Conestoga Capital Advisors, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 2, 2026), Conestoga Capital Advisors, LLC reported 121 stock positions worth $5.9 billion. Its top holding was Casella Waste Systems Class A (CWST) at 4.6% of the portfolio, followed by RBC Bearings (RBC, 4.4%) and Descartes Systems Grp (DSGX, 3.7%). Compared with Q3 2025, it opened 5 new positions, sold out of 6, added to 49 and reduced 62. The biggest buy was CSW Industrials (CSW, shares +9%) and the biggest sale an exit from Trex (TREX).

Most Recent 13F
Q2 2026
Location
WAYNE, PA
CIK
0001163744
Portfolio Value
$5.9B (Q4 2025)
SEC Filing
0001163744-26-000017 ↗ filed Feb 2, 2026

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 Q3 2025 Q4 2025: $5.9B $5.9B Q4 2025 Q1 2026: $5.0B Q1 2026 Q2 2026: $4.6B Q2 2026

Holdings 121 stocks · $5.9B
CWST Casella Waste Systems Inc. Class A 4.58% 2,777,327 $272.0M Reduce -3.4%
RBC RBC Bearings Inc. 4.41% 584,410 $262.1M Reduce -6.6%
DSGX The Descartes Systems Grp 3.70% 2,508,569 $219.9M Reduce -4.8%
ROAD Construction Partners Inc. Class A 3.70% 2,025,002 $219.8M Reduce -5.0%
CSW CSW Industrials Inc. 3.13% 633,255 $185.9M Add +9.4%
BCPC Balchem Corp. 3.11% 1,204,319 $184.7M Reduce -5.4%
MMSI Merit Medical Systems Inc. 3.09% 2,086,483 $183.9M Reduce -4.5%
FSV Firstservice Corp. 3.07% 1,172,521 $182.4M Reduce -4.2%
NOVT Novanta Inc. 2.92% 1,458,259 $173.5M Add +3.4%
RGEN Repligen Corp. 2.92% 1,057,975 $173.4M Add +10.6%
EXPO Exponent Inc. 2.80% 2,392,499 $166.2M Add +1.3%
MRCY Mercury Systems Inc. 2.67% 2,174,807 $158.8M Reduce -4.6%
STVN Stevanato Group SPA 2.67% 7,889,701 $158.7M Reduce -2.5%
SPXC SPX Technologies Inc. 2.55% 758,400 $151.7M Reduce -2.4%
ESE Esco Technologies Inc. 2.55% 775,596 $151.5M Reduce -11.2%
CWAN Clearwater Analytics HDS-A 2.48% 6,097,771 $147.1M Reduce -9.1%
SSD Simpson Manufacturing Co. Inc. 2.31% 849,350 $137.1M Reduce -3.7%
AAON Aaon Inc. 2.28% 1,776,013 $135.4M Add +5.0%
SITE Siteone Landscape Supply Inc. 2.25% 1,075,017 $133.9M Reduce -6.2%
QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC 2.24% 1,847,501 $133.3M Reduce -4.1%
DGII Digi International Inc. 2.15% 2,955,793 $128.0M Reduce -13.5%
MSA Msa Safety Inc. 2.02% 751,172 $120.3M Reduce -2.1%
LMAT Lemaitre Vascular Inc. 1.94% 1,424,988 $115.6M Reduce -9.5%
BFAM Bright Horizons Family Solut 1.88% 1,100,803 $111.6M Add +25.0%
FSS Federal Signal Corp. 1.83% 1,000,084 $108.6M Reduce -9.0%
BL Blackline Inc. 1.72% 1,848,997 $102.2M Reduce -10.5%
CCC CCC Intelligent Solutions Ho 1.68% 12,530,897 $99.6M Add +17.9%
