Core Insights - Conestoga Capital Advisors reported that equity markets reached new all-time highs in Q3 2025, but their Smid Cap Composite underperformed the Russell 2500 Growth Index, returning -1.1% net-of-fees compared to the index's +10.7% [1] - The stock market rally that began in April continued with a narrow and "low quality" leadership, which became more pronounced in Q3 2025 [1] Company-Specific Insights - Jack Henry & Associates, Inc. (NASDAQ:JKHY) is highlighted as a financial technology company that connects people and financial institutions, with a one-month return of 1.75% and a 52-week loss of 17.83% [2] - As of October 17, 2025, Jack Henry & Associates, Inc. had a stock price of $152.93 and a market capitalization of $11.113 billion [2] - The company faces pressures from concerns over deposit growth and potential disruption from AI software companies, along with specific growth headwinds attributed to outsized mergers and acquisitions of larger customers [3] - Jack Henry & Associates, Inc. was held by 26 hedge fund portfolios at the end of Q2 2025, a decrease from 31 in the previous quarter, indicating a potential decline in popularity among hedge funds [4]