CONESTOGA DISCOVERY FUND
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.3%
1 yr return
15.2%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$4.5 M
Holdings in Top 10
43.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 11.38%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$250,000
IRA
$250,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
CMIRX - Profile
Distributions
- YTD Total Return 1.3%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameCONESTOGA DISCOVERY FUND
-
Fund Family NameConestoga Capital Advisors
-
Inception DateNov 30, 2018
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJoseph Monahan
Fund Description
Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of micro-capitalization companies. Equity securities include common and preferred stocks, both domestic and foreign, convertible securities, rights, warrants and American depositary receipts (“ADRs”). While there is no limit on investing in foreign securities, the Fund does not expect investment in foreign securities to exceed 20% of the Fund’s total assets. The Adviser considers micro market capitalization (“micro-cap”) companies for this purpose to be those companies that, at the time of initial purchase (including the existing portfolio), have market capitalizations generally within the range of companies included in the Russell Micro Cap® Index. The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. This policy does not require the Fund to sell the security of a micro-cap company if such company’s market capitalization moves outside the range of the market capitalization in the Russell Micro Cap® Index. As of December 31, 2023, the capitalization range of the Russell Micro Cap® Index was from $0.6 million to $7.8 billion. For purposes of this policy, “net assets” includes any borrowings for investment purposes. The Adviser follows an investment style which seeks to identify higher quality companies growing through multiple business cycles. The Adviser generally invests the Fund’s assets in micro-cap companies with expected earnings growth that exceed that of the average of all U.S. publicly traded companies, where valuations seem reasonable compared to the expected earnings growth, where financial characteristics, based on fundamental analysis, appear to be strong, where (in the Adviser’s opinion) the business model offers sustainable competitive advantage as may be evident by market share or technological/product advantages relative to peers, and where management has an important ownership stake in the company that aligns their incentives with those of shareholders. Companies will meet the Adviser’s criteria and, according to the Adviser’s analysis, must, in the Adviser’s opinion, have the potential to appreciate at least 100% over a three-to-four-year period. The Adviser uses a bottom-up approach in selecting securities. Bottom-up investing focuses on the analysis of individual company fundamentals while placing less significance on macroeconomic factors. The Fund may invest in securities of any market sector and may, from time to time, hold a significant amount of securities of companies within a single sector. The Fund currently anticipates that it will have significant exposure to the Industrials, Healthcare and Technology sectors. There is no guarantee that the Fund will achieve its investment objective.
CMIRX - Performance
Return Ranking - Trailing
Period | CMIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.3% | -10.2% | 55.3% | 96.20% |
1 Yr | 15.2% | 7.1% | 54.2% | 95.83% |
3 Yr | N/A* | -20.6% | 60.5% | N/A |
5 Yr | N/A* | -2.1% | 47.9% | N/A |
10 Yr | N/A* | 2.0% | 25.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | CMIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.6% | -20.5% | 54.6% | 98.91% |
2022 | N/A | -82.1% | 32.2% | N/A |
2021 | N/A | -90.6% | 300.1% | N/A |
2020 | N/A | -63.0% | 127.9% | N/A |
2019 | N/A | -7.7% | 42.9% | N/A |
Total Return Ranking - Trailing
Period | CMIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.3% | -10.2% | 55.3% | 96.20% |
1 Yr | 15.2% | 7.1% | 54.2% | 95.83% |
3 Yr | N/A* | -20.6% | 60.5% | N/A |
5 Yr | N/A* | -2.1% | 47.9% | N/A |
10 Yr | N/A* | 2.0% | 25.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | CMIRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.6% | -19.0% | 136.8% | 99.09% |
2022 | N/A | -59.9% | 44.3% | N/A |
2021 | N/A | -22.7% | 411.9% | N/A |
2020 | N/A | 1.5% | 150.8% | N/A |
2019 | N/A | 5.5% | 55.3% | N/A |
NAV & Total Return History
CMIRX - Holdings
Concentration Analysis
CMIRX | Category Low | Category High | CMIRX % Rank | |
---|---|---|---|---|
Net Assets | 4.5 M | 214 K | 34.3 B | 99.46% |
Number of Holdings | 28 | 7 | 1226 | 97.64% |
Net Assets in Top 10 | 1.72 M | 52.5 K | 3.24 B | 98.01% |
Weighting of Top 10 | 43.57% | 7.9% | 100.0% | 9.62% |
Top 10 Holdings
- Palomar Holdings, Inc. 5.14%
- TRANSCAT, INC. 4.75%
- MONTROSE ENVIRONMENTAL GROUP I COM 4.72%
- Phreesia Inc. 4.36%
- Construction Partners, Inc. 4.30%
