Conestoga Capital Advisors, LLC Diversified Active

CIK: 0001163744 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 2, 2026

Total Value ($000): $5,942,553 (100.0% shares, 0.0% debt)

Holdings (121)

New Positions (5)

KRMN KARMAN HLDGS INC 0.7%

Value ($000) $39,138 Shares 534,897 Est. Cost $72.41 Unrealized 0.0%

BMI BADGER METER INC 0.4%

Value ($000) $22,742 Shares 130,393 Est. Cost $179.79 Unrealized 0.0%

ELVA ELECTROVAYA INC 0.0%

Value ($000) $2,080 Shares 263,320 Est. Cost $6.04 Unrealized 0.0%

ODD ODDITY TECH LTD 0.0%

Value ($000) $1,219 Shares 30,335 Est. Cost $45.20 Unrealized 0.0%

PGX INVESCO EXCH TRADED FD TR II 0.0%

Value ($000) $128 Shares 11,350 Est. Cost $11.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRMN	KARMAN HLDGS INC	534,897	$39,138	0.7%	$72.41	0.0%	COMMON STOCK	485924104
BMI	BADGER METER INC	130,393	$22,742	0.4%	$179.79	0.0%	COM	056525108
ELVA	ELECTROVAYA INC	263,320	$2,080	0.0%	$6.04	0.0%	COM NEW	28617B606
ODD	ODDITY TECH LTD	30,335	$1,219	0.0%	$45.20	0.0%	SHS CL A	M7518J104
PGX	INVESCO EXCH TRADED FD TR II	11,350	$128	0.0%	$11.24	—	PFD ETF	46138E511

Increased Positions (48)

RGEN REPLIGEN CORP 2.9%

Value ($000) $173,360 (+35.5%) Shares 1,057,975 (+10.6%) Est. Cost $99.39 Unrealized +57.6%

CSW CSW INDUSTRIALS INC 3.1%

Value ($000) $185,879 (+32.3%) Shares 633,255 (+9.4%) Est. Cost $205.17 Unrealized +29.8%

NOVT NOVANTA INC 2.9%

Value ($000) $173,518 (+22.8%) Shares 1,458,259 (+3.4%) Est. Cost $100.61 Unrealized +13.2%

AAON AAON INC 2.3%

Value ($000) $135,421 (-14.3%) Shares 1,776,013 (+5.0%) Est. Cost $41.58 Unrealized +122.0%

BFAM BRIGHT HORIZONS FAM SOL IN D 1.9%

Value ($000) $111,621 (+16.8%) Shares 1,100,803 (+25.0%) Est. Cost $118.62 Unrealized -15.0%

MIR MIRION TECHNOLOGIES INC 0.8%

Value ($000) $45,408 (+44.4%) Shares 1,938,849 (+43.4%) Est. Cost $22.62 Unrealized +10.2%

JKHY HENRY JACK & ASSOC INC 0.7%

Value ($000) $42,925 (+42.3%) Shares 235,233 (+16.1%) Est. Cost $150.13 Unrealized +10.7%

VCEL VERICEL CORP 1.4%

Value ($000) $81,187 (+18.6%) Shares 2,254,562 (+3.6%) Est. Cost $39.57 Unrealized -7.2%

NCNO NCINO INC 1.2%

Value ($000) $73,357 (+18.9%) Shares 2,861,024 (+25.7%) Est. Cost $32.82 Unrealized -22.6%

KAI KADANT INC 1.0%

Value ($000) $61,623 (+22.8%) Shares 216,204 (+28.2%) Est. Cost $344.15 Unrealized -17.6%

WK WORKIVA INC 1.6%

Value ($000) $93,430 (+9.0%) Shares 1,083,243 (+8.7%) Est. Cost $96.49 Unrealized -8.2%

LCII LCI INDS 0.4%

Value ($000) $23,641 (+47.9%) Shares 194,833 (+13.6%) Est. Cost $94.41 Unrealized +12.0%

WST WEST PHARMACEUTICAL SVSC INC 0.6%

Value ($000) $33,785 (+27.8%) Shares 122,791 (+21.8%) Est. Cost $238.08 Unrealized +14.9%

GWRE GUIDEWIRE SOFTWARE INC 0.9%

Value ($000) $52,182 (-9.1%) Shares 259,598 (+3.9%) Est. Cost $112.16 Unrealized +97.2%

PCOR PROCORE TECHNOLOGIES INC 0.5%

Value ($000) $28,019 (+22.9%) Shares 385,193 (+23.2%) Est. Cost $70.13 Unrealized +5.5%

POOL POOL CORP 0.6%

Value ($000) $33,102 (-13.5%) Shares 144,707 (+17.3%) Est. Cost $263.78 Unrealized -1.6%

ROL ROLLINS INC 1.1%

Value ($000) $67,844 (+7.2%) Shares 1,130,355 (+4.9%) Est. Cost $32.83 Unrealized +78.7%

GGG GRACO INC 0.7%

Value ($000) $43,555 (+10.5%) Shares 531,355 (+14.6%) Est. Cost $61.27 Unrealized +33.8%

JBTM JBT MAREL CORPORATION 0.5%

Value ($000) $28,417 (+16.6%) Shares 188,602 (+8.7%) Est. Cost $104.05 Unrealized +35.4%

EVI EVI INDS INC 0.4%

Value ($000) $21,500 (-15.7%) Shares 872,555 (+8.2%) Est. Cost $27.97 Unrealized -11.0%

