Conestoga Capital Advisors, LLC

Conestoga Capital Advisors, LLC declares $267.2M in 9 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 5.8% of its $4.6B 13F portfolio. Largest positions: SPX Technologies (1.1% of the company) and AAON (1.2% of the company). Over time: $267.2M in 9 of these companies for Q2 2026, against $84.3M in 10 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $15,660.00 and sold $59.7M of these stocks, at the quarter's prices: a net sale of $59.6M.

Performance of its AI picks

The AI-stock portfolio Conestoga Capital Advisors, LLC declared for Q2 2026 (Form 13F), held unchanged, returned -32.1% in Q3 2026 (SMH -7.1%). Over the last 12 months, quarter after quarter: -10.5% (SMH +87.2%). Over three years, quarter after quarter: +65.3% (SMH +325.8%). Over five years, quarter after quarter: +98.0% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. SPX Technologies (SPXC) — $134.2M: 547,175 shares, 1.1% of the company, 2.9% of its portfolio (trimmed this quarter); held since Q2 2024
2. AAON (AAON) — $128.9M: 1.0M shares, 1.2% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
3. Alphabet (GOOGL) — $1.8M: 5,065 shares, 0.00% of the company, 0.04% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT) — $879,954.00: 2,359 shares, 0.00% of the company, 0.02% of its portfolio; held since Q4 2019 or earlier
5. Apple (AAPL) — $377,615.00: 1,305 shares, 0.00% of the company, 0.01% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Fortinet (FTNT) — $359,471.00: 2,340 shares, 0.00% of the company, 0.01% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. NVIDIA (NVDA) — $306,138.00: 1,530 shares, 0.00% of the company, 0.01% of its portfolio; held since Q2 2025
8. Generac (GNRC) — $224,000.00: 765 shares, 0.00% of the company, 0.00% of its portfolio (trimmed this quarter); held since Q2 2020
9. Intuit (INTU) — $223,155.00: 855 shares, 0.00% of the company, 0.00% of its portfolio (added this quarter); held since Q4 2019 or earlier

By sector

• Power, electrical & cooling — $263.2M, 99% of its AI holdings, 3 companies
• Cloud & AI giants — $3.1M, 1% of its AI holdings, 3 companies
• AI software — $582,626.00, 0% of its AI holdings, 2 companies
• Chips & compute — $306,138.00, 0% of its AI holdings, 1 company

Biggest changes this quarter

• trimmed AAON (AAON): -$32.3M at the quarter's price
• trimmed SPX Technologies (SPXC): -$27.1M at the quarter's price
• trimmed Generac (GNRC): -$158,118.00 at the quarter's price
• trimmed Fortinet (FTNT): -$143,328.00 at the quarter's price
• added to Intuit (INTU): +$15,660.00 at the quarter's price
• trimmed Alphabet (GOOGL): -$10,670.00 at the quarter's price
• trimmed Apple (AAPL): -$8,681.00 at the quarter's price

Other holders of this size

• Vanguard — $3.6T in 225 of these companies
• BlackRock — $3.1T in 226 of these companies
• State Street — $1.6T in 222 of these companies
• Fidelity (FMR) — $1.2T in 223 of these companies
• Geode Capital — $890.9B in 220 of these companies
• Capital Group — $881.7B in 132 of these companies
• JPMorgan — $717.8B in 225 of these companies
• Invesco — $683.3B in 220 of these companies

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