Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga SMid Cap Growth Composite rose 8.52% net of fees in the second quarter, compared to the Russell 2500 Growth Index’s 6.41% return. A mix of both sector allocation and stock selection contributed positively to the relative return of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Smid Cap Strategy highlighted stocks like Douglas Dynamics, Inc. (NYSE:PLOW) in the second quarter 2023 investor letter. Headquartered in Milwaukee, Wisconsin, Douglas Dynamics, Inc. (NYSE:PLOW) is a manufacturer and up fitter of commercial work truck attachments. On August 10, 2023, Douglas Dynamics, Inc. (NYSE:PLOW) stock closed at $31.69 per share. One-month return of Douglas Dynamics, Inc. (NYSE:PLOW) was 7.31%, and its shares lost 6.21% of their value over the last 52 weeks. Douglas Dynamics, Inc. (NYSE:PLOW) has a market capitalization of $728.363 million.
Conestoga Smid Cap Strategy made the following comment about Douglas Dynamics, Inc. (NYSE:PLOW) in its second quarter 2023 investor letter:
“Douglas Dynamics, Inc. (NYSE:PLOW): PLOW is the nation’s largest manufacturer of work truck attachments for snow and ice management, as well as one of the largest up-fitters and installers of work truck attachments. While the lack of snow storms in the Northeast impacted profits in the company’s core snow and ice business, we’ve become increasingly frustrated with the multi-year shortage of chassis needed to meet demand for work trucks. With so much out of management’s control, we sold the position to zero so that we can redeploy the proceeds in other investments.”
Photo by Josiah Farrow on Unsplash
Douglas Dynamics, Inc. (NYSE:PLOW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Douglas Dynamics, Inc. (NYSE:PLOW) at the end of the first quarter which was 8 in the previous quarter.
We discussed Douglas Dynamics, Inc. (NYSE:PLOW) in another article and shared Conestoga Small Cap Strategy’s views on the company in the previous quarter. 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.