TECH BIO-TECHNE CORP 0.4%

Value ($000) $20,852 (+22.7%) Shares 354,561 (+16.1%) Est. Cost $68.08 Unrealized -10.8%

CCC CCC INTELLIGENT SOLUTIONS HL 1.7%

Value ($000) $99,621 (+2.9%) Shares 12,530,897 (+18.0%) Est. Cost $10.59 Unrealized -23.2%

EXPO EXPONENT INC 2.8%

Value ($000) $166,183 (+1.3%) Shares 2,392,499 (+1.3%) Est. Cost $56.02 Unrealized +25.0%

PCTY PAYLOCITY HLDG CORP 0.4%

Value ($000) $21,536 (+7.4%) Shares 141,220 (+12.2%) Est. Cost $192.72 Unrealized -22.8%

HLMN HILLMAN SOLUTIONS CORP 0.8%

Value ($000) $49,487 (-1.7%) Shares 5,714,463 (+4.2%) Est. Cost $10.86 Unrealized -17.0%

WSO WATSCO INC 0.7%

Value ($000) $38,941 (+2.0%) Shares 115,568 (+22.4%) Est. Cost $279.85 Unrealized +27.6%

PLMR PALOMAR HLDGS INC 0.0%

Value ($000) $2,781 (+35.4%) Shares 20,635 (+17.3%) Est. Cost $97.80 Unrealized +24.8%

TKNO ALPHA TEKNOVA INC 0.0%

Value ($000) $1,205 (-37.0%) Shares 317,084 (+2.6%) Est. Cost $6.16 Unrealized -21.0%

CYRX CRYOPORT INC 0.0%

Value ($000) $1,535 (+53.9%) Shares 159,864 (+52.0%) Est. Cost $14.49 Unrealized -34.8%

BWMN BOWMAN CONSULTING GROUP LTD 0.0%

Value ($000) $1,892 (-20.4%) Shares 57,295 (+2.1%) Est. Cost $31.24 Unrealized +21.4%

TYL TYLER TECHNOLOGIES INC 0.8%

Value ($000) $48,784 (-0.9%) Shares 107,466 (+14.2%) Est. Cost $324.13 Unrealized +47.0%

IIIV I3 VERTICALS INC 0.0%

Value ($000) $1,836 (-18.7%) Shares 72,902 (+4.8%) Est. Cost $28.51 Unrealized -1.3%

UTI UNIVERSAL TECHNICAL INST INC 0.0%

Value ($000) $2,303 (-14.9%) Shares 88,140 (+6.0%) Est. Cost $18.23 Unrealized +55.4%

TIC TIC SOLUTIONS INC 0.0%

Value ($000) $1,100 (-22.0%) Shares 108,821 (+2.6%) Est. Cost $11.40 Unrealized -2.3%

NABL N-ABLE INC 0.0%

Value ($000) $1,891 (+16.1%) Shares 252,775 (+21.0%) Est. Cost $9.31 Unrealized -18.0%

TWST TWIST BIOSCIENCE CORP 0.0%

Value ($000) $1,801 (+15.1%) Shares 56,785 (+2.1%) Est. Cost $32.44 Unrealized -3.8%

ERII ENERGY RECOVERY INC 0.0%

Value ($000) $1,804 (-10.3%) Shares 133,725 (+2.6%) Est. Cost $13.82 Unrealized +9.7%

CLMB CLIMB GLOBAL SOLUTIONS INC 0.0%

Value ($000) $1,353 (+11.8%) Shares 13,165 (+46.7%) Est. Cost $117.64 Unrealized -1.4%

MEG MONTROSE ENVIRONMENTAL GROUP 0.0%

Value ($000) $1,775 (-7.2%) Shares 71,475 (+2.6%) Est. Cost $32.29 Unrealized -18.2%

TCYSF TECSYS INC 0.0%

Value ($000) $1,494 (-7.9%) Shares 66,835 (+5.2%) Est. Cost $20.92 Unrealized +16.5%

PHR PHREESIA INC 0.0%

Value ($000) $1,883 (+4.6%) Shares 111,270 (+45.4%) Est. Cost $23.79 Unrealized -13.3%

USPH U S PHYSICAL THERAPY 0.0%

Value ($000) $1,193 (-5.8%) Shares 15,275 (+2.4%) Est. Cost $105.14 Unrealized -22.8%

SPGI S&P GLOBAL INC 0.0%

Value ($000) $795 (+9.2%) Shares 1,521 (+1.7%) Est. Cost $389.44 Unrealized +26.9%

DHR DANAHER CORPORATION 0.0%

Value ($000) $268 (+31.2%) Shares 1,170 (+13.6%) Est. Cost $124.34 Unrealized +76.6%

BLFS BIOLIFE SOLUTIONS INC 0.0%

Value ($000) $1,898 (-1.5%) Shares 78,492 (+4.0%) Est. Cost $19.95 Unrealized +31.1%

LIN LINDE PLC 0.0%

Value ($000) $454 (-5.3%) Shares 1,065 (+5.4%) Est. Cost $327.72 Unrealized +30.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $611 (+2.9%) Shares 1,215 (+3.0%) Est. Cost $243.91 Unrealized +104.0%

