +13.7% 1.38% +0.31
VERX Vertex Inc. Class A Add +15.3% 1.77% +0.22
NCNO Ncino Inc. Add +24.0% 1.10% +0.21
VCEL Vericel Corp. Add +19.5% 1.55% +0.16
PCOR Procore Technologies Inc. Add +51.4% 0.34% +0.12
WST West Pharmaceutical Services Add +49.9% 0.35% +0.11
EVI Evi Industries Inc. Add +2.7% 0.27% +0.06
PCTY Paylocity Holding Corp. Add +16.5% 0.33% +0.03
CXT Crane NXT Co. Add +0.1% 0.79% +0.02
PL Planet Labs PBC Add +13.1% 0.04% +0.02
TWST Twist Bioscience Corp. New 0.02% +0.02
ONT Onterris Inc. Add +25.4% 0.03% +0.01
GGG Graco Inc. Add +0.7% 0.59% +0.01
COCO The Vita Coco Co. Inc. Add +28.1% 0.02% +0.01
NABL N-Able Inc. Add +33.5% 0.02% +0.01
CYRX Cryoport Inc. Add +55.9% 0.01% +0.01
NET Cloudflare Inc. Class A New 0.01% +0.01
NVDA Nvidia Corp. New 0.00% +0.00
BSY Bentley Systems Inc. Class B Add +0.1% 0.01% +0.00
ODFL Old Dominion Freight Line Add +41.1% 0.01% +0.00
KIDS Orthopediatrics Corp. Add +23.8% 0.02% +0.00
XYL Xylem Inc. Add +1.1% 0.01% +0.00
ERII Energy Recovery Inc. Add +25.6% 0.02% −0.00
TSCO Tractor Supply Company Add +0.3% 0.01% −0.00
CPRT Copart Inc. Add +0.1% 0.01% −0.00
JKHY Jack Henry & Associates Inc. Add +0.2% 0.54% −0.02
TECH Bio-Techne Corp. Add +0.8% 0.25% −0.04
KAI Kadant Inc. Add +0.4% 1.04% −0.08
WSO Watsco Inc. Add +0.5% 0.69% −0.12
AZTA Azenta Inc. Add +0.1% 0.87% −0.13

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 109$4.6BCWST, RBC, NOVT, BCPC, MRCY
Q1 2026 114$5.0BRBC, CWST, BCPC, FSV, ROAD
Q4 2025 121$5.9BCWST, RBC, DSGX, ROAD, CSW
Q3 2025 122$6.2BCWST, ROAD, DSGX, RBC, FSV
Q2 2025 122$6.8BCWST, ROAD, DSGX, RBC, FSV
Q1 2025 123$6.6BCWST, DSGX, ROAD, FSV, MMSI
Q4 2024 124$7.5BDSGX, CWST, ROAD, FSV, EXPO
Q3 2024 121$7.4BDSGX, EXPO, CWST, SSD, FSV
Q2 2024 130$6.7BCWST, DSGX, EXPO, ALTR, SSD
Q1 2024 131$6.9BCWST, SSD, DSGX, FSV, NOVT