Summary

• While near-term results were disappointing, Conestoga Capital Small Cap Composite believes the underlying fundamentals of the portfolio companies remain intact, continuing to focus on owning high-quality businesses.
• LeMaitre Vascular, Inc.'s operating income increased 47% on mid-teens revenue growth as the company consistently converted steady procedure-driven demand into outsized profit growth.
• The mix shift toward higher-value programs supported both RBC Bearings, Inc.'s growth and profitability, with aerospace and defense revenue increasing over 40% in the quarter.
• Stevanato Group SpA struggled as investors weighed solid results against a mixed underlying business mix and moderating growth profile.
• Conestoga Capital Small Cap Composite exited the position in Hillman Solutions Corp.

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