Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Conestoga Small Cap Composite returned 3.69% in the first quarter compared to 7.58% for the Russell 2000 Growth Index. The market continued to rise in the first quarter as many major asset classes delivered positive returns. Lack of holdings in Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR), the largest names in the benchmark, was the major reason for the underperformance of the portfolio relative to the index. In addition, stock selection in the technology sector, especially within the software industry proved challenging. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors Small Cap Strategy highlighted stocks like Exponent, Inc. (NASDAQ:EXPO), in the first quarter 2024 investor letter. Exponent, Inc. (NASDAQ:EXPO), with a market capitalization of $4.903 billion, is a science and engineering consulting company. One-month return of Exponent, Inc. (NASDAQ:EXPO) was 20.42%, and its shares gained 7.32% of their value over the last 52 weeks. On May 20, 2024, Exponent, Inc. (NASDAQ:EXPO) stock closed at $96.77 per share.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Exponent, Inc. (NASDAQ:EXPO) in its first quarter 2024 investor letter:
“Exponent, Inc. (NASDAQ:EXPO): EXPO is a scientific and engineering consulting firm that specializes in highly technical analysis across more than 90 scientific disciplines. During the second half of 2023, EXPO witnessed a greater-than-expected deceleration in their consumer electronics business, which peaked at 22% of revenue in 2022 and now represents 14% of revenue. Excluding consumer electronics, EXPO grew in line with expectations for 2023 and they expect the segment to normalize during 2024.”
A chemical engineer studying a lab sample of a food product for safety regulations.
Exponent, Inc.’s (NASDAQ:EXPO) trailing 12 months revenue is $505.69 million. As per recent earnings call, total revenues of Exponent, Inc. (NASDAQ:EXPO) in the first quarter increased 3.3% year over year.
Exponent, Inc. (NASDAQ:EXPO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Exponent, Inc. (NASDAQ:EXPO) at the end of the fourth quarter which was 19 in the previous quarter.
Conestoga Capital Advisors commented on Exponent, Inc. (NASDAQ:EXPO) in the second quarter 2023 investor letter. 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.
