Doomsday clocks tick, and so do the ledgers at Conestoga Capital Advisors, LLC. On October 24, 2025, they declared war on 344,631 shares of Exponent, leaving $24.63 million in their wake like a splash from a falling raindrop.
What Happened
A filing with the SEC, dated one week later, revealed Conestoga’s thinly veiled disdain for Exponent’s third-quarter performance. The fund sold enough shares to fund a small kingdom, yet still champions the stock as a 2.63% stake in their AUM. A partial sale, yes-and also exceptionally generous. Imagine selling a slice of your birthday cake while still insisting the whole recipe was a life-sustaining need.
Exponent’s shares linger at $68.96, down 35.61% year-to-date. The S&P 500, meanwhile, gallops ahead by 17%. Arithmetic, cruel and unromantic, insists this is math, not metaphor.
What Else to Know
The sale is as subtle as a punch in the gut. Exponent’s dominance in Conestoga’s 13F AUM decreased by 0.36 percentage points. Call it a statistical sigh. The fund still holds $164.06 million in Exponent stock, a chunk large enough to fund a lukewarm startup or a very well-paid existential crisis.
Top holdings: road kill, maybe? NASDAQ:CWST, NASDAQ:ROAD, NASDAQ:DSGX-they gleam with 4.4% to 3.7% ownership. But let’s not mistake percentages for poetry.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $560.51 million |
| Net Income (TTM) | $102.84 million |
| Dividend Yield | 1.70% |
| Price (as of market close October 23, 2025) | $68.96 |
Company Snapshot
Exponent brands itself as a hero for clients wrestling with biomechanics, data sciences, and life’s thornier mysteries. Mysteries-like whether anyone truly needs 90 technical disciplines to solve a business problem. Still, their blue-checked roster embraces chemical companies, insurers, and governments. A client list so varied it straddles joy and despair, living wages and stimulus checks.
Foolish Take
Conestoga’s sale isn’t merely corporate mathematics; it’s existential. By parting with 13% of its ownership, the fund whispered, “We respect you, but business is business.” The question: Will the market listen, or clutch its pearls and fade into the night?
Exponent’s underperformance is a dirge. Year-to-date, its shares have gone from “springtime confidence” to “late autumn resignation.” For three years straight, the S&P 500 outpaces Exponent by more than 100 percentage points. That’s not a gap-it’s a canyon with a toll booth.
Retail investors, though? Panic is overrated. Conestoga chose proverbial nuance: selling just enough to appear detached, yet retaining enough to imply stubborn optimism. A delicate dance between confidence and cowardice. To watch, admire. To emulate? Well. So it goes.
Glossary
AUM (Assets Under Management): The financial equivalent of a garden you don’t quite own.
13F: A regulatory diary for the wealthy.
Partial sale: Selling your backpack, not your shoes.
Fee-for-service business model: Like Netflix, but for problems you’ve already solved.
Technical disciplines: The alphabet soup of expertise.
Diversified client base: Spreading trust like oil on unstable ground.
TTM: A backward glance with 12-month glasses.
Consulting engagements: Charged advice about problems you didn’t ask for.
Competitive advantage: The thing that keeps your competitors from weeping in their offices.
Reportable U.S. equity assets: The financial equivalent of a highlighted text in a murder mystery.
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2025-10-26 19:18