Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite declined 8.01% net of fees in the third quarter, trailing the Russell Midcap Growth Index’s -5.22% return. A combination of negative stock selection and sector allocation effects resulted in the underperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Composite highlighted stocks like Ball Corporation (NYSE:BALL) in the third quarter 2023 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products supplier. On November 15, 2023, Ball Corporation (NYSE:BALL) stock closed at $51.97 per share. One-month return of Ball Corporation (NYSE:BALL) was 15.12%, and its shares lost 4.38% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $16.402 billion.
Conestoga Mid Cap Composite made the following comment about Ball Corporation (NYSE:BALL) in its Q3 2023 investor letter:
“Ball Corporation (NYSE:BALL): BALL is the leading global manufacturer of aluminum cans. When we initially purchased shares in 2021, the aluminum can market in North America was seeing demand growth outpacing supply. BALL and other players believed this was a longer-term trend and invested in new capacity additions. However, like many other pandemic-driven trends, that growth proved to be unsustainable. In addition, BALL had to sell its Russia operations and was negatively impacted by the Bud Light boycott in North America. We believe the fundamental outlook for the business has deteriorated considerably, and we are redeploying capital to better opportunities.”
A shipping container filled with freshly-produced aluminum cans ready for distribution.
Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of second quarter which was 28 in the previous quarter.
We discussed Ball Corporation (NYSE:BALL) in another article and shared Upslope Capital Management’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.
