Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite declined -1.53% net of fees in the second quarter, compared to the Russell Microcap Growth Index’s 6.35% return. Despite eight of the eleven sectors adding value to relative performance, negative stock selection effects in the Industrials, Health Care, and Technology sectors proved too much to overcome. The portfolio was also hindered by stylistic headwinds. Positive sector allocation effects contributed modestly to performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Cryoport, Inc. (NASDAQ:CYRX) in the second quarter 2023 investor letter. Headquartered in Brentwood, Tennessee, Cryoport, Inc. (NASDAQ:CYRX) provides logistics solutions to the life science industry. On August 9, 2023, Cryoport, Inc. (NASDAQ:CYRX) stock closed at $13.65 per share. One-month return of Cryoport, Inc. (NASDAQ:CYRX) was -6.51%, and its shares lost 68.69% of their value over the last 52 weeks. Cryoport, Inc. (NASDAQ:CYRX) has a market capitalization of $621.693 million.
Conestoga Micro Cap Strategy made the following comment about Cryoport, Inc. (NASDAQ:CYRX) in its second quarter 2023 investor letter:
“Cryoport, Inc. (NASDAQ:CYRX): CYRX is a leading provider of cold chain logistics solutions to the life sciences industry. Shares declined 28.1% during the quarter despite beating earnings expectations. The mid-point of fiscal 2023 revenue guidance was also above consensus. The cause of the under-performance can be tied to general weakness in the bio-processing industry. Biotech companies are seeing pressure from the challenging funding environment. Inventory destocking headwinds are also prevalent across the industry. We expect industry conditions to remain weak through 2023 but to begin to improve in 2024.”
Pixabay/ Public Domain
Cryoport, Inc. (NASDAQ:CYRX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held Cryoport, Inc. (NASDAQ:CYRX) at the end of first quarter which was 10 in the previous quarter.
We discussed Cryoport, Inc. (NASDAQ:CYRX) in another article and shared Headwaters Capital Management’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.
Suggested Articles:
- 26 Best Universities in the World With No Tuition Fee
- 22 Medical Schools with the Highest Acceptance Rates in America
- 15 Best Medical Specialties for Female Doctors and Moms
Disclosure: None. This article is originally published at Insider Monkey.
