Invest Like
An Owner

When Capital Gets More Expensive: Why Quality May Matter More 

For much of the last fifteen years, investors operated in a world defined by low inflation, falling interest rates, and abundant liquidity. Those conditions rewarded long-duration assets, speculative growth companies, and businesses whose profitability remained far in the future. As discount rates declined, investors were willing to pay increasingly higher multiples for future earnings streams. Today, that backdrop may be changing.

Is the Tide Turning for High-Quality Small Caps?

The past fifteen months have been among the most challenging environments for high-quality small cap investing in the past four decades. While no one can predict exactly when leadership will change, history suggests these extreme periods have not persisted indefinitely.

Conestoga Capital Advisors Reopens Small Cap Fund Following Capacity Review

Conestoga Capital Advisors today announced that the Conestoga Small Cap Fund (Institutional Class: CCALX; Investor Class: CCASX) has reopened to new investors effective July 28, 2026, after an eight-year closure, reflecting the firm’s conviction that today’s market offers one of the most compelling opportunities in more than a decade for high-quality small cap growth investing.