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Conestoga Mid Cap Fund
mutual fund
CCMAX
Payout Change
None
Price as of:
$9.69
+0.09
+0.94%
primary theme
U.S. Mid-Cap Growth Equity
share class
CCMAX (Mutual Fund)
Conestoga Mid Cap Fund
Payout Change
None
Price as of:
$9.69
+0.09
+0.94%
primary theme
U.S. Mid-Cap Growth Equity
share class
CCMAX (Mutual Fund)
Conestoga Mid Cap Fund
Payout Change
None
Price as of:
$9.69
+0.09
+0.94%
primary theme
U.S. Mid-Cap Growth Equity
share class
Name
As of 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
5.7%
1 yr return
7.2%
3 Yr Avg Return
-2.2%
5 Yr Avg Return
N/A
Net Assets
$2.73 M
Holdings in Top 10
43.8%
52 WEEK LOW AND HIGH
$9.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 12.10%
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 12/20/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CCMAX - Profile
Distributions
- YTD Total Return 5.7%
- 3 Yr Annualized Total Return -2.2%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.50%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameConestoga Mid Cap Fund
-
Fund Family NameConestoga Funds
-
Inception DateJun 29, 2021
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDerek Johnston
Fund Description
Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of mid-market capitalization companies. Equity securities include American depositary receipts (“ADRs”), convertible securities, foreign and domestic common and preferred stocks, rights and warrants. 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 mid-market capitalization companies to be those companies that, at the time of initial purchase (including the existing portfolio), have market capitalizations within the range of companies included in the Russell Midcap® 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 mid cap company if such company’s market capitalization moves outside the range of the market capitalization in the Russell Midcap® Index. For purposes of this policy, “net assets” includes any borrowings for investment purposes. As of December 31, 2023, the capitalization range of the Russell Midcap® Index was from $270 million to $73.2 billion. 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 mid-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 fundamental financial characteristics appear to be strong, where (in the Adviser’s opinion) the business model offers sustainable competitive advantage, and where management has an important ownership stake in the company. 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 five-to-six-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. Sectors are defined by the Russell Industry Classification Benchmark (“ICB”) Industry Classifications. The Fund currently anticipates that it will have significant exposure to the Industrials, Consumer Discretionary, Technology and Healthcare sectors. There is no guarantee that the Fund will achieve its investment objective.
CCMAX - Performance
Return Ranking - Trailing
| Period | CCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.7% | -2.0% | 90.1% | 92.82% |
| 1 Yr | 7.2% | -2.3% | 86.3% | 90.87% |
| 3 Yr | -2.2%* | -14.9% | 58.0% | 82.55% |
| 5 Yr | N/A* | -2.9% | 101.0% | N/A |
| 10 Yr | N/A* | 2.3% | 24.4% | 86.74% |
* Annualized
Return Ranking - Calendar
| Period | CCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 22.8% | -27.7% | 68.0% | 27.82% |
| 2022 | -30.1% | -85.6% | 52.8% | 46.18% |
| 2021 | N/A | -74.9% | 238.3% | N/A |
| 2020 | N/A | -44.1% | 2474.5% | N/A |
| 2019 | N/A | -50.2% | 44.0% | 92.69% |
Total Return Ranking - Trailing
| Period | CCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.7% | -2.0% | 90.1% | 92.82% |
| 1 Yr | 7.2% | -2.3% | 86.3% | 90.87% |
| 3 Yr | -2.2%* | -14.9% | 58.0% | 82.55% |
| 5 Yr | N/A* | -2.9% | 101.0% | N/A |
| 10 Yr | N/A* | 2.3% | 24.4% | 95.23% |
* Annualized
Total Return Ranking - Calendar
| Period | CCMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 22.8% | -26.1% | 68.0% | 35.02% |
| 2022 | -30.1% | -67.0% | 56.8% | 62.23% |
| 2021 | N/A | -23.5% | 342.2% | N/A |
| 2020 | N/A | 2.6% | 2549.1% | N/A |
| 2019 | N/A | 14.6% | 44.8% | 98.71% |
NAV & Total Return History
CCMAX - Holdings
Concentration Analysis
| CCMAX | Category Low | Category High | CCMAX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.73 M | 2.73 M | 100 B | 100.00% |
| Number of Holdings | 33 | 24 | 3569 | 94.57% |
| Net Assets in Top 10 | 1.38 M | 635 K | 11.3 B | 99.61% |
| Weighting of Top 10 | 43.78% | 4.5% | 97.8% | 16.28% |
Top 10 Holdings
- Copart, Inc. 5.51%
- HEICO Corporation Class A 5.17%
- Rollins, Inc. 5.12%
