Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. Despite growing by 12.70% net of fees in the fourth quarter, the strategy was unable to match the 15.64% return of the Russell Micro Cap Growth Index. Underperformance was mostly caused by poor stock selection in the Health Care and Industrials. Micro Cap Composite declined -1.02% net-of-fees, trailing the Russell Micro Cap Growth Index’s gain of 9.11% for 2023. Positive effects on sector allocation and stock selection in the technology and basic materials sectors did help the portfolio. The majority of the underperformance was mostly centered in the consumer discretionary, health care, and industrial sectors, where choosing stocks proved to be difficult. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Micro Cap Strategy featured stocks such as Semler Scientific, Inc. (NASDAQ:SMLR) in the fourth quarter 2023 investor letter. Headquartered in Santa Clara, California, Semler Scientific, Inc. (NASDAQ:SMLR) offers technology solutions to improve the clinical effectiveness and efficiency of healthcare providers. On February 16, 2024, Semler Scientific, Inc. (NASDAQ:SMLR) stock closed at $48.67 per share. One-month return of Semler Scientific, Inc. (NASDAQ:SMLR) was 11.19%, and its shares gained 105.27% of their value over the last 52 weeks. Semler Scientific, Inc. (NASDAQ:SMLR) has a market capitalization of $334.519 million.
Conestoga Capital Advisors Micro Cap Strategy stated the following regarding Semler Scientific, Inc. (NASDAQ:SMLR) in its fourth quarter 2023 investor letter:
“Semler Scientific, Inc. (NASDAQ:SMLR): SMLR provides a product that measures arterial blood flow in the extremities to help in the diagnosis of peripheral arterial disease. SMLR reported solid 3Q results that exceeded expectations on the top and bottom lines. Revenue was up 16% and net income grew 50% compared to last year. While SMLR indicated results this quarter were largely driven by continued growth of QuantaFlo for PAD testing, the company also suggested interest in the new test related to heart dysfunction (HD) was building.”
A doctor in focus surrounded by colleagues in a hospital setting.
Semler Scientific, Inc. (NASDAQ:SMLR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Semler Scientific, Inc. (NASDAQ:SMLR) was held by 12 hedge fund portfolios, up from 9 in the previous quarter, according to our database.
We discussed Semler Scientific, Inc. (NASDAQ:SMLR) in another article and shared the list of best healthcare stocks for the long term. 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.
