Conestoga Capital Advisors, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 24, 2025), Conestoga Capital Advisors, LLC reported 122 stock positions worth $6.2 billion. Its top holding was Casella Waste Systems Class A (CWST) at 4.4% of the portfolio, followed by Construction Partners Class A (ROAD, 4.3%) and Descartes Systems Grp (DSGX, 4.0%). Compared with Q2 2025, it opened 4 new positions, sold out of 4, added to 35 and reduced 68. The biggest buy was a new position in Mirion Technologies (MIR) and the biggest sale Vertex Class A (VERX, shares −25%).

Most Recent 13F
Q2 2026
Location
WAYNE, PA
CIK
0001163744
Portfolio Value
$6.2B (Q3 2025)
SEC Filing
0001163744-25-000002 ↗ filed Oct 24, 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 Q2 2025 Q3 2025: $6.2B $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 · $6.2B
CWST Casella Waste Systems Inc. Class A 4.38% 2,876,061 $272.9M Add +7.3%
ROAD Construction Partners Inc. Class A 4.34% 2,131,852 $270.7M Reduce -19.1%
DSGX The Descartes Systems Grp 3.99% 2,635,476 $248.3M Reduce -1.9%
RBC RBC Bearings Inc. 3.92% 625,943 $244.3M Reduce -1.9%
FSV Firstservice Corp. 3.74% 1,223,287 $233.0M Reduce -12.8%
STVN Stevanato Group SPA 3.35% 8,094,965 $208.4M Reduce -0.4%
BCPC Balchem Corp. 3.07% 1,272,778 $191.0M Add +10.9%
ESE Esco Technologies Inc. 2.96% 873,219 $184.3M Reduce -14.1%
MMSI Merit Medical Systems Inc. 2.92% 2,185,265 $181.9M Reduce -1.2%
MRCY Mercury Systems Inc. 2.83% 2,279,909 $176.5M Reduce -10.9%
EXPO Exponent Inc. 2.63% 2,361,196 $164.1M Reduce -12.7%
AAON Aaon Inc. 2.54% 1,691,320 $158.0M Reduce -9.0%
SSD Simpson Manufacturing Co. Inc. 2.37% 882,361 $147.8M Reduce -20.0%
SITE Siteone Landscape Supply Inc. 2.37% 1,146,082 $147.6M Reduce -1.2%
SPXC SPX Technologies Inc. 2.33% 776,786 $145.1M Reduce -2.3%
NOVT Novanta Inc. 2.27% 1,410,719 $141.3M Reduce -10.7%
CSW CSW Industrials Inc. 2.26% 578,891 $140.5M Reduce -2.3%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 2.24% 1,925,996 $139.4M Reduce -0.1%
LMAT Lemaitre Vascular Inc. 2.21% 1,574,688 $137.8M Reduce -1.8%
SPSC SPS Commerce Inc. 2.14% 1,281,511 $133.5M Add +2.5%
MSA Msa Safety Inc. 2.12% 767,629 $132.1M Reduce -2.2%
FSS Federal Signal Corp. 2.10% 1,098,563 $130.7M Reduce -18.8%
RGEN Repligen Corp. 2.05% 956,913 $127.9M Reduce -2.0%
DGII Digi International Inc. 2.00% 3,415,734 $124.5M Reduce -3.8%
CWAN Clearwater Analytics HDS-A 1.94% 6,710,904 $120.9M Add +0.3%
