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 CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) in the fourth quarter 2023 investor letter. Headquartered in Chicago, Illinois, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) offers cloud, mobile, AI, telematics, hyper-scale technologies, and applications for the P&C insurance economy. On February 16, 2024, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) stock closed at $11.48 per share. One-month return of CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) was 4.94%, and its shares gained 25.33% of their value over the last 52 weeks. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) has a market capitalization of $6.917 billion.
Conestoga Capital Advisors SMid Cap Strategy stated the following regarding CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) in its fourth quarter 2023 investor letter:
“CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS): CCCS is a cloud-based SaaS platform of digital and data services for the insurance and automotive industries. As a multi-party network connecting insurers, repair shops, and parts suppliers, CCCS is the clear market leader with 80% of all US Auto Claims running on its platform. We believe CCCS will be a resilient holding with consistent, recurring revenue and high margins.
A data analyst with a headset, looking intently at the information unfolding on her screen.
CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) was held by 20 hedge fund portfolios, up from 16 in the previous quarter, according to our database.
We discussed CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) in another article and shared Artisan Small Cap Fund’s views on the company in the previous quarter. 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.
