Conestoga Capital Advisors released their Q1 2026 investor letter. They are scouting micro-cap stocks. This is not growth. This is scavenging the remains of a broken market. They are looking for value in the smallest and most vulnerable sectors.

They call it a micro cap strategy. It is actually just picking through the rubble. They are betting on companies that are too small to withstand any real pressure.

The mechanics of the decay are simple.

• Targeting the most fragile market segments.
• Searching for margins in the wreckage.
• Ignoring the larger systemic failure.

The numbers are just data points in a dying system. The strategy does not change the reality. The wreckage remains.