Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Composite highlighted stocks like Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in the third quarter 2023 investor letter. Headquartered in Boise, Idaho, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) provides web-based solutions for investment data aggregation, reconciliation, accounting, and reporting services. On November 14, 2023, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) stock closed at $21.15 per share. One-month return of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was 8.74%, and its shares gained 15.57% of their value over the last 52 weeks. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has a market capitalization of $5.158 billion.
Conestoga Small Cap Composite made the following comment about Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in its Q3 2023 investor letter:
“Clearwater Analytics Holdings, Inc. (NYSE:CWAN): CWAN is a leading software-as-a-service (SaaS) platform for automated investment accounting and analytics. The company reported 2Q23 results with revenue and adjusted EBITDA growth both above expectations. Along with these results, management raised their 2023 guidance modestly higher, increasing the midpoints for total revenue and adjusted EBITDA. Guidance now includes 20%-21% year-over-year growth in total revenue and adjusted EBITDA growth of 23% year-over-year.”
A wide shot of a large financial data center.
Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Clearwater Analytics Holdings, Inc. (NYSE:CWAN) at the end of second quarter which was 19 in the previous quarter.
We discussed Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in another article and shared Baron Discovery Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.
