Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Strategy highlighted stocks like Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in the first 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 May 24, 2023, Clearwater Analytics Holdings, Inc. (NYSE:CWAN) stock closed at $16.00 per share. One-month return of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was 2.83%, and its shares gained 6.52% of their value over the last 52 weeks. Clearwater Analytics Holdings, Inc. (NYSE:CWAN) has a market capitalization of $4.775 billion.
Conestoga Small Cap Strategy made the following comment about Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in its Q1 2023 investor letter:
“Clearwater Analytics Holdings, Inc. (NYSE:CWAN): CWAN provides cloud-based investment accounting software to corporations, insurance companies and asset management firms. CWAN delivered very strong Q4 results, beating street estimates with revenue growth of 19% and Adjusted EBITDA growth of 21%. Despite these strong results, the stock corrected as 2023 guidance was slightly lower than consensus and the company announced a secondary offering on March 9th. We participated in the secondary offering.”
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Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Clearwater Analytics Holdings, Inc. (NYSE:CWAN) at the end of the first quarter 2023 which was 7 in the previous quarter.
We discussed Clearwater Analytics Holdings, Inc. (NYSE:CWAN) in another article and shared Artisan Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
