Summary

• The Conestoga SMid Cap Composite returned -10.24% net-of-fees in the first quarter, lagging the Russell 2500 Growth Index's return of -3.52%.
• The primary drivers of underperformance were sector/industry-specific headwinds and stock selection challenges, most notably within Technology, Industrials, and Health Care.
• Profitability and quality factors outperformed during the quarter, with profitable companies generally holding up better than unprofitable businesses.

SMid Cap Composite – 1Q26 Performance & Attribution

The Conestoga SMid Cap Composite returned -10.24% net-of-fees in the first quarter, lagging the Russell 2500 Growth Index's return of -3.52%. Declining markets have historically provided a favorable relative tailwind for our

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