Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Copart, Inc. (NASDAQ:CPRT) in the second quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On August 10, 2023, Copart, Inc. (NASDAQ:CPRT) stock closed at $87.01 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was -8.06%, and its shares gained 32.48% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $41.079 billion.
Conestoga Mid Cap Strategy made the following comment about Copart, Inc. (NASDAQ:CPRT) in its second quarter 2023 investor letter:
“Copart, Inc. (NASDAQ:CPRT): CPRT is a leading provider of auction solutions for salvage vehicles globally. The stock reacted favorably to its quarter which included record service gross profit per unit aided by high average selling prices. Investors also cheered improved auction volume as collision total loss rates have rebounded three quarters in a row.”
Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Copart, Inc. (NASDAQ:CPRT) at the end of the first quarter which was 48 in the previous quarter.
We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared Wedgewood Partners Large Cap Focused Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 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.