Conestoga Capital Advisors, an asset management company, released its “SMid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2500 Growth Index in the fourth quarter with a total return of 13.26% net-of-fess versus the benchmark return of 12.59%. The market had significant volatility throughout the quarter, as the Index experienced a decline of approximately -8% from the start of the period until October 27th. However, by year’s conclusion, stocks had rallied by over 22%. Both during the downturn and the recovery, the SMid Cap strategy was able to outperform despite the significant fluctuations in benchmark returns. For the full year 2023, the Smid Cap Composite’s return of 26.61% outperformed the benchmark’s gain of 18.93%. Strong stock selection and positive sector allocation effects were cited as the main causes of the excess returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors SMid Cap Strategy featured stocks such as Fair Isaac Corporation (NYSE:FICO) in the fourth quarter 2023 investor letter. Headquartered in Bozeman, Montana, Fair Isaac Corporation (NYSE:FICO) develops decision management solutions to help businesses automate, enhance, and connect decisions. On February 16, 2024, Fair Isaac Corporation (NYSE:FICO) stock closed at $1,282.06 per share. One-month return of Fair Isaac Corporation (NYSE:FICO) was 1.73%, and its shares gained 87.93% of their value over the last 52 weeks. Fair Isaac Corporation (NYSE:FICO) has a market capitalization of $31.862 billion.
Conestoga Capital Advisors SMid Cap Strategy stated the following regarding Fair Isaac Corporation (NYSE:FICO) in its fourth quarter 2023 investor letter:
“Fair Isaac Corporation (NYSE:FICO): FICO is a leader in predictive analytics and decision management software and is also the provider of FICO credit scores. FICO reported solid 4Q results, with revenue beating expectations, partially mitigated by a slight shortfall in EPS. Total revenue sustained low-double-digit growth in the quarter, with Scores up 12% year-over-year and Software up 11%. Software annual recurring revenue growth accelerated to 22% year-over-year in 4Q from 20% in 3Q. FICO also guided to double-digit revenue and EPS growth in fiscal year 2024.”
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Fair Isaac Corporation (NYSE:FICO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fair Isaac Corporation (NYSE:FICO) was held by 49 hedge fund portfolios, up from 44 in the previous quarter, according to our database.
We discussed Fair Isaac Corporation (NYSE:FICO) in another article and shared the list of best credit repair companies. In addition, please check out our hedge fund investor letters Q4 2023 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.
