Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. The second quarter of 2024 may be regarded as a time of moderation. Economic indicators largely reflected slowing growth and easing inflation. Equity markets are also driven by the moderation theme. Large-cap stocks, as measured by the S&P 500, rose 3.9% in the second quarter, however, small-cap stocks lagged again, with the Russell 2000 Index declining -3.3% and the Russell 2000 Growth Index declining -2.9%. Conestoga Small Cap Composite fell -5.59% in the second quarter compared to -2.92% for the Russell 2000 Growth Index. Stock selection was the major reason for the underperformance of the portfolio relative to the index. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors highlighted stocks like LeMaitre Vascular, Inc. (NASDAQ:LMAT) in the second quarter 2024 investor letter. LeMaitre Vascular, Inc. (NASDAQ:LMAT) develops, manufactures, and markets medical tools for vascular procedures. The one-month return of LeMaitre Vascular, Inc. (NASDAQ:LMAT) was -2.02%, and its shares gained 51.57% of their value over the last 52 weeks. On August 15, 2024, LeMaitre Vascular, Inc. (NASDAQ:LMAT) stock closed at $83.59 per share with a market capitalization of $1.878 billion.
Conestoga Capital Advisors stated the following regarding LeMaitre Vascular, Inc. (NASDAQ:LMAT) in its Q2 2024 investor letter:
“LeMaitre Vascular, Inc. (NASDAQ:LMAT): LMAT delivered a strong first quarter, with results coming in ahead of expectations through effective pricing and operational strategies. The company’s solid revenue growth was driven by strong international sales, combined with gains in allografts and carotid shunts. Gross margins hit an 11-quarter high, bolstered by a competitor’s exit that boosted LMAT’s market share and pricing power. New international regulatory requirements further strengthened LMAT’s position by creating entry barriers for competitors. Confident in these trends’ sustainability, LMAT raised its full-year guidance.”
A doctor examining a patient using a vascular disease diagnosis device.
LeMaitre Vascular, Inc. (NASDAQ:LMAT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held LeMaitre Vascular, Inc. (NASDAQ:LMAT) at the end of the first quarter which was 12 in the previous quarter. LeMaitre Vascular, Inc. (NASDAQ:LMAT) had a great second quarter, with a 12% increase in organic revenue and 44% growth in EPS. While we acknowledge the potential of LeMaitre Vascular, Inc. (NASDAQ:LMAT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In addition, please check out our hedge fund investor letters Q2 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.