WK Workiva Inc. 1.57% 1,083,243 $93.4M Add +8.7%
HLIO Helios Technologies Inc. 1.40% 1,552,064 $83.0M Reduce -6.5%
ULS Ul Solutions Inc. Class A 1.39% 1,046,576 $82.5M Reduce -7.9%
VCEL Vericel Corp. 1.37% 2,254,562 $81.2M Add +3.6%
NCNO Ncino Inc. 1.23% 2,861,024 $73.4M Add +25.8%
AGYS Agilysys Inc. 1.20% 598,141 $71.1M Reduce -8.8%
ROL Rollins Inc. 1.14% 1,130,355 $67.8M Add +4.9%
KAI Kadant Inc. 1.04% 216,204 $61.6M Add +28.2%
WDFC WD-40 Co. 0.98% 296,847 $58.4M Reduce -4.4%
SPSC SPS Commerce Inc. 0.96% 642,804 $57.3M Reduce -49.8%
TRNS Transcat Inc. 0.90% 943,437 $53.5M Reduce -3.2%
GWRE Guidewire Software Inc. 0.88% 259,598 $52.2M Add +3.9%
VERX Vertex Inc. Class A 0.84% 2,506,653 $50.1M Reduce -1.4%
HLMN Hillman Solutions Corp. 0.83% 5,714,463 $49.5M Add +4.2%
TYL Tyler Technologies Inc. 0.82% 107,466 $48.8M Add +14.2%
HEI.A Heico Corp. Class A 0.80% 188,668 $47.6M Reduce -18.0%
CXT Crane NXT Co. 0.78% 979,422 $46.1M Add +0.6%
MIR Mirion Technologies Inc. 0.76% 1,938,849 $45.4M Add +43.4%
AZTA Azenta Inc. 0.74% 1,316,401 $43.8M Reduce -10.3%
GGG Graco Inc. 0.73% 531,355 $43.6M Add +14.6%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.72% 235,233 $42.9M Add +16.1%
KRMN Karman Holdings Inc. 0.66% 534,897 $39.1M New
WSO Watsco Inc. 0.66% 115,568 $38.9M Add +22.4%
WST West Pharmaceutical Services 0.57% 122,791 $33.8M Add +21.8%
POOL Pool Corp. 0.56% 144,707 $33.1M Add +17.3%
JBTM JBT Marel Corp. 0.48% 188,602 $28.4M Add +8.7%
PCOR Procore Technologies Inc. 0.47% 385,193 $28.0M Add +23.2%
LCII Lci Industries 0.40% 194,833 $23.6M Add +13.6%
BMI Badger Meter Inc. 0.38% 130,393 $22.7M New
PCTY Paylocity Holding Corp. 0.36% 141,220 $21.5M Add +12.2%
EVI Evi Industries Inc. 0.36% 872,555 $21.5M Add +8.2%
TECH Bio-Techne Corp. 0.35% 354,561 $20.9M Add +16.1%
PLMR Palomar Holdings Inc. 0.05% 20,635 $2.8M Add +17.3%
MAMA Mama's Creations Inc. 0.04% 185,700 $2.5M Reduce -19.0%
UTI Universal Technical Institut 0.04% 88,140 $2.3M Add +6.0%
WLDN Willdan Group Inc. 0.04% 20,412 $2.1M Reduce -10.2%
ELVA Electrovaya Inc. 0.04% 263,320 $2.1M New
IRMD Iradimed Corp. 0.03% 21,215 $2.1M Reduce -22.5%
BLFS Biolife Solutions Inc. 0.03% 78,492 $1.9M Add +4.0%
BWMN Bowman Consulting Group Ltd. 0.03% 57,295 $1.9M Add +2.1%
NABL N-Able Inc. 0.03% 252,775 $1.9M Add +21.0%
PHR Phreesia Inc. 0.03% 111,270 $1.9M Add +45.4%
IIIV I3 Verticals Inc. Class A 0.03% 72,902 $1.8M Add +4.8%
ERII Energy Recovery Inc. 0.03% 133,725 $1.8M Add +2.6%
TWST Twist Bioscience Corp. 0.03% 56,785 $1.8M Add +2.1%
