Descartes Systems Group INC

• CC Conestoga Capital Advisors 3Q26 Quarterly Commentary ↗ Conestoga argues that elevated inflation, higher Treasury yields and shifting Federal Reserve expectations are moving market leadership toward durable, high-quality growth businesses. The firm added Allegro Microsystems, Cavco and VSE while exiting Bright Horizons and Workiva, citing semiconductor content growth, affordable-housing demand, aviation aftermarket demand and changing AI-disruption risks. 3Q26 AAON $6.6BALGM $5.6BBFAM $2.5B +13
• CC Conestoga Capital Advisors 2Q26 Quarterly Commentary ↗ Conestoga attributes its lag to a concentrated AI and high-beta rally, while retaining a quality-growth posture and expecting leadership to broaden as supply constraints ease and monetary policy tightens. It added energy and power-infrastructure names including Kodiak Gas Services, Magnolia Oil & Gas and Perimeter Solutions, and exited BlackLine, CCC Intelligent Solutions and other positions. 2Q26 AAON $6.6BAORT $941MBCPC $5.5B +13

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