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%.
• RBC's performance was driven by continued strength in aerospace and defense, where demand remains robust and increasingly visible through a growing backlog.
• Despite a solid quarter, Repligen stock underperformed as investors focused on a more measured outlook and lingering concerns around end-market demand.

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