Conestoga Capital Advisors, an asset management company, released its “Mid-Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. It was a solid quarter as many asset classes moved higher. The S&P Index, which tracks the performance of large-cap stocks, reached an all-time high on March 28th, and the Russell 2000 Index, which tracks the performance of small-cap stocks, appreciated to within 10% of their peak levels. The Mid Cap Composite rose 5.44% net of fees in the first quarter, compared to a 9.50% return for the Russell Midcap Growth Index. Stock selection was the leading performance detractor in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Conestoga Capital Advisors Mid-Cap Strategy highlighted stocks like ANSYS, Inc. (NASDAQ:ANSS), in the first quarter 2024 investor letter. ANSYS, Inc. (NASDAQ:ANSS) is an engineering simulation software developer with a market capitalization of $28.63 billion. One-month return of ANSYS, Inc. (NASDAQ:ANSS) was 0.10%, and its shares gained 6.87% of their value over the last 52 weeks. On May 22, 2024, ANSYS, Inc. (NASDAQ:ANSS) stock closed at $326.36 per share.
Conestoga Capital Advisors Mid-Cap Strategy stated the following regarding ANSYS, Inc. (NASDAQ:ANSS) in its first quarter 2024 investor letter:
“ANSYS, Inc. (NASDAQ:ANSS): ANSS is the industry leader in selling computer-aided engineering (CAE) software that allows engineers to simulate how product designs will behave in real world environments before they are manufactured. Shares underperforming during the quarter due to its pending acquisition by Synopsys (SNPS) which is not all cash, rather a combination of cash and SNPS shares.”
An engineer with a diagram of a systems analysis, illustrating the complexity of its product suite.
ANSYS, Inc. (NASDAQ:ANSS) trailing 12 months revenue is $2.23 billion. The first quarter revenue of ANSYS, Inc. (NASDAQ:ANSS) was $466.6 million, an 8% decrease compared to the first quarter of 2023.
ANSYS, Inc. (NASDAQ:ANSS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held ANSYS, Inc. (NASDAQ:ANSS) at the end of the first quarter which was 44 in the previous quarter.
In another article, we discussed ANSYS, Inc. (NASDAQ:ANSS) and shared Baron Asset Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