INTU INTUIT 0.0%

Value ($000) $527 (-0.5%) Shares 795 (+2.6%) Est. Cost $92.00 Unrealized +618.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RGEN	REPLIGEN CORP	1,057,975 (+10.6%)	$173,360 (+35.5%)	2.9%	$99.39	+57.6%	COM	759916109
CSW	CSW INDUSTRIALS INC	633,255 (+9.4%)	$185,879 (+32.3%)	3.1%	$205.17	+29.8%	COM	126402106
NOVT	NOVANTA INC	1,458,259 (+3.4%)	$173,518 (+22.8%)	2.9%	$100.61	+13.2%	COM	67000B104
AAON	AAON INC	1,776,013 (+5.0%)	$135,421 (-14.3%)	2.3%	$41.58	+122.0%	COM PAR $0.004	000360206
BFAM	BRIGHT HORIZONS FAM SOL IN D	1,100,803 (+25.0%)	$111,621 (+16.8%)	1.9%	$118.62	-15.0%	COM	109194100
MIR	MIRION TECHNOLOGIES INC	1,938,849 (+43.4%)	$45,408 (+44.4%)	0.8%	$22.62	+10.2%	COM CL A	60471A101
JKHY	HENRY JACK & ASSOC INC	235,233 (+16.1%)	$42,925 (+42.3%)	0.7%	$150.13	+10.7%	COM	426281101
VCEL	VERICEL CORP	2,254,562 (+3.6%)	$81,187 (+18.6%)	1.4%	$39.57	-7.2%	COM	92346J108
NCNO	NCINO INC	2,861,024 (+25.7%)	$73,357 (+18.9%)	1.2%	$32.82	-22.6%	COM	63947X101
KAI	KADANT INC	216,204 (+28.2%)	$61,623 (+22.8%)	1.0%	$344.15	-17.6%	COM	48282T104
WK	WORKIVA INC	1,083,243 (+8.7%)	$93,430 (+9.0%)	1.6%	$96.49	-8.2%	COM CL A	98139A105
LCII	LCI INDS	194,833 (+13.6%)	$23,641 (+47.9%)	0.4%	$94.41	+12.0%	COM	50189K103
WST	WEST PHARMACEUTICAL SVSC INC	122,791 (+21.8%)	$33,785 (+27.8%)	0.6%	$238.08	+14.9%	COM	955306105
GWRE	GUIDEWIRE SOFTWARE INC	259,598 (+3.9%)	$52,182 (-9.1%)	0.9%	$112.16	+97.2%	COM	40171V100
PCOR	PROCORE TECHNOLOGIES INC	385,193 (+23.2%)	$28,019 (+22.9%)	0.5%	$70.13	+5.5%	COM	74275K108
POOL	POOL CORP	144,707 (+17.3%)	$33,102 (-13.5%)	0.6%	$263.78	-1.6%	COM	73278L105
ROL	ROLLINS INC	1,130,355 (+4.9%)	$67,844 (+7.2%)	1.1%	$32.83	+78.7%	COM	775711104
GGG	GRACO INC	531,355 (+14.6%)	$43,555 (+10.5%)	0.7%	$61.27	+33.8%	COM	384109104
JBTM	JBT MAREL CORPORATION	188,602 (+8.7%)	$28,417 (+16.6%)	0.5%	$104.05	+35.4%	COM	477839104
EVI	EVI INDS INC	872,555 (+8.2%)	$21,500 (-15.7%)	0.4%	$27.97	-11.0%	COM	26929N102
TECH	BIO-TECHNE CORP	354,561 (+16.1%)	$20,852 (+22.7%)	0.4%	$68.08	-10.8%	COM	09073M104
CCC	CCC INTELLIGENT SOLUTIONS HL	12,530,897 (+18.0%)	$99,621 (+2.9%)	1.7%	$10.59	-23.2%	COM	12510Q100
EXPO	EXPONENT INC	2,392,499 (+1.3%)	$166,183 (+1.3%)	2.8%	$56.02	+25.0%	COM	30214U102
PCTY	PAYLOCITY HLDG CORP	141,220 (+12.2%)	$21,536 (+7.4%)	0.4%	$192.72	-22.8%	COM	70438V106
HLMN	HILLMAN SOLUTIONS CORP	5,714,463 (+4.2%)	$49,487 (-1.7%)	0.8%	$10.86	-17.0%	COM	431636109
WSO	WATSCO INC	115,568 (+22.4%)	$38,941 (+2.0%)	0.7%	$279.85	+27.6%	COM	942622200
PLMR	PALOMAR HLDGS INC	20,635 (+17.3%)	$2,781 (+35.4%)	0.0%	$97.80	+24.8%	COM	69753M105
TKNO	ALPHA TEKNOVA INC	317,084 (+2.6%)	$1,205 (-37.0%)	0.0%	$6.16	-21.0%	COM	02080L102
CYRX	CRYOPORT INC	159,864 (+52.0%)	$1,535 (+53.9%)	0.0%	$14.49	-34.8%	COM PAR $0.001	229050307
BWMN	BOWMAN CONSULTING GROUP LTD	57,295 (+2.1%)	$1,892 (-20.4%)	0.0%	$31.24	+21.4%	COM	103002101
TYL	TYLER TECHNOLOGIES INC	107,466 (+14.2%)	$48,784 (-0.9%)	0.8%	$324.13	+47.0%	COM	902252105
IIIV	I3 VERTICALS INC	72,902 (+4.8%)	$1,836 (-18.7%)	0.0%	$28.51	-1.3%	COM CL A	46571Y107
UTI	UNIVERSAL TECHNICAL INST INC	88,140 (+6.0%)	$2,303 (-14.9%)	0.0%	$18.23	+55.4%	COM	913915104
TIC	TIC SOLUTIONS INC	108,821 (+2.6%)	$1,100 (-22.0%)	0.0%	$11.40	-2.3%	COM	00510N102
NABL	N-ABLE INC	252,775 (+21.0%)	$1,891 (+16.1%)	0.0%	$9.31	-18.0%	COMMON STOCK	62878D100
TWST	TWIST BIOSCIENCE CORP	56,785 (+2.1%)	$1,801 (+15.1%)	0.0%	$32.44	-3.8%	COM	90184D100
ERII	ENERGY RECOVERY INC	133,725 (+2.6%)	$1,804 (-10.3%)	0.0%	$13.82	+9.7%	COM	29270J100
CLMB	CLIMB GLOBAL SOLUTIONS INC	13,165 (+46.7%)	$1,353 (+11.8%)	0.0%	$117.64	-1.4%	COM	946760105
MEG	MONTROSE ENVIRONMENTAL GROUP	71,475 (+2.6%)	$1,775 (-7.2%)	0.0%	$32.29	-18.2%	COM	615111101
TCYSF	TECSYS INC	66,835 (+5.2%)	$1,494 (-7.9%)	0.0%	$20.92	+16.5%	COM	878950104
PHR	PHREESIA INC	111,270 (+45.4%)	$1,883 (+4.6%)	0.0%	$23.79	-13.3%	COM	71944F106
USPH	U S PHYSICAL THERAPY	15,275 (+2.4%)	$1,193 (-5.8%)	0.0%	$105.14	-22.8%	COM	90337L108
SPGI	S&P GLOBAL INC	1,521 (+1.7%)	$795 (+9.2%)	0.0%	$389.44	+26.9%	COM	78409V104
DHR	DANAHER CORPORATION	1,170 (+13.6%)	$268 (+31.2%)	0.0%	$124.34	+76.6%	COM	235851102
BLFS	BIOLIFE SOLUTIONS INC	78,492 (+4.0%)	$1,898 (-1.5%)	0.0%	$19.95	+31.1%	COM NEW	09062W204
LIN	LINDE PLC	1,065 (+5.4%)	$454 (-5.3%)	0.0%	$327.72	+30.4%	SHS	G54950103
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,215 (+3.0%)	$611 (+2.9%)	0.0%	$243.91	+104.0%	CL B NEW	084670702
INTU	INTUIT	795 (+2.6%)	$527 (-0.5%)	0.0%	$92.00	+618.1%	COM	461202103