BL Blackline Inc. 1.76% 2,066,770 $109.7M Reduce -0.6%
TREX Trex Company Inc. 1.57% 1,894,949 $97.9M Reduce -5.1%
CCC CCC Intelligent Solutions Ho 1.55% 10,623,881 $96.8M Reduce -26.8%
BFAM Bright Horizons Family Solut 1.53% 880,580 $95.6M Add +2.6%
HLIO Helios Technologies Inc. 1.39% 1,660,024 $86.5M Reduce -15.1%
WK Workiva Inc. 1.38% 996,187 $85.8M Reduce -14.9%
ULS Ul Solutions Inc. Class A 1.29% 1,136,679 $80.5M Reduce -2.8%
TRNS Transcat Inc. 1.15% 974,736 $71.4M Reduce -10.4%
AGYS Agilysys Inc. 1.11% 655,779 $69.0M Reduce -10.4%
VCEL Vericel Corp. 1.10% 2,175,284 $68.5M Reduce -11.7%
CXT Crane NXT Co. 1.05% 973,812 $65.3M Reduce -2.1%
ROL Rollins Inc. 1.02% 1,077,448 $63.3M Reduce -0.4%
VERX Vertex Inc. Class A 1.01% 2,543,000 $63.0M Reduce -25.2%
NCNO Ncino Inc. 0.99% 2,275,238 $61.7M Reduce -14.8%
WDFC WD-40 Co. 0.98% 310,604 $61.4M Reduce -2.7%
HEI.A Heico Corp. Class A 0.94% 229,960 $58.4M Add +0.6%
GWRE Guidewire Software Inc. 0.92% 249,799 $57.4M Add +0.5%
HLMN Hillman Solutions Corp. 0.81% 5,483,883 $50.3M Reduce -25.5%
KAI Kadant Inc. 0.81% 168,698 $50.2M Reduce -24.0%
TYL Tyler Technologies Inc. 0.79% 94,110 $49.2M Reduce -0.3%
AZTA Azenta Inc. 0.68% 1,467,996 $42.2M Reduce -23.5%
GGG Graco Inc. 0.63% 463,812 $39.4M Reduce -0.3%
POOL Pool Corp. 0.61% 123,409 $38.3M Reduce -7.8%
WSO Watsco Inc. 0.61% 94,449 $38.2M Reduce -10.6%
MIR Mirion Technologies Inc. 0.50% 1,351,785 $31.4M New
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.48% 202,582 $30.2M Add +0.5%
MLAB Mesa Laboratories Inc. 0.46% 426,457 $28.6M Reduce -24.7%
WST West Pharmaceutical Services 0.42% 100,783 $26.4M Reduce -6.6%
EVI Evi Industries Inc. 0.41% 806,670 $25.5M Reduce -3.2%
JBTM JBT Marel Corp. 0.39% 173,566 $24.4M Add +0.6%
PCOR Procore Technologies Inc. 0.37% 312,712 $22.8M Reduce -7.3%
PCTY Paylocity Holding Corp. 0.32% 125,863 $20.0M Add +0.7%
GNRC Generac Holdings Inc. 0.32% 119,725 $20.0M Reduce -25.4%
TECH Bio-Techne Corp. 0.27% 305,483 $17.0M Reduce -8.0%
LCII Lci Industries 0.26% 171,564 $16.0M Reduce -2.3%
PL Planet Labs PBC 0.05% 246,235 $3.2M Reduce -42.4%
UTI Universal Technical Institut 0.04% 83,170 $2.7M Add +21.0%
MAMA Mama's Creations Inc. 0.04% 229,240 $2.4M Add +0.0%
BWMN Bowman Consulting Group Ltd. 0.04% 56,095 $2.4M Reduce -0.9%
IIIV I3 Verticals Inc. Class A 0.04% 69,552 $2.3M Reduce -0.3%
WLDN Willdan Group Inc. 0.04% 22,738 $2.2M Reduce -48.4%
PLMR Palomar Holdings Inc. 0.03% 17,585 $2.1M Add +63.1%