ONT Onterris Inc. filed as MONTROSE ENVIRONMENTAL GROUP 0.03% 71,475 $1.8M Add +2.6%
PL Planet Labs PBC 0.03% 82,985 $1.6M Reduce -66.3%
COCO The Vita Coco Co. Inc. 0.03% 29,675 $1.6M Reduce -34.9%
CYRX Cryoport Inc. 0.03% 159,864 $1.5M Add +52.0%
TCYSF Tecsys Inc. 0.03% 66,835 $1.5M Add +5.2%
CLMB Climb Global Solutions Inc. 0.02% 13,165 $1.4M Add +46.7%
ODD Oddity Tech Ltd. Class A 0.02% 30,335 $1.2M New
TKNO Alpha Teknova Inc. 0.02% 317,084 $1.2M Add +2.6%
USPH U.S. Physical Therapy Inc. 0.02% 15,275 $1.2M Add +2.5%
MSFT Microsoft Corp. 0.02% 2,359 $1.1M Reduce -12.7%
TIC Tic Solutions Inc. 0.02% 108,821 $1.1M Add +2.6%
VRSK Verisk Analytics Inc. 0.02% 4,346 $972K Reduce -20.4%
GOOGL Alphabet Inc. Class A 0.02% 2,930 $917K Reduce -0.5%
KIDS Orthopediatrics Corp. 0.01% 48,210 $856K Reduce -23.9%
CSGP Costar Group Inc. 0.01% 12,277 $826K Reduce -21.0%
WCN Waste Connections Inc. 0.01% 4,682 $821K Reduce -27.6%
IDXX Idexx Laboratories Inc. 0.01% 1,205 $815K Reduce -28.7%
COST Costco Wholesale Corp. 0.01% 935 $806K Reduce -11.4%
SPGI S&P Global Inc. 0.01% 1,521 $795K Add +1.7%
FAST Fastenal Co. 0.01% 17,040 $684K Reduce -6.1%
GOOG Alphabet Inc. Class C 0.01% 2,165 $679K Reduce -0.7%
BRK.B Berkshire Hathaway Inc. Class B 0.01% 1,215 $611K Add +3.0%
ROP Roper Technologies Inc. 0.01% 1,292 $575K Reduce -25.9%
MA Mastercard Inc. Class A 0.01% 995 $568K Reduce -5.7%
INTU Intuit Inc. 0.01% 795 $527K Add +2.6%
CPRT Copart Inc. 0.01% 12,943 $507K Reduce -31.9%
XYL Xylem Inc. 0.01% 3,707 $505K Reduce -23.6%
TSCO Tractor Supply Company 0.01% 9,520 $476K Reduce -27.9%
VEEV Veeva Systems Inc. Class A 0.01% 2,082 $465K Reduce -32.4%
LIN Linde PLC 0.01% 1,065 $454K Add +5.5%
STE Steris PLC 0.01% 1,719 $436K Reduce -32.3%
SSTI Soundthinking Inc. 0.01% 53,738 $432K Reduce -41.3%
FTNT Fortinet Inc. 0.01% 5,018 $398K Reduce -30.4%
JNJ Johnson & Johnson 0.01% 1,860 $385K Reduce -7.5%
AAPL Apple Inc. 0.01% 1,335 $363K Reduce -3.3%
IT Gartner Inc. 0.01% 1,248 $315K Reduce -32.3%
MKL Markel Group Inc. 0.01% 145 $312K No change
FICO Fair Isaac Corp. 0.01% 178 $301K Reduce -33.8%
GNRC Generac Holdings Inc. 0.01% 2,205 $301K Reduce -98.2%
NVDA Nvidia Corp. 0.00% 1,530 $285K No change
DHR Danaher Corp. 0.00% 1,170 $268K Add +13.6%
NET Cloudflare Inc. Class A 0.00% 1,160 $229K Reduce -33.5%
XOM Exxon Mobil Corp. 0.00% 1,884 $227K Reduce -23.1%
AXON Axon Enterprise Inc. 0.00% 395 $224K No change
ITW Illinois Tool Works 0.00% 910 $224K No change
HD Home Depot Inc. 0.00% 650 $224K No change