Exited Positions (6)

TREX TREX CO INC 1.6%

Value ($000) $97,912 Shares 1,894,949 Est. Cost $48.81 Unrealized -17.1%

MLAB MESA LABS INC 0.5%

Value ($000) $28,577 Shares 426,457 Est. Cost $127.50 Unrealized -40.4%

THBRF THUNDERBIRD ENTERTAINMENT GROU 0.0%

Value ($000) $471 Shares 437,020 Est. Cost $2.01 Unrealized -51.7%

SNPS SYNOPSYS INC 0.0%

Value ($000) $344 Shares 698 Est. Cost $565.30 Unrealized -21.4%

GRMN GARMIN LTD 0.0%

Value ($000) $300 Shares 1,220 Est. Cost $27.02 Unrealized +702.1%

SJM SMUCKER J M CO 0.0%

Value ($000) $200 Shares 1,845 Est. Cost $106.99 Unrealized -3.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TREX	TREX CO INC	1,894,949	$97,912	1.6%	$48.81	-17.1%	—	89531P105
MLAB	MESA LABS INC	426,457	$28,577	0.5%	$127.50	-40.4%	—	59064R109
THBRF	THUNDERBIRD ENTERTAINMENT GROU	437,020	$471	0.0%	$2.01	-51.7%	—	88605U107
SNPS	SYNOPSYS INC	698	$344	0.0%	$565.30	-21.4%	—	871607107
GRMN	GARMIN LTD	1,220	$300	0.0%	$27.02	+702.1%	—	H2906T109
SJM	SMUCKER J M CO	1,845	$200	0.0%	$106.99	-3.9%	—	832696405

Decreased Positions (60)

SPSC SPS COMM INC 1.0%

Value ($000) $57,293 (-57.1%) Shares 642,804 (-49.8%) Est. Cost $56.99 Unrealized +62.7%

ROAD CONSTRUCTION PARTNERS INC 3.7%

Value ($000) $219,814 (-18.8%) Shares 2,025,002 (-5.0%) Est. Cost $18.25 Unrealized +516.7%

FSV FIRSTSERVICE CORP NEW 3.1%

Value ($000) $182,362 (-21.7%) Shares 1,172,521 (-4.1%) Est. Cost $98.81 Unrealized +64.4%

STVN STEVANATO GROUP S P A 2.7%

Value ($000) $158,741 (-23.8%) Shares 7,889,701 (-2.5%) Est. Cost $22.78 Unrealized +2.0%

ESE ESCO TECHNOLOGIES INC 2.6%

Value ($000) $151,544 (-17.8%) Shares 775,596 (-11.2%) Est. Cost $63.67 Unrealized +231.0%

DSGX DESCARTES SYS GROUP INC 3.7%

Value ($000) $219,901 (-11.5%) Shares 2,508,569 (-4.8%) Est. Cost $30.70 Unrealized +191.2%

CWAN CLEARWATER ANALYTICS HLDGS I 2.5%

Value ($000) $147,078 (+21.6%) Shares 6,097,771 (-9.1%) Est. Cost $16.74 Unrealized +19.7%

