Conestoga Capital Advisors, an asset management company, released its “SMid Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. The US economy appears to be headed for a softer landing and inflation is moderating. The strategy trailed the Russell 2500 Growth Index in the first quarter rising 4.29% net of fees versus the benchmark return of 8.51%. Sector allocation effects contributed to relative returns while stock selection detracted. Similar to the small-cap strategy, the lack of holdings in Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR) detracted just over 2% from relative returns. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors SMid Cap Strategy highlighted stocks like Bright Horizons Family Solutions Inc. (NYSE:BFAM) in the first quarter 2024 investor letter. Bright Horizons Family Solutions Inc. (NYSE:BFAM), with a market capitalization of $6.419 billion (intraday), provides financial technology solutions for financial institutions, businesses, and developers. One-month return of Bright Horizons Family Solutions Inc. (NYSE:BFAM) was 2.83%, and its shares gained 32.05% of their value over the last 52 weeks. On May 20, 2024, Bright Horizons Family Solutions Inc. (NYSE:BFAM) stock closed at $110.67 per share.
Conestoga Capital Advisors SMid Cap Strategy stated the following regarding Bright Horizons Family Solutions Inc. (NYSE:BFAM) in its first quarter 2024 investor letter:
“Bright Horizons Family Solutions Inc. (NYSE:BFAM): BFAM is the largest private sector provider of employer sponsored childcare. The stock has reacted favorably to its last several quarterly reports with increased evidence that center enrollment and profits are returning to pre-pandemic levels.”
Young children smiling widely as they have lunch in a bright and fun educational center.
Bright Horizons Family Solutions Inc.’s (NYSE:BFAM) trailing 12 months revenue is $2.49 billion. Year over year quarterly revenue growth rate of the company is 12.50%, and year over year quarterly earnings growth rate is 109.10%. As per the recent earnings call, Bright Horizons Family Solutions Inc. (NYSE:BFAM) has a solid first quarter and year-over-year revenues increased double-digits and earnings exceeded expectations.
Bright Horizons Family Solutions Inc. (NYSE:BFAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Bright Horizons Family Solutions Inc. (NYSE:BFAM) at the end of the fourth quarter which was 17 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
