Broker Check

Conestoga Discovery Fund

The lead portfolio managers of the Conestoga Discovery Fund (formerly named the "Conestoga Micro Cap Fund") are David Neiderer, CFA, CPA and Joseph Monahan, CFA, with Robert Mitchell serving as co-portfolio manager.  The Fund was launched on December 17, 2021.
Investment Objective: The Fund seeks to provide long-term growth of capital.     

Fund Direct Account Access

​​To open a new Conestoga Fund Account or to view an Existing Fund Direct Account, please access the secure site above.  To open an account or for operational questions, please call the Fund's Servicing Agent (Ultimus Fund Distributors, LLC) at: (800) 494-2755.  Please contact a member of our Shareholder Services department at 1-800-494-2755 with any questions. Representatives are available Monday through Friday, 8:00am - 6:00pm EST.  You may also refer to the Fund's Prospectus and Applications below to assist in buying, exchanging and redeeming shares of each class of the Conestoga Micro Cap Fund.  

Conestoga Funds Distributions:  

  • There were no capital gains distributions in the Conestoga SMid Cap, Micro Cap, or Mid Cap Funds for 2023.



Net Assets (3/31/24)


Minimum Initial Investment

Total Gross Operation Expenses

Total Net Operation Expenses*

Investor Class



$2.3 Mil





Institutional Class



$2.2 Mil





* These are expenses that you pay each year as a percentage of the value of your investments.  Conestoga Capital Advisors, LLC (the “Adviser”) has contractually agreed to limit the Fund’s ‘Total Annual Fund Operating Expenses’ to 1.25% (for the Institutional Class) and 1.50% (for the Investors Class) of the Fund’s average daily net assets until at least January 31, 2025, subject to termination at any time at the option of the Fund. There is no guarantee that the agreement to limit the Fund's net annual operating expense will be renewed or extended. 

Characteristics as of 3/31/24*  

Wtd. Avg. Market Cap.$1,273.6 Mil
Revenue Growth (3 Yr. CAGR) Median25.6%
Earnings Growth (3-5 Yr. Est.) Median15.2%
Gross Margin (LTM) Median47.9%
Operating Margin (LTM) Median-1.7%
Return on Equity (5 Yr. Median)0.7%
LT Debt/Capital (Wtd. Avg.)28.3%
Insider Ownership (Wtd. Avg.)13.0%
NTM P/E (excl. negatives Wtd. Avg.)23.6x
NTM PEG Ratio1.55

*Subject to change. Wtd. Avg. Market Cap. a calculation that takes into account the varying degrees of importance of the numbers in a data set. In calculating a weighted average, each number in the data set is multiplied by a predetermined weight before the final calculation is made. (3 Yr. CAGR Median) 3 Year Compound Annual Average Growth Rate, or 3 YR. CAGR Median, measures the growth rate in revenue over the 3 yr. period. Earnings Growth (3-5 Yr. Est.) forecasted earnings over the next 3-5 years. LTM is last 12 months. Median is average. Gross Margin is Revenue minus cost. A company’s Operating Margin is the percent of revenue it retains after operating expenses. ROE—Five Year Average is calculated as a company’s net income divided by its shareholders’ equity, and is a measure of profitability. Long-Term Debt/ Capital is a measure of how much debt a company is using to finance its operations, and is determined by dividing long-term debt by total capitalization. Insider Ownership is calculated as the total number of shares owned by insiders. NTM is next 12 months. P/E  is the ratio of a stock’s price to forecasted earnings over the next year. PEG Ratio represents the ratio of P/E over Earnings Growth rate, and is a widely used valuation metric. Forecasted data is sourced from FactSet Research Systems and represents the average of sell-side analyst forecasts.


Top Ten Holdings as of 3/31/24*

1.  Vericel Corp Inc.5.78%
2.  Palomar Holdings Inc.5.21%
3.  Hillman Solutions Corp.4.27%
4.  Phreesia Inc.4.23%
5.  TECSYS Inc.4.14%
6.  Transcat Inc.3.95%
7.  Construction Partners Inc.3.92%
8.  Q2 Holdings, Inc.3.91%
9.  Digi International Inc.3.87%
10. U.S. Physical Therapy Inc.3.85%

*Current and future portfolio holdings are subject to risk. Top Ten Equity Holdings presented as a percent of the Fund’s assets. The security holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of areas in which the Fund may invest, and may not be representative of the Fund’s current or future investments.    Portfolio holdings are subject to change and should not be considered to be investment advice. 

Performance as of 3/31/24:


QTDYTD1 Year3 YearsInception 11/30/2018
Russell Microcap Growth6.59%6.59%15.43%-10.99%4.15%

All periods greater than one year are annualized. Performance is based upon closing NAV calculation on listed dates and represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the performance quoted. Performance data includes reinvestment of dividends. Investment returns and principal value of an investment in Conestoga Discovery Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For the Fund’s daily NAV, list of additional holdings, total return as of the most recent month-end and a copy of the Fund’s prospectus, please visit or call 1-800-494-2755. The Fund commenced operations as a series of Conestoga Funds on December 17, 2021, when all of the assets of Conestoga Micro Cap Fund, LP (the “Predecessor Fund”) transferred to Institutional Class and Investors Class shares of the Fund. The Fund’s investment objectives, policies, guidelines and restrictions are in all material respects equivalent to those of the Predecessor Fund, and the investment adviser and portfolio managers for the Fund will be the same as those of the Predecessor Fund. Accordingly, the performance information shown for periods prior to December 17, 2021 is that of the Predecessor Fund. The Predecessor Fund was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Fund had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Fund’s restated past performance. After-tax performance returns are not included for the Predecessor Fund. The Predecessor Fund was not a regulated investment company under Subchapter M of the Internal Revenue Code and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies. Monthly returns since the inception of the Predecessor Fund are provided in Appendix A of the Statutory Prospectus.  Russell Micro Cap Growth Index measures the performance of those Russell Micro Cap companies with higher price-to-book ratios and higher forecasted growth values.

Conestoga Funds' Account Applications

Additional Information