According to CoinMeta, AAON (Nasdaq: AAON) mentioned in its second-quarter 2026 investor letter that the company's growth strategy will support its long-term development. The letter noted a positive shift in the market towards small-cap stocks, with the Russell 2000 Index performing best in the first half of 2026, and the growth index rising by 25.7% in the second quarter, benefiting from the artificial intelligence boom and semiconductor stocks. However, the uneven leadership in the market reflects the characteristics of a tech bubble, with high-volatility stocks outperforming high-quality companies, which affected Conestoga's quality-oriented strategy. Management is confident about the long-term results, believing that speculative leadership will not be sustainable, and that high-quality growth companies will regain favor as monetary policy tightens and market breadth improves. The Conestoga small-cap composite index had a net return of 14.32% in the second quarter, while the Russell 2000 Growth Index returned 25.71%. Although the narrow leadership in the indices affected relative results, it also masked a overall improvement. In addition, Conestoga emphasized in the letter that AAON is an important contributor to its portfolio.