Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the Small Cap Composite outperformed the Russell 2000 Growth Index benchmark and returned 21.93% versus the benchmark’s return of 18.66%. The strategy rose 10.97% net-of-fees in the fourth quarter compared to the 12.75% return for the index. As anticipated, the strategy produced the majority of its outperformance during the down-market times. In general, 2023 had mixed results for better-caliber businesses. Sector allocations contributed more to Conestoga’s relative performance in the Small Cap Composite than stock selection effects did. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Small Cap Strategy featured stocks such as Stevanato Group S.p.A. (NYSE:STVN) in the fourth quarter 2023 investor letter. Headquartered in Piombino Dese, Italy, Stevanato Group S.p.A. (NYSE:STVN) produces and distributes products and processes for biopharma and healthcare. On February 16, 2024, Stevanato Group S.p.A. (NYSE:STVN) stock closed at $31.67 per share. One-month return of Stevanato Group S.p.A. (NYSE:STVN) was 11.75%, and its shares gained 49.32% of their value over the last 52 weeks. Stevanato Group S.p.A. (NYSE:STVN) has a market capitalization of $8.407 billion.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Stevanato Group S.p.A. (NYSE:STVN) in its fourth quarter 2023 investor letter:
“Stevanato Group S.p.A. (NYSE:STVN): STVN manufactures glass vials to contain pharmaceutical and biotech drugs. The company also provides auto-filled injectors and prefilled syringes. The company’s 3Q revenue was slightly below consensus estimates but operating income was in line with estimates. Management also reiterated revenue, EBITDA, and EPS guidance for 2023. Nonetheless, the stock did not keep pace in this upmarket as investors favored more risky businesses such as biotechs within healthcare in 4Q. Despite the underperformance in the 4Q, STVN’s stock was up over 52% in calendar 2023.”
A scientist in a laboratory observing a drug delivery system through a microscope.
Stevanato Group S.p.A. (NYSE:STVN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Stevanato Group S.p.A. (NYSE:STVN) was held by 13 hedge fund portfolios, up from 11 in the previous quarter, according to our database.
We discussed Stevanato Group S.p.A. (NYSE:STVN) in another article and shared Baron Health Care Fund’s views on the company. 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.
