Conestoga Capital Advisors, an asset management company, released its “SMid Cap Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Conestoga Smid Cap Growth Composite returned -6.36% net of fees in the third quarter, compared to the Russell 2500 Growth Index’s -6.84% return. Stock selection in the Industrials, Health Care, and Basic Materials sectors was positive but offset by a lack of exposure to the Energy sector and negative selection in Technology. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga SMid Cap Composite highlighted stocks like Merit Medical Systems, Inc. (NASDAQ:MMSI) in the third quarter 2023 investor letter. Headquartered in South Jordan, Utah, Merit Medical Systems, Inc. (NASDAQ:MMSI) manufactures and markets proprietary disposable medical devices. On November 14, 2023, Merit Medical Systems, Inc. (NASDAQ:MMSI) stock closed at $73.43 per share. One-month return of Merit Medical Systems, Inc. (NASDAQ:MMSI) was 11.26%, and its shares gained 4.35% of their value over the last 52 weeks. Merit Medical Systems, Inc. (NASDAQ:MMSI) has a market capitalization of $4.241 billion.
Conestoga SMid Cap Composite made the following comment about Merit Medical Systems, Inc. (NASDAQ:MMSI) in its Q3 2023 investor letter:
“Merit Medical Systems, Inc. (NASDAQ:MMSI): MMSI is a leading manufacturer of medical products for interventional and diagnostic procedures and operates through two segments, Cardiovascular and Endoscopy. Strong performance by both segments resulted in better-than-expected results for the quarter, but the stock sold off when operating margins contracted more than anticipated. MMSI also has just under 10% of revenue sourced from China, an area of investor concern. We believe strong execution and improving customer demand trends bode well for future growth prospects and its recent acquisitions will likely strengthen its position in the dialysis and biopsy markets.”
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Merit Medical Systems, Inc. (NASDAQ:MMSI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Merit Medical Systems, Inc. (NASDAQ:MMSI) at the end of second quarter which was 20 in the previous quarter.
We discussed Merit Medical Systems, Inc. (NASDAQ:MMSI) in another article and shared billionaire Ray Dalio’s best stock pick. In addition, please check out our hedge fund investor letters Q3 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.
