Conestoga Capital Advisors, an asset management company, released its “SMid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed the Russell 2500 Growth Index in the fourth quarter with a total return of 13.26% net-of-fess versus the benchmark return of 12.59%. The market had significant volatility throughout the quarter, as the Index experienced a decline of approximately -8% from the start of the period until October 27th. However, by year’s conclusion, stocks had rallied by over 22%. Both during the downturn and the recovery, the SMid Cap strategy was able to outperform despite the significant fluctuations in benchmark returns. For the full year 2023, the Smid Cap Composite’s return of 26.61% outperformed the benchmark’s gain of 18.93%. Strong stock selection and positive sector allocation effects were cited as the main causes of the excess returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors SMid Cap Strategy featured stocks such as SiteOne Landscape Supply, Inc. (NYSE:SITE) in the fourth quarter 2023 investor letter. Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscape supplies. On February 16, 2024, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $165.53 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 3.74%, and its shares gained 8.73% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $7.462 billion.
Conestoga Capital Advisors SMid Cap Strategy stated the following regarding SiteOne Landscape Supply, Inc. (NYSE:SITE) in its fourth quarter 2023 investor letter:
“SiteOne Landscape Supply, Inc. (NYSE:SITE): SITE is the nation’s largest distributor of supplies for residential and commercial landscape professionals. The stock sold off sharply after missing third quarter earnings on weaker gross margins as price deflation in some products was greater than expected.”
A bustling warehouse stocked with irrigation supplies, fertilizer, grass seed, ice melt products, pesticides, and landscape accessories.
SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, SiteOne Landscape Supply, Inc. (NYSE:SITE) was held 21 hedge fund portfolios, up from 20 in the previous quarter, according to our database.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared the list of stocks receiving downgrades from analysts. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Most Expensive Countries to Fly to
- 15 Best Stocks For Long Term Growth
- 16 Best Income Stocks To Buy According to Analysts
Disclosure: None. This article is originally published at Insider Monkey.
