Conestoga Small Cap Institutional
CCALX
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- Conestoga Small Cap Fund (CCALX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in equity securities of small-cap companies defined by the Russell 2000 Growth Index market capitalization range; it typically holds 45-50 stocks selected for sustainable earnings growth, high returns on equity, low debt levels, and capable management teams. The fund employs a fundamental, bottom-up stock-picking approach focused on growth-at-a-reasonable-price opportunities across diversified sectors, including top holdings such as Casella Waste Systems Inc., Construction Partners Inc., AAON Inc., Exponent Inc., and RBC Bearings Inc.; equity securities encompass common and preferred stocks, convertible securities, American depositary receipts, rights, and warrants. Launched on October 1, 2002, with institutional shares available since August 13, 2014, the fund is managed by Conestoga Capital Advisors, LLC, an independent, employee-owned investment advisory firm founded in 2001 and headquartered at 550 E. Swedesford Road, Suite 120, Wayne, Pennsylvania. The Institutional Class (CCALX) features a net expense ratio of 0.90%, including management fees of 0.90% and other expenses offset by a voluntary limitation, while the Investors Class (CCASX) carries a net expense ratio of 1.10%; the fund benchmarks performance against the Russell 2000 Growth Index and Russell 3000 Index, maintaining a portfolio with a forward P/E of 29.5x, 3-5 year earnings growth estimate of 13.4%, PEG ratio of 2.20, weighted average market cap of $5.6 billion, ROE of 10.6%, and long-term debt-to-capital of 27.6% as of September 30, 2025. It serves institutional and individual investors through mutual funds, separately managed accounts, and collective investment trusts, with total net assets exceeding $3 billion; shares are available directly or via select financial intermediaries with existing relationships, subject to restrictions since 2018 limiting new retail accounts through intermediaries. In March 2025, Conestoga Capital Advisors announced succession plans for its flagship Small Cap Growth strategy, designating Derek Johnston to assume primary portfolio management responsibilities at the end of 2025 following the planned retirement of longtime manager Robert Mitchell, who has led the strategy since inception, while ensuring continuity through the existing team including Joseph Monahan. The fund maintained its Morningstar Silver Medalist Rating as of September 5, 2025, reflecting strong evaluations across people, parent, and process pillars; it continues selective availability to new investors amid capacity management, with restrictions extended through at least January 31, 2025.