LMAT LEMAITRE VASCULAR INC 1.9%

Value ($000) $115,567 (-16.1%) Shares 1,424,988 (-9.5%) Est. Cost $30.92 Unrealized +178.0%

FSS FEDERAL SIGNAL CORP 1.8%

Value ($000) $108,599 (-16.9%) Shares 1,000,084 (-9.0%) Est. Cost $57.37 Unrealized +99.4%

GNRC GENERAC HLDGS INC 0.0%

Value ($000) $301 (-98.5%) Shares 2,205 (-98.2%) Est. Cost $130.84 Unrealized +23.3%

TRNS TRANSCAT INC 0.9%

Value ($000) $53,521 (-25.0%) Shares 943,437 (-3.2%) Est. Cost $79.92 Unrealized -22.0%

RBC RBC BEARINGS INC 4.4%

Value ($000) $262,067 (+7.3%) Shares 584,410 (-6.6%) Est. Cost $156.11 Unrealized +171.3%

MRCY MERCURY SYS INC 2.7%

Value ($000) $158,783 (-10.0%) Shares 2,174,807 (-4.6%) Est. Cost $47.73 Unrealized +55.8%

SITE SITEONE LANDSCAPE SUPPLY INC 2.3%

Value ($000) $133,904 (-9.3%) Shares 1,075,017 (-6.2%) Est. Cost $67.66 Unrealized +87.1%

VERX VERTEX INC 0.8%

Value ($000) $50,058 (-20.6%) Shares 2,506,653 (-1.4%) Est. Cost $31.64 Unrealized -31.6%

MSA MSA SAFETY INC 2.0%

Value ($000) $120,293 (-8.9%) Shares 751,172 (-2.1%) Est. Cost $173.55 Unrealized -6.2%

HEI/A HEICO CORP NEW 0.8%

Value ($000) $47,625 (-18.5%) Shares 188,668 (-18.0%) Est. Cost $101.27 Unrealized +143.9%

SSD SIMPSON MFG INC 2.3%

Value ($000) $137,145 (-7.2%) Shares 849,350 (-3.7%) Est. Cost $46.93 Unrealized +259.5%

BL BLACKLINE INC 1.7%

Value ($000) $102,231 (-6.8%) Shares 1,848,997 (-10.5%) Est. Cost $48.32 Unrealized +14.0%

SPXC SPX TECHNOLOGIES INC 2.6%

Value ($000) $151,726 (+4.6%) Shares 758,400 (-2.4%) Est. Cost $148.44 Unrealized —

BCPC BALCHEM CORP 3.1%

Value ($000) $184,694 (-3.3%) Shares 1,204,319 (-5.4%) Est. Cost $91.71 Unrealized +65.5%

QTWO Q2 HLDGS INC 2.2%

Value ($000) $133,316 (-4.4%) Shares 1,847,501 (-4.1%) Est. Cost $71.16 Unrealized -3.5%

HLIO HELIOS TECHNOLOGIES INC 1.4%

Value ($000) $83,020 (-4.1%) Shares 1,552,064 (-6.5%) Est. Cost $53.86 Unrealized +0.1%

DGII DIGI INTL INC 2.2%

Value ($000) $127,956 (+2.7%) Shares 2,955,793 (-13.5%) Est. Cost $32.59 Unrealized +22.9%

WDFC WD 40 CO 1.0%

Value ($000) $58,449 (-4.8%) Shares 296,847 (-4.4%) Est. Cost $156.28 Unrealized +25.4%

AGYS AGILYSYS INC 1.2%

Value ($000) $71,083 (+3.0%) Shares 598,141 (-8.8%) Est. Cost $96.75 Unrealized +24.4%

MMSI MERIT MED SYS INC 3.1%

Value ($000) $183,903 (+1.1%) Shares 2,086,483 (-4.5%) Est. Cost $51.24 Unrealized +66.1%

ULS UL SOLUTIONS INC 1.4%

Value ($000) $82,533 (+2.5%) Shares 1,046,576 (-7.9%) Est. Cost $48.84 Unrealized +64.4%

AZTA AZENTA INC 0.7%

Value ($000) $43,783 (+3.8%) Shares 1,316,401 (-10.3%) Est. Cost $67.39 Unrealized -51.5%

PL PLANET LABS PBC 0.0%

Value ($000) $1,636 (-48.8%) Shares 82,985 (-66.3%) Est. Cost $3.48 Unrealized +312.5%

CWST CASELLA WASTE SYS INC 4.6%

Value ($000) $272,011 (-0.3%) Shares 2,777,327 (-3.4%) Est. Cost $58.17 Unrealized +59.6%

SSTI SOUNDTHINKING INC 0.0%

Value ($000) $432 (-60.9%) Shares 53,738 (-41.3%) Est. Cost $24.23 Unrealized -64.0%

CSGP COSTAR GROUP INC 0.0%

Value ($000) $826 (-37.0%) Shares 12,277 (-21.0%) Est. Cost $80.95 Unrealized -12.5%

VEEV VEEVA SYS INC 0.0%

Value ($000) $465 (-49.3%) Shares 2,082 (-32.4%) Est. Cost $155.49 Unrealized +70.7%

VRSK VERISK ANALYTICS INC 0.0%

Value ($000) $972 (-29.2%) Shares 4,346 (-20.4%) Est. Cost $86.36 Unrealized +160.9%

COCO VITA COCO CO INC 0.0%

Value ($000) $1,573 (-18.7%) Shares 29,675 (-34.9%) Est. Cost $28.07 Unrealized +67.1%

