Mairs & Power, an investment advisor, released the “Mairs & Power Small Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Small Cap Fund was up 11.04% in 2023 compared to the S&P Small Cap 600 TR benchmark’s 16.05% return, and the Morningstar U.S. Fund Small Blend’s 16.03% gain. The performance of various sectors varied throughout the year, with several sectors experiencing increased volatility. The Fund’s year-to-date underperformance compared to the benchmark can be attributed primarily to the strong performance of the Consumer Discretionary sector, in which the Fund has a significant underweight position. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Mairs & Power Small Cap Fund featured stocks such as Altair Engineering Inc. (NASDAQ:ALTR) in the fourth quarter 2023 investor letter. Altair Engineering Inc. (NASDAQ:ALTR) is a software and cloud solutions provider headquartered in Troy, Michigan. On January 31, 2024, Altair Engineering Inc. (NASDAQ:ALTR) stock closed at $85.02 per share. The one-month return of Altair Engineering Inc. (NASDAQ:ALTR) was 8.80%, and its shares gained 43.83% of their value over the last 52 weeks. Altair Engineering Inc. (NASDAQ:ALTR) has a market capitalization of $6.943 billion.
Mairs & Power Small Cap Fund stated the following regarding Altair Engineering Inc. (NASDAQ:ALTR) in its fourth quarter 2023 investor letter:
“Altair Engineering Inc. (NASDAQ:ALTR), a provider of software for simulation, high performance computing, and data analytics has performed well, in part due to their proximity to generative design, and the related halo effect from AI, and has shown growth, share gains, and margin expansion.”
A computer engineer in front of his screen monitoring a 3D model of a building, representing the company’s open modeling and open simulation applications.
Altair Engineering Inc. (NASDAQ:ALTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Altair Engineering Inc. (NASDAQ:ALTR) at the end of third quarter which was 16 in the previous quarter.
We discussed Altair Engineering Inc. (NASDAQ:ALTR) in another article and shared Conestoga Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 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.