- Tyler Technologies, Inc. 4.62%
- Waste Connections, Inc. 4.56%
- Verisk Analytics, Inc. 4.54%
- Gartner, Inc. 4.01%
- Roper Technologies, Inc. 3.53%
- IDEXX Laboratories, Inc. 3.36%
- Pool Corporation 3.34%
Asset Allocation
| Weighting | Return Low | Return High | CCMAX % Rank | |
|---|---|---|---|---|
| Stocks | 97.97% | 58.72% | 103.99% | 60.08% |
| Cash | 2.03% | 0.00% | 28.07% | 40.31% |
| Preferred Stocks | 0.00% | 0.00% | 6.15% | 56.20% |
| Other | 0.00% | -0.11% | 14.45% | 62.98% |
| Convertible Bonds | 0.00% | 0.00% | 0.40% | 49.42% |
| Bonds | 0.00% | 0.00% | 2.73% | 54.07% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CCMAX % Rank | |
|---|---|---|---|---|
| Technology | 27.47% | 0.04% | 62.17% | 68.02% |
| Healthcare | 22.67% | 0.00% | 37.06% | 15.89% |
| Industrials | 22.60% | 0.00% | 38.23% | 6.20% |
| Consumer Cyclical | 21.17% | 0.00% | 57.41% | 3.88% |
| Real Estate | 3.59% | 0.00% | 19.28% | 28.88% |
| Financial Services | 2.51% | 0.00% | 43.01% | 90.50% |
| Utilities | 0.00% | 0.00% | 12.94% | 61.43% |
| Energy | 0.00% | 0.00% | 62.10% | 80.81% |
| Communication Services | 0.00% | 0.00% | 18.33% | 93.22% |
| Consumer Defense | 0.00% | 0.00% | 16.40% | 92.25% |
| Basic Materials | 0.00% | 0.00% | 17.25% | 87.60% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CCMAX % Rank | |
|---|---|---|---|---|
| US | 97.97% | 46.79% | 103.99% | 52.71% |
| Non US | 0.00% | 0.00% | 34.12% | 61.82% |
CCMAX - Expenses
Operational Fees
| CCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 12.10% | 0.02% | 17.54% | 0.58% |
| Management Fee | 0.80% | 0.00% | 1.50% | 74.17% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 12.37% |
| Administrative Fee | N/A | 0.00% | 0.40% | N/A |
Sales Fees
| CCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| CCMAX 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.
| CCMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 250.31% | 1.77% |
CCMAX - Distributions
Dividend Yield Analysis
| CCMAX | Category Low | Category High | CCMAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 33.43% | 58.91% |
Dividend Distribution Analysis
| CCMAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Annual | Annual | Annual |
Net Income Ratio Analysis
| CCMAX | Category Low | Category High | CCMAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.50% | -2.24% | 2.75% | 42.13% |
Capital Gain Distribution Analysis
| CCMAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
CCMAX - Fund Manager Analysis
Managers
Derek Johnston
Start Date
Tenure
Tenure Rank
Mar 30, 2012
10.18
10.2%
Derek joined Conestoga Capital Advisors in May 2015 and became Co-Portfolio Manager for the firm’s SMid Cap Growth strategy on February 1, 2016. He also provides equity research across the Small- to Mid-Cap universe. His has over twenty years of experience in the financial investment industry. Prior to joining Conestoga, Derek worked as a Co-Portfolio Manager for Small and SMid Cap portfolios at 300 North Capital, LLC, located in Pasadena, CA (2007-2015). He also served as an Equity Research Analyst for Small Cap equities at Engemann Asset Management for two years, and as an Equity Research Associate at Banc of America Securities for three years. Earlier in his career, Derek worked at Thomson Financial, Caspian Securities, Inc., and Smith Barney, all based out of New York. Derek received a Bachelor of Science in 1995 from Boston College, and an M.B.A. from University of Southern California’s Marshall School of Business. He has been a CFA Institute Charterholder since 2003.
Robert Mitchell
Start Date
Tenure
Tenure Rank
Mar 30, 2012
10.18
10.2%
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.
Ted Chang
Start Date
Tenure
Tenure Rank
Mar 30, 2012
10.18
10.2%
Mr. Chang joined Conestoga in July 2020 as a Portfolio Manager for the firm’s Mid Cap Growth strategy. He also serves as a Research Analyst, researching and qualifying investment ideas for Conestoga’s Small, SMid and Mid Cap Growth Products. Prior to joining Conestoga, Mr. Chang is portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an associate portfolio manager and was promoted to portfolio manager in 2019. Prior to joining Thornburg, Ted served as a research analyst at 300 North Capital in Pasadena, where he covered domestic industrials and materials stocks. Before joining 300 North Capital, Ted held positions with Zurich Financial Services and QuinStreet. Ted holds an MBA from the University of Southern California and graduated from the University of California, Los Angeles with a BA in political science.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 36.3 | 9.42 | 11.76 |