BSY Bentley Systems Inc. Class B 0.00% 5,375 $205K Reduce -36.4%
ODFL Old Dominion Freight Line 0.00% 1,300 $204K Reduce -40.9%
PGX Invesco Preferred ETF 0.00% 11,350 $128K New

Portfolio Sells Q3 2025 → Q4 2025
TREX Trex Company Inc. Sold out 0.00% −1.57
SPSC SPS Commerce Inc. Reduce -49.8% 0.96% −1.18
STVN Stevanato Group SPA Reduce -2.5% 2.67% −0.67
FSV Firstservice Corp. Reduce -4.2% 3.07% −0.67
ROAD Construction Partners Inc. Class A Reduce -5.0% 3.70% −0.65
MLAB Mesa Laboratories Inc. Sold out 0.00% −0.46
ESE Esco Technologies Inc. Reduce -11.2% 2.55% −0.41
GNRC Generac Holdings Inc. Reduce -98.2% 0.01% −0.32
DSGX The Descartes Systems Grp Reduce -4.8% 3.70% −0.28
FSS Federal Signal Corp. Reduce -9.0% 1.83% −0.27
LMAT Lemaitre Vascular Inc. Reduce -9.5% 1.94% −0.27
TRNS Transcat Inc. Reduce -3.2% 0.90% −0.24
VERX Vertex Inc. Class A Reduce -1.4% 0.84% −0.17
MRCY Mercury Systems Inc. Reduce -4.6% 2.67% −0.16
HEI.A Heico Corp. Class A Reduce -18.0% 0.80% −0.14
SITE Siteone Landscape Supply Inc. Reduce -6.2% 2.25% −0.12
MSA Msa Safety Inc. Reduce -2.1% 2.02% −0.10
SSD Simpson Manufacturing Co. Inc. Reduce -3.7% 2.31% −0.06
BL Blackline Inc. Reduce -10.5% 1.72% −0.04
PL Planet Labs PBC Reduce -66.3% 0.03% −0.02
SSTI Soundthinking Inc. Reduce -41.3% 0.01% −0.01
THBRF Thunderbird Entertainment GR Sold out 0.00% −0.01
CSGP Costar Group Inc. Reduce -21.0% 0.01% −0.01
VEEV Veeva Systems Inc. Class A Reduce -32.4% 0.01% −0.01
VRSK Verisk Analytics Inc. Reduce -20.4% 0.02% −0.01
SNPS Synopsys Inc. Sold out 0.00% −0.01
CPRT Copart Inc. Reduce -31.9% 0.01% −0.01
GRMN Garmin Ltd. Sold out 0.00% −0.00
COCO The Vita Coco Co. Inc. Reduce -34.9% 0.03% −0.00
KIDS Orthopediatrics Corp. Reduce -23.9% 0.01% −0.00
WCN Waste Connections Inc. Reduce -27.6% 0.01% −0.00
ROP Roper Technologies Inc. Reduce -25.9% 0.01% −0.00
TSCO Tractor Supply Company Reduce -27.9% 0.01% −0.00
IDXX Idexx Laboratories Inc. Reduce -28.7% 0.01% −0.00
BSY Bentley Systems Inc. Class B Reduce -36.4% 0.00% −0.00
MSFT Microsoft Corp. Reduce -12.7% 0.02% −0.00
SJM The JM Smucker Co. Sold out 0.00% −0.00
FTNT Fortinet Inc. Reduce -30.4% 0.01% −0.00
XYL Xylem Inc. Reduce -23.6% 0.01% −0.00
FAST Fastenal Co. Reduce -6.1% 0.01% −0.00
STE Steris PLC Reduce -32.3% 0.01% −0.00
IT Gartner Inc. Reduce -32.3% 0.01% −0.00
NET Cloudflare Inc. Class A Reduce -33.5% 0.00% −0.00
COST Costco Wholesale Corp. Reduce -11.4% 0.01% −0.00
ODFL Old Dominion Freight Line Reduce -40.9% 0.00% −0.00
FICO Fair Isaac Corp. Reduce -33.8% 0.01% −0.00
WDFC WD-40 Co. Reduce -4.4% 0.98% −0.00