ERII Energy Recovery Inc. 0.03% 130,370 $2.0M Add +16.0%
IRMD Iradimed Corp. 0.03% 27,375 $1.9M Reduce -0.3%
COCO The Vita Coco Co. Inc. 0.03% 45,550 $1.9M Reduce -0.0%
BLFS Biolife Solutions Inc. 0.03% 75,502 $1.9M Add +16.1%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.03% 69,680 $1.9M Reduce -20.9%
TKNO Alpha Teknova Inc. 0.03% 308,939 $1.9M Add +60.7%
PHR Phreesia Inc. 0.03% 76,520 $1.8M Reduce -1.2%
NABL N-Able Inc. 0.03% 208,845 $1.6M Add +15.5%
TCYSF Tecsys Inc. 0.03% 63,520 $1.6M Reduce -0.3%
TWST Twist Bioscience Corp. 0.03% 55,600 $1.6M Add +95.8%
TIC Tic Solutions Inc. filed as ACUREN CORP 0.02% 106,021 $1.4M Add +24.8%
MSFT Microsoft Corp. 0.02% 2,702 $1.4M Reduce -0.2%
VRSK Verisk Analytics Inc. 0.02% 5,460 $1.4M No change
CSGP Costar Group Inc. 0.02% 15,540 $1.3M Add +0.3%
USPH U.S. Physical Therapy Inc. 0.02% 14,910 $1.3M Reduce -0.4%
CLMB Climb Global Solutions Inc. 0.02% 8,975 $1.2M New
KIDS Orthopediatrics Corp. 0.02% 63,395 $1.2M Reduce -4.8%
WCN Waste Connections Inc. 0.02% 6,464 $1.1M No change
SSTI Soundthinking Inc. 0.02% 91,603 $1.1M Add +22.0%
IDXX Idexx Laboratories Inc. 0.02% 1,689 $1.1M Add +0.3%
CYRX Cryoport Inc. 0.02% 105,189 $997K Reduce -4.9%
COST Costco Wholesale Corp. 0.02% 1,055 $977K Reduce -0.5%
VEEV Veeva Systems Inc. Class A 0.01% 3,079 $917K Add +0.7%
FAST Fastenal Co. 0.01% 18,155 $890K Reduce -1.8%
ROP Roper Technologies Inc. 0.01% 1,744 $870K Add +0.3%
CPRT Copart Inc. 0.01% 19,006 $855K Add +0.5%
TSCO Tractor Supply Company 0.01% 13,210 $751K Add +0.5%
SPGI S&P Global Inc. 0.01% 1,496 $728K No change
GOOGL Alphabet Inc. Class A 0.01% 2,945 $716K Reduce -0.7%
XYL Xylem Inc. 0.01% 4,849 $715K Add +0.4%
STE Steris PLC 0.01% 2,539 $628K Add +0.6%
FTNT Fortinet Inc. 0.01% 7,213 $606K Add +0.6%
MA Mastercard Inc. Class A 0.01% 1,055 $600K No change
BRK.B Berkshire Hathaway Inc. Class B 0.01% 1,180 $593K No change
GOOG Alphabet Inc. Class C 0.01% 2,180 $531K Reduce -0.9%
INTU Intuit Inc. 0.01% 775 $529K No change
IT Gartner Inc. 0.01% 1,844 $485K Add +0.6%
LIN Linde PLC 0.01% 1,010 $480K No change
THBRF Thunderbird Entertainment GR 0.01% 437,020 $471K Reduce -48.1%
BSY Bentley Systems Inc. Class B 0.01% 8,455 $435K Add +0.7%
FICO Fair Isaac Corp. 0.01% 269 $403K Add +0.8%
NET Cloudflare Inc. Class A 0.01% 1,745 $374K Add +0.9%
JNJ Johnson & Johnson 0.01% 2,010 $373K No change
AAPL Apple Inc. 0.01% 1,380 $351K No change
SNPS Synopsys Inc. 0.01% 698 $344K New
