Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Qualtrics International Inc. (NASDAQ:XM) in the first quarter 2023 investor letter. Headquartered in Provo, Utah, Qualtrics International Inc. (NASDAQ:XM) provides an experience management platform to manage customer, employee, product, and brand experiences. On May 26, 2023, Qualtrics International Inc. (NASDAQ:XM) stock closed at $18.06 per share. One-month return of Qualtrics International Inc. (NASDAQ:XM) was 0.73%, and its shares gained 23.02% of their value over the last 52 weeks. Qualtrics International Inc. (NASDAQ:XM) has a market capitalization of $10.951 billion.
Conestoga Mid Cap Strategy made the following comment about Qualtrics International Inc. (NASDAQ:XM) in its Q1 2023 investor letter:
“Qualtrics International Inc. (NASDAQ:XM): XM is the global market leader in experience management, a category it shaped and defined from inception. The Qualtrics XM Platform allows companies to gather customer and employee feedback (via a wide variety of data feeds), identify the pain points, and recommend actionable insights. In the quarter, XM announced a deal to be acquired by a group of investors, led by private equity firm Silver Lake. The deal price represented a 62% premium to the unaffected closing price on January 25, 2023. We fully exited the position.”
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Qualtrics International Inc. (NASDAQ:XM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held Qualtrics International Inc. (NASDAQ:XM) at the end of first quarter 2023 which was 30 in the previous quarter.
We discussed Qualtrics International Inc. (NASDAQ:XM) in another article and shared VGI Partners’ 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.
