Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Verisk Analytics, Inc. (NASDAQ:VRSK) in the second quarter 2023 investor letter. Based in Jersey City, New Jersey, Verisk Analytics, Inc. (NASDAQ:VRSK) offers data analytics solutions to the insurance markets. On August 10, 2023, Verisk Analytics, Inc. (NASDAQ:VRSK) stock closed at $233.09 per share. One-month return of Verisk Analytics, Inc. (NASDAQ:VRSK) was 1.88%, and its shares gained 14.90% of their value over the last 52 weeks. Verisk Analytics, Inc. (NASDAQ:VRSK) has a market capitalization of $33.749 billion.
Conestoga Mid Cap Strategy made the following comment about Verisk Analytics, Inc. (NASDAQ:VRSK) in its second quarter 2023 investor letter:
“Verisk Analytics, Inc. (NASDAQ:VRSK): VRSK is a data analytics and technology partner to the global insurance industry. VRSK reported 1Q23 results highlighted by significant organic growth in its insurance unit. VRSK’s 1Q23 revenues were up 8% while adjusted EBITDA was down 5%, both better than expectations. The core insurance revenue growth was 9.8%, it was one of the strongest quarters for VRSK’s insurance business in the last 10 years. While management did not raise guidance for 2023, the strength of the quarter and the insurance segment coupled with its 52.2% adjusted EBITDA margin highlighted the benefits of the company’s business model.”
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Verisk Analytics, Inc. (NASDAQ:VRSK) is not on our list of 30 Most Popular Stocks Among Hedge Funds As per our database, 37 hedge fund portfolios held Verisk Analytics, Inc. (NASDAQ:VRSK) at the end of first quarter which was 36 in the previous quarter.
We discussed Verisk Analytics, Inc. (NASDAQ:VRSK) in another article and shared Baron Asset Fund’s views on the company. 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.