ODFL Old Dominion Freight Line 0.01% 2,199 $310K Add +0.9%
GRMN Garmin Ltd. 0.00% 1,220 $300K No change
NVDA Nvidia Corp. 0.00% 1,530 $285K Add +2.0%
AXON Axon Enterprise Inc. 0.00% 395 $283K Reduce -11.2%
MKL Markel Group Inc. 0.00% 145 $277K No change
XOM Exxon Mobil Corp. 0.00% 2,449 $276K No change
HD Home Depot Inc. 0.00% 650 $263K No change
ITW Illinois Tool Works 0.00% 910 $237K No change
DHR Danaher Corp. 0.00% 1,030 $204K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.00% 1,845 $200K New

Portfolio Sells Q2 2025 → Q3 2025
VERX Vertex Inc. Class A Reduce -25.2% 1.01% −0.76
NOVT Novanta Inc. Reduce -10.7% 2.27% −0.74
CCC CCC Intelligent Solutions Ho Reduce -26.8% 1.55% −0.47
VCEL Vericel Corp. Reduce -11.7% 1.10% −0.45
QTWO Q2 Holdings Inc. Reduce -0.1% 2.24% −0.43
EXPO Exponent Inc. Reduce -12.7% 2.63% −0.35
SLP Simulations Plus Inc. Sold out 0.00% −0.33
MLAB Mesa Laboratories Inc. Reduce -24.7% 0.46% −0.33
CSW CSW Industrials Inc. Reduce -2.3% 2.26% −0.26
TRNS Transcat Inc. Reduce -10.4% 1.15% −0.24
KAI Kadant Inc. Reduce -24.0% 0.81% −0.24
AZTA Azenta Inc. Reduce -23.5% 0.68% −0.20
SSD Simpson Manufacturing Co. Inc. Reduce -20.0% 2.37% −0.16
MMSI Merit Medical Systems Inc. Reduce -1.2% 2.92% −0.14
AGYS Agilysys Inc. Reduce -10.4% 1.11% −0.13
NCNO Ncino Inc. Reduce -14.8% 0.99% −0.11
WDFC WD-40 Co. Reduce -2.7% 0.98% −0.09
WSO Watsco Inc. Reduce -10.6% 0.61% −0.08
DSGX The Descartes Systems Grp Reduce -1.9% 3.99% −0.05
TYL Tyler Technologies Inc. Reduce -0.3% 0.79% −0.04
TREX Trex Company Inc. Reduce -5.1% 1.57% −0.03
FSS Federal Signal Corp. Reduce -18.8% 2.10% −0.03
OLO Olo Inc. Class A Sold out 0.00% −0.03
GNRC Generac Holdings Inc. Reduce -25.4% 0.32% −0.02
ANSS Ansys Inc. Sold out 0.00% −0.01
THBRF Thunderbird Entertainment GR Reduce -48.1% 0.01% −0.01
FDS Factset Research Systems Inc. Sold out 0.00% −0.01
WLDN Willdan Group Inc. Reduce -48.4% 0.04% −0.01
PHR Phreesia Inc. Reduce -1.2% 0.03% −0.00
KIDS Orthopediatrics Corp. Reduce -4.8% 0.02% −0.00
AXON Axon Enterprise Inc. Reduce -11.2% 0.00% −0.00
TCYSF Tecsys Inc. Reduce -0.3% 0.03% −0.00
COST Costco Wholesale Corp. Reduce -0.5% 0.02% +0.00
ONT Onterris Inc. Reduce -20.9% 0.03% +0.00
MSFT Microsoft Corp. Reduce -0.2% 0.02% +0.00
GOOG Alphabet Inc. Class C Reduce -0.9% 0.01% +0.00
FAST Fastenal Co. Reduce -1.8% 0.01% +0.00
USPH U.S. Physical Therapy Inc. Reduce -0.4% 0.02% +0.00
GOOGL Alphabet Inc. Class A Reduce -0.7% 0.01% +0.00
CYRX Cryoport Inc. Reduce -4.9% 0.02% +0.00