CPRT COPART INC 0.0%

Value ($000) $507 (-40.7%) Shares 12,943 (-31.9%) Est. Cost $34.57 Unrealized +20.0%

KIDS ORTHOPEDIATRICS CORP 0.0%

Value ($000) $856 (-27.1%) Shares 48,210 (-24.0%) Est. Cost $35.03 Unrealized -50.0%

WCN WASTE CONNECTIONS INC 0.0%

Value ($000) $821 (-27.7%) Shares 4,682 (-27.6%) Est. Cost $113.23 Unrealized +52.6%

ROP ROPER TECHNOLOGIES INC 0.0%

Value ($000) $575 (-33.9%) Shares 1,292 (-25.9%) Est. Cost $373.41 Unrealized +23.8%

TSCO TRACTOR SUPPLY CO 0.0%

Value ($000) $476 (-36.6%) Shares 9,520 (-27.9%) Est. Cost $47.26 Unrealized +13.6%

IDXX IDEXX LABS INC 0.0%

Value ($000) $815 (-24.5%) Shares 1,205 (-28.7%) Est. Cost $306.22 Unrealized +122.4%

MSFT MICROSOFT CORP 0.0%

Value ($000) $1,141 (-18.5%) Shares 2,359 (-12.7%) Est. Cost $29.91 Unrealized +1573.4%

BSY BENTLEY SYS INC 0.0%

Value ($000) $205 (-52.9%) Shares 5,375 (-36.4%) Est. Cost $49.73 Unrealized -8.5%

XYL XYLEM INC 0.0%

Value ($000) $505 (-29.4%) Shares 3,707 (-23.6%) Est. Cost $81.13 Unrealized +77.0%

FTNT FORTINET INC 0.0%

Value ($000) $398 (-34.3%) Shares 5,018 (-30.4%) Est. Cost $52.41 Unrealized +58.3%

FAST FASTENAL CO 0.0%

Value ($000) $684 (-23.2%) Shares 17,040 (-6.1%) Est. Cost $26.48 Unrealized +58.7%

STE STERIS PLC 0.0%

Value ($000) $436 (-30.6%) Shares 1,719 (-32.3%) Est. Cost $204.89 Unrealized +22.6%

COST COSTCO WHSL CORP NEW 0.0%

Value ($000) $806 (-17.4%) Shares 935 (-11.4%) Est. Cost $110.81 Unrealized +717.4%

IT GARTNER INC 0.0%

Value ($000) $315 (-35.0%) Shares 1,248 (-32.3%) Est. Cost $194.83 Unrealized +23.5%

NET CLOUDFLARE INC 0.0%

Value ($000) $229 (-38.9%) Shares 1,160 (-33.5%) Est. Cost $145.18 Unrealized +45.7%

IRMD IRADIMED CORP 0.0%

Value ($000) $2,064 (+5.9%) Shares 21,215 (-22.5%) Est. Cost $41.60 Unrealized +105.2%

ODFL OLD DOMINION FREIGHT LINE IN 0.0%

Value ($000) $204 (-34.2%) Shares 1,300 (-40.9%) Est. Cost $174.21 Unrealized -17.8%

FICO FAIR ISAAC CORP 0.0%

Value ($000) $301 (-25.2%) Shares 178 (-33.8%) Est. Cost $507.20 Unrealized +239.4%

MAMA MAMAS CREATIONS INC 0.0%

Value ($000) $2,505 (+4.0%) Shares 185,700 (-19.0%) Est. Cost $7.63 Unrealized +50.5%

WLDN WILLDAN GROUP INC 0.0%

Value ($000) $2,116 (-3.8%) Shares 20,412 (-10.2%) Est. Cost $27.67 Unrealized +255.7%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $227 (-17.9%) Shares 1,884 (-23.1%) Est. Cost $52.97 Unrealized +118.0%

MA MASTERCARD INCORPORATED 0.0%

Value ($000) $568 (-5.3%) Shares 995 (-5.7%) Est. Cost $106.72 Unrealized +423.8%

JNJ JOHNSON & JOHNSON 0.0%

Value ($000) $385 (+3.3%) Shares 1,860 (-7.5%) Est. Cost $74.85 Unrealized +163.2%