XOM Exxon Mobil Corp. Reduce -23.1% 0.00% −0.00
MA Mastercard Inc. Class A Reduce -5.7% 0.01% −0.00
WLDN Willdan Group Inc. Reduce -10.2% 0.04% +0.00

Portfolio Buys Q3 2025 → Q4 2025
CSW CSW Industrials Inc. Add +9.4% 3.13% +0.87
RGEN Repligen Corp. Add +10.6% 2.92% +0.86
KRMN Karman Holdings Inc. New 0.66% +0.66
NOVT Novanta Inc. Add +3.4% 2.92% +0.65
BMI Badger Meter Inc. New 0.38% +0.38
BFAM Bright Horizons Family Solut Add +25.0% 1.88% +0.34
VCEL Vericel Corp. Add +3.6% 1.37% +0.27
MIR Mirion Technologies Inc. Add +43.4% 0.76% +0.26
NCNO Ncino Inc. Add +25.8% 1.23% +0.24
JKHY Jack Henry & Associates Inc. Add +16.1% 0.72% +0.24
KAI Kadant Inc. Add +28.2% 1.04% +0.23
WK Workiva Inc. Add +8.7% 1.57% +0.20
EXPO Exponent Inc. Add +1.3% 2.80% +0.16
WST West Pharmaceutical Services Add +21.8% 0.57% +0.14
LCII Lci Industries Add +13.6% 0.40% +0.14
ROL Rollins Inc. Add +4.9% 1.14% +0.13
CCC CCC Intelligent Solutions Ho Add +17.9% 1.68% +0.12
PCOR Procore Technologies Inc. Add +23.2% 0.47% +0.11
GGG Graco Inc. Add +14.6% 0.73% +0.10
JBTM JBT Marel Corp. Add +8.7% 0.48% +0.09
TECH Bio-Techne Corp. Add +16.1% 0.35% +0.08
WSO Watsco Inc. Add +22.4% 0.66% +0.04
PCTY Paylocity Holding Corp. Add +12.2% 0.36% +0.04
ELVA Electrovaya Inc. New 0.04% +0.04
TYL Tyler Technologies Inc. Add +14.2% 0.82% +0.03
HLMN Hillman Solutions Corp. Add +4.2% 0.83% +0.02
ODD Oddity Tech Ltd. Class A New 0.02% +0.02
PLMR Palomar Holdings Inc. Add +17.3% 0.05% +0.01
CYRX Cryoport Inc. Add +52.0% 0.03% +0.01
NABL N-Able Inc. Add +21.0% 0.03% +0.01
TWST Twist Bioscience Corp. Add +2.1% 0.03% +0.01
CLMB Climb Global Solutions Inc. Add +46.7% 0.02% +0.00
PHR Phreesia Inc. Add +45.4% 0.03% +0.00
PGX Invesco Preferred ETF New 0.00% +0.00
SPGI S&P Global Inc. Add +1.7% 0.01% +0.00
DHR Danaher Corp. Add +13.6% 0.00% +0.00
BLFS Biolife Solutions Inc. Add +4.0% 0.03% +0.00
BRK.B Berkshire Hathaway Inc. Class B Add +3.0% 0.01% +0.00
INTU Intuit Inc. Add +2.6% 0.01% +0.00
LIN Linde PLC Add +5.5% 0.01% −0.00
USPH U.S. Physical Therapy Inc. Add +2.5% 0.02% −0.00
ONT Onterris Inc. Add +2.6% 0.03% −0.00
TCYSF Tecsys Inc. Add +5.2% 0.03% −0.00
ERII Energy Recovery Inc. Add +2.6% 0.03% −0.00
TIC Tic Solutions Inc. Add +2.6% 0.02% −0.00
UTI Universal Technical Institut Add +6.0% 0.04% −0.00
IIIV I3 Verticals Inc. Class A Add +4.8% 0.03% −0.01
BWMN Bowman Consulting Group Ltd. Add +2.1% 0.03% −0.01
TKNO Alpha Teknova Inc. Add +2.6% 0.02% −0.01
GWRE Guidewire Software Inc. Add +3.9% 0.88% −0.04

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