Novanta INC

• FA Fenimore Asset Management Quarterly Investment Commentary ↗ Fenimore attributes uneven portfolio results to narrow market leadership, higher rates and sentiment-driven weakness despite durable business fundamentals. The firm sold CBIZ and Baldwin Insurance Group following acquisition announcements, initiated positions including Mobility Global, Houlihan Lokey and UL Solutions, and remained selective as AI infrastructure spending broadened beyond technology. Q3 2026 BN $91BMBGL $6.9BMLM $37B +5
• 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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