AAPL APPLE INC 0.0%

Value ($000) $363 (+3.3%) Shares 1,335 (-3.3%) Est. Cost $85.84 Unrealized +212.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPSC	SPS COMM INC	642,804 (-49.8%)	$57,293 (-57.1%)	1.0%	$56.99	+62.7%	COM	78463M107
ROAD	CONSTRUCTION PARTNERS INC	2,025,002 (-5.0%)	$219,814 (-18.8%)	3.7%	$18.25	+516.7%	COM CL A	21044C107
FSV	FIRSTSERVICE CORP NEW	1,172,521 (-4.1%)	$182,362 (-21.7%)	3.1%	$98.81	+64.4%	COM	33767E202
STVN	STEVANATO GROUP S P A	7,889,701 (-2.5%)	$158,741 (-23.8%)	2.7%	$22.78	+2.0%	ORD SHS	T9224W109
ESE	ESCO TECHNOLOGIES INC	775,596 (-11.2%)	$151,544 (-17.8%)	2.6%	$63.67	+231.0%	COM	296315104
DSGX	DESCARTES SYS GROUP INC	2,508,569 (-4.8%)	$219,901 (-11.5%)	3.7%	$30.70	+191.2%	COM	249906108
CWAN	CLEARWATER ANALYTICS HLDGS I	6,097,771 (-9.1%)	$147,078 (+21.6%)	2.5%	$16.74	+19.7%	CL A	185123106
LMAT	LEMAITRE VASCULAR INC	1,424,988 (-9.5%)	$115,567 (-16.1%)	1.9%	$30.92	+178.0%	COM	525558201
FSS	FEDERAL SIGNAL CORP	1,000,084 (-9.0%)	$108,599 (-16.9%)	1.8%	$57.37	+99.4%	COM	313855108
GNRC	GENERAC HLDGS INC	2,205 (-98.2%)	$301 (-98.5%)	0.0%	$130.84	+23.3%	COM	368736104
TRNS	TRANSCAT INC	943,437 (-3.2%)	$53,521 (-25.0%)	0.9%	$79.92	-22.0%	COM	893529107
RBC	RBC BEARINGS INC	584,410 (-6.6%)	$262,067 (+7.3%)	4.4%	$156.11	+171.3%	COM	75524B104
MRCY	MERCURY SYS INC	2,174,807 (-4.6%)	$158,783 (-10.0%)	2.7%	$47.73	+55.8%	COM	589378108
SITE	SITEONE LANDSCAPE SUPPLY INC	1,075,017 (-6.2%)	$133,904 (-9.3%)	2.3%	$67.66	+87.1%	COM	82982L103
VERX	VERTEX INC	2,506,653 (-1.4%)	$50,058 (-20.6%)	0.8%	$31.64	-31.6%	CL A	92538J106
MSA	MSA SAFETY INC	751,172 (-2.1%)	$120,293 (-8.9%)	2.0%	$173.55	-6.2%	COM	553498106
HEI/A	HEICO CORP NEW	188,668 (-18.0%)	$47,625 (-18.5%)	0.8%	$101.27	+143.9%	CL A	422806208
SSD	SIMPSON MFG INC	849,350 (-3.7%)	$137,145 (-7.2%)	2.3%	$46.93	+259.5%	COM	829073105
BL	BLACKLINE INC	1,848,997 (-10.5%)	$102,231 (-6.8%)	1.7%	$48.32	+14.0%	COM	09239B109
SPXC	SPX TECHNOLOGIES INC	758,400 (-2.4%)	$151,726 (+4.6%)	2.6%	$148.44	—	COM	78473E103
BCPC	BALCHEM CORP	1,204,319 (-5.4%)	$184,694 (-3.3%)	3.1%	$91.71	+65.5%	COM	057665200
QTWO	Q2 HLDGS INC	1,847,501 (-4.1%)	$133,316 (-4.4%)	2.2%	$71.16	-3.5%	COM	74736L109
HLIO	HELIOS TECHNOLOGIES INC	1,552,064 (-6.5%)	$83,020 (-4.1%)	1.4%	$53.86	+0.1%	COM	42328H109
DGII	DIGI INTL INC	2,955,793 (-13.5%)	$127,956 (+2.7%)	2.2%	$32.59	+22.9%	COM	253798102
WDFC	WD 40 CO	296,847 (-4.4%)	$58,449 (-4.8%)	1.0%	$156.28	+25.4%	COM	929236107
AGYS	AGILYSYS INC	598,141 (-8.8%)	$71,083 (+3.0%)	1.2%	$96.75	+24.4%	COM	00847J105
MMSI	MERIT MED SYS INC	2,086,483 (-4.5%)	$183,903 (+1.1%)	3.1%	$51.24	+66.1%	COM	589889104
ULS	UL SOLUTIONS INC	1,046,576 (-7.9%)	$82,533 (+2.5%)	1.4%	$48.84	+64.4%	CLASS A COM SHS	903731107
AZTA	AZENTA INC	1,316,401 (-10.3%)	$43,783 (+3.8%)	0.7%	$67.39	-51.5%	COM	114340102
PL	PLANET LABS PBC	82,985 (-66.3%)	$1,636 (-48.8%)	0.0%	$3.48	+312.5%	COM CL A	72703X106
CWST	CASELLA WASTE SYS INC	2,777,327 (-3.4%)	$272,011 (-0.3%)	4.6%	$58.17	+59.6%	CL A	147448104
SSTI	SOUNDTHINKING INC	53,738 (-41.3%)	$432 (-60.9%)	0.0%	$24.23	-64.0%	COM	82536T107
CSGP	COSTAR GROUP INC	12,277 (-21.0%)	$826 (-37.0%)	0.0%	$80.95	-12.5%	COM	22160N109
VEEV	VEEVA SYS INC	2,082 (-32.4%)	$465 (-49.3%)	0.0%	$155.49	+70.7%	CL A COM	922475108
VRSK	VERISK ANALYTICS INC	4,346 (-20.4%)	$972 (-29.2%)	0.0%	$86.36	+160.9%	COM	92345Y106
COCO	VITA COCO CO INC	29,675 (-34.9%)	$1,573 (-18.7%)	0.0%	$28.07	+67.1%	COM	92846Q107
CPRT	COPART INC	12,943 (-31.9%)	$507 (-40.7%)	0.0%	$34.57	+20.0%	COM	217204106
KIDS	ORTHOPEDIATRICS CORP	48,210 (-24.0%)	$856 (-27.1%)	0.0%	$35.03	-50.0%	COM	68752L100
WCN	WASTE CONNECTIONS INC	4,682 (-27.6%)	$821 (-27.7%)	0.0%	$113.23	+52.6%	COM	94106B101
ROP	ROPER TECHNOLOGIES INC	1,292 (-25.9%)	$575 (-33.9%)	0.0%	$373.41	+23.8%	COM	776696106
TSCO	TRACTOR SUPPLY CO	9,520 (-27.9%)	$476 (-36.6%)	0.0%	$47.26	+13.6%	COM	892356106
IDXX	IDEXX LABS INC	1,205 (-28.7%)	$815 (-24.5%)	0.0%	$306.22	+122.4%	COM	45168D104
MSFT	MICROSOFT CORP	2,359 (-12.7%)	$1,141 (-18.5%)	0.0%	$29.91	+1573.4%	COM	594918104
BSY	BENTLEY SYS INC	5,375 (-36.4%)	$205 (-52.9%)	0.0%	$49.73	-8.5%	COM CL B	08265T208
XYL	XYLEM INC	3,707 (-23.6%)	$505 (-29.4%)	0.0%	$81.13	+77.0%	COM	98419M100
FTNT	FORTINET INC	5,018 (-30.4%)	$398 (-34.3%)	0.0%	$52.41	+58.3%	COM	34959E109
FAST	FASTENAL CO	17,040 (-6.1%)	$684 (-23.2%)	0.0%	$26.48	+58.7%	COM	311900104
STE	STERIS PLC	1,719 (-32.3%)	$436 (-30.6%)	0.0%	$204.89	+22.6%	SHS USD	G8473T100
COST	COSTCO WHSL CORP NEW	935 (-11.4%)	$806 (-17.4%)	0.0%	$110.81	+717.4%	COM	22160K105
IT	GARTNER INC	1,248 (-32.3%)	$315 (-35.0%)	0.0%	$194.83	+23.5%	COM	366651107
NET	CLOUDFLARE INC	1,160 (-33.5%)	$229 (-38.9%)	0.0%	$145.18	+45.7%	CL A COM	18915M107
IRMD	IRADIMED CORP	21,215 (-22.5%)	$2,064 (+5.9%)	0.0%	$41.60	+105.2%	COM	46266A109
ODFL	OLD DOMINION FREIGHT LINE IN	1,300 (-40.9%)	$204 (-34.2%)	0.0%	$174.21	-17.8%	COM	679580100
FICO	FAIR ISAAC CORP	178 (-33.8%)	$301 (-25.2%)	0.0%	$507.20	+239.4%	COM	303250104
MAMA	MAMAS CREATIONS INC	185,700 (-19.0%)	$2,505 (+4.0%)	0.0%	$7.63	+50.5%	COM	56146T103
WLDN	WILLDAN GROUP INC	20,412 (-10.2%)	$2,116 (-3.8%)	0.0%	$27.67	+255.7%	COM	96924N100
XOM	EXXON MOBIL CORP	1,884 (-23.1%)	$227 (-17.9%)	0.0%	$52.97	+118.0%	COM	30231G102
MA	MASTERCARD INCORPORATED	995 (-5.7%)	$568 (-5.3%)	0.0%	$106.72	+423.8%	CL A	57636Q104
JNJ	JOHNSON & JOHNSON	1,860 (-7.5%)	$385 (+3.3%)	0.0%	$74.85	+163.2%	COM	478160104
AAPL	APPLE INC	1,335 (-3.3%)	$363 (+3.3%)	0.0%	$85.84	+212.6%	COM	037833100