COCO The Vita Coco Co. Inc. Reduce -0.0% 0.03% +0.01
IRMD Iradimed Corp. Reduce -0.3% 0.03% +0.01
IIIV I3 Verticals Inc. Class A Reduce -0.3% 0.04% +0.01
PL Planet Labs PBC Reduce -42.4% 0.05% +0.01
BWMN Bowman Consulting Group Ltd. Reduce -0.9% 0.04% +0.01
LCII Lci Industries Reduce -2.3% 0.26% +0.02
TECH Bio-Techne Corp. Reduce -8.0% 0.27% +0.02
BL Blackline Inc. Reduce -0.6% 1.76% +0.02
PCOR Procore Technologies Inc. Reduce -7.3% 0.37% +0.02
HLMN Hillman Solutions Corp. Reduce -25.5% 0.81% +0.03

Portfolio Buys Q2 2025 → Q3 2025
MIR Mirion Technologies Inc. New 0.50% +0.50
BCPC Balchem Corp. Add +10.9% 3.07% +0.37
JBTM JBT Marel Corp. Add +0.6% 0.39% +0.08
HEI.A Heico Corp. Class A Add +0.6% 0.94% +0.06
GWRE Guidewire Software Inc. Add +0.5% 0.92% +0.06
CLMB Climb Global Solutions Inc. New 0.02% +0.02
TKNO Alpha Teknova Inc. Add +60.7% 0.03% +0.02
ERII Energy Recovery Inc. Add +16.0% 0.03% +0.01
MAMA Mama's Creations Inc. Add +0.0% 0.04% +0.01
BLFS Biolife Solutions Inc. Add +16.1% 0.03% +0.01
TWST Twist Bioscience Corp. Add +95.8% 0.03% +0.01
UTI Universal Technical Institut Add +21.0% 0.04% +0.01
PLMR Palomar Holdings Inc. Add +63.1% 0.03% +0.01
SNPS Synopsys Inc. New 0.01% +0.01
NABL N-Able Inc. Add +15.5% 0.03% +0.00
IDXX Idexx Laboratories Inc. Add +0.3% 0.02% +0.00
SSTI Soundthinking Inc. Add +22.0% 0.02% +0.00
SJM The JM Smucker Co. New 0.00% +0.00
CSGP Costar Group Inc. Add +0.3% 0.02% +0.00
XYL Xylem Inc. Add +0.4% 0.01% +0.00
TSCO Tractor Supply Company Add +0.5% 0.01% +0.00
VEEV Veeva Systems Inc. Class A Add +0.7% 0.01% +0.00
NVDA Nvidia Corp. Add +2.0% 0.00% +0.00
STE Steris PLC Add +0.6% 0.01% +0.00
NET Cloudflare Inc. Class A Add +0.9% 0.01% +0.00
BSY Bentley Systems Inc. Class B Add +0.7% 0.01% +0.00
CPRT Copart Inc. Add +0.5% 0.01% 0.00
ODFL Old Dominion Freight Line Add +0.9% 0.01% −0.00
ROP Roper Technologies Inc. Add +0.3% 0.01% −0.00
FICO Fair Isaac Corp. Add +0.8% 0.01% −0.00
FTNT Fortinet Inc. Add +0.6% 0.01% −0.00
TIC Tic Solutions Inc. Add +24.8% 0.02% −0.00
IT Gartner Inc. Add +0.6% 0.01% −0.00
PCTY Paylocity Holding Corp. Add +0.7% 0.32% −0.01
BFAM Bright Horizons Family Solut Add +2.6% 1.53% −0.03
JKHY Jack Henry & Associates Inc. Add +0.5% 0.48% −0.05
CWST Casella Waste Systems Inc. Class A Add +7.3% 4.38% −0.19
CWAN Clearwater Analytics HDS-A Add +0.3% 1.94% −0.23
SPSC SPS Commerce Inc. Add +2.5% 2.14% −0.37

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