- Simulations Plus, Inc. 4.24%
- WILLDAN GROUP, INC. 4.08%
- TECSYS, Inc. 4.07%
- Hillman Solutions Corporation 3.98%
- I3 Verticals, Inc. - Class A 3.94%
Asset Allocation
Weighting | Return Low | Return High | CMIRX % Rank | |
---|---|---|---|---|
Stocks | 97.03% | 85.75% | 107.62% | 68.66% |
Cash | 2.97% | 0.00% | 28.78% | 35.69% |
Preferred Stocks | 0.00% | 0.00% | 4.63% | 62.50% |
Other | 0.00% | -0.26% | 6.70% | 68.48% |
Convertible Bonds | 0.00% | 0.00% | 1.57% | 58.51% |
Bonds | 0.00% | 0.00% | 3.83% | 57.97% |
Stock Sector Breakdown
Weighting | Return Low | Return High | CMIRX % Rank | |
---|---|---|---|---|
Healthcare | 34.77% | 0.00% | 47.90% | 2.72% |
Technology | 31.97% | 2.91% | 75.51% | 13.95% |
Industrials | 23.35% | 0.00% | 36.64% | 7.79% |
Communication Services | 3.88% | 0.00% | 15.31% | 22.28% |
Financial Services | 3.33% | 0.00% | 42.95% | 86.23% |
Consumer Cyclical | 2.70% | 0.00% | 24.04% | 97.83% |
Utilities | 0.00% | 0.00% | 5.57% | 69.75% |
Real Estate | 0.00% | 0.00% | 15.31% | 88.22% |
Energy | 0.00% | 0.00% | 55.49% | 88.95% |
Consumer Defense | 0.00% | 0.00% | 13.56% | 98.55% |
Basic Materials | 0.00% | 0.00% | 9.24% | 92.75% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | CMIRX % Rank | |
---|---|---|---|---|
US | 97.03% | 17.30% | 107.62% | 59.06% |
Non US | 0.00% | 0.00% | 77.12% | 66.85% |
CMIRX - Expenses
Operational Fees
CMIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 11.38% | 0.05% | 23.20% | 0.54% |
Management Fee | 1.00% | 0.05% | 1.62% | 90.56% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 12.91% |
Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
CMIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
CMIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
CMIRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 3.00% | 439.00% | N/A |
CMIRX - Distributions
Dividend Yield Analysis
CMIRX | Category Low | Category High | CMIRX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 6.91% | 65.22% |
Dividend Distribution Analysis
CMIRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
CMIRX | Category Low | Category High | CMIRX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -2.47% | 1.10% | N/A |
Capital Gain Distribution Analysis
CMIRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Monthly | Annually |
CMIRX - Fund Manager Analysis
Managers
Joseph Monahan
Start Date
Tenure
Tenure Rank
Dec 17, 2021
0.45
0.5%
Joe is a Managing Partner and Co-Portfolio Manager for the Small Cap strategy. He also serves as an analyst for the firm’s SMid and Mid Cap equity strategies. Joe is Conestoga’s Director of Research, where his responsibilities include coordinating the firm's fundamental research approach to selecting securities. He joined Conestoga in December 2008 from McHugh Associates, where he was Senior Vice President/Portfolio Manager and a member of the firm’s Investment Committee. Prior to joining McHugh in 2001, Joe was a Vice President and Portfolio Manager at Pitcairn Trust Company. He is a graduate of the Pennsylvania State University, where he earned a Bachelor of Science degree, and he earned a Masters of Business Administration from Temple University. He is a CFA Charterholder and a member of the CFA Society of Philadelphia.
David Neiderer
Start Date
Tenure
Tenure Rank
Dec 17, 2021
0.45
0.5%
David joined Conestoga Capital Advisors in July 2013 and became a Partner of the firm in 2018. He is a Co-Portfolio Manager for the firm’s Micro Cap Growth strategy and is also responsible for providing equity research for both the Small and SMid Cap equity strategies. Prior to Conestoga, David had similar responsibilities as a Research Analyst at both Penn Capital and Chartwell Investment Partners. While at Penn, David worked across the capital structure, making recommendations for both the equity and high yield credit portfolios. Earlier in his career, David was an Assistant Vice President
Robert Mitchell
Start Date
Tenure
Tenure Rank
Dec 17, 2021
0.45
0.5%
Bob is a Co-Founder and Managing Partner of Conestoga Capital Advisors, and Co-Portfolio Manager for the Small and SMid Cap strategies. Bob serves as Chief Investment Officer of the firm, overseeing all aspects of the portfolio management and investment processes. Prior to Conestoga, Bob was a Portfolio Manager/Analyst and Director of Equity Research at Martindale Andres & Company. Bob's portfolio management and research expertise was focused on small capitalization companies. While at Martindale Andres & Co., he was responsible for $100 Million in individual and institutional small cap accounts. Before his employment at Martindale Andres, Bob worked with the U.S. Department of Justice Antitrust Division where he analyzed the economic and financial aspects of various industries for evidence of antitrust violations. Bob received his M.B.A. from Indiana University's Kelley School of Business in 1995; in 1991, he received a B.A. from the University of Notre Dame.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.44 | 9.12 | 5.25 |