Unchanged Positions (8)

CXT CRANE NXT CO 0.8%

Value ($000) $46,101 Shares 979,422 Est. Cost $57.25 Unrealized +3.0%

GOOGL ALPHABET INC 0.0%

Value ($000) $917 Shares 2,930 Est. Cost $115.63 Unrealized +147.0%

GOOG ALPHABET INC 0.0%

Value ($000) $679 Shares 2,165 Est. Cost $107.07 Unrealized +167.4%

AXON AXON ENTERPRISE INC 0.0%

Value ($000) $224 Shares 395 Est. Cost $100.55 Unrealized +517.1%

HD HOME DEPOT INC 0.0%

Value ($000) $224 Shares 650 Est. Cost $395.10 Unrealized -7.7%

MKL MARKEL GROUP INC 0.0%

Value ($000) $312 Shares 145 Est. Cost $953.31 Unrealized +112.5%

ITW ILLINOIS TOOL WKS INC 0.0%

Value ($000) $224 Shares 910 Est. Cost $182.95 Unrealized +35.3%

NVDA NVIDIA CORPORATION 0.0%

Value ($000) $285 Shares 1,530 Est. Cost $126.77 Unrealized +46.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CXT	CRANE NXT CO	979,422	$46,101	0.8%	$57.25	+3.0%	COM	224441105
GOOGL	ALPHABET INC	2,930	$917	0.0%	$115.63	+147.0%	CAP STK CL A	02079K305
GOOG	ALPHABET INC	2,165	$679	0.0%	$107.07	+167.4%	CAP STK CL C	02079K107
AXON	AXON ENTERPRISE INC	395	$224	0.0%	$100.55	+517.1%	COM	05464C101
HD	HOME DEPOT INC	650	$224	0.0%	$395.10	-7.7%	COM	437076102
MKL	MARKEL GROUP INC	145	$312	0.0%	$953.31	+112.5%	COM	570535104
ITW	ILLINOIS TOOL WKS INC	910	$224	0.0%	$182.95	+35.3%	COM	452308109
NVDA	NVIDIA CORPORATION	1,530	$285	0.0%	$126.77	+46.8%	COM	67066G104