Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 10.23% net of fees in the first quarter, compared to the Russell Midcap Growth Index’s 9.14% return. The strategy primarily benefitted from the stock selection while the sector allocation also contributed to the relative performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like Bio-Techne Corporation (NASDAQ:TECH) in the first quarter 2023 investor letter. Headquartered in Minneapolis, Minnesota, Bio-Techne Corporation (NASDAQ:TECH) is a developer and manufacturer of regent solutions, instruments, and services for research and clinical diagnostic markets. On May 26, 2023, Bio-Techne Corporation (NASDAQ:TECH) stock closed at $83.50 per share. One-month return of Bio-Techne Corporation (NASDAQ:TECH) was 4.53%, and its shares lost 13.60% of their value over the last 52 weeks. Bio-Techne Corporation (NASDAQ:TECH) has a market capitalization of $13.146 billion.
Conestoga Mid Cap Strategy made the following comment about Bio-Techne Corporation (NASDAQ:TECH) in its Q1 2023 investor letter:
“Bio-Techne Corporation (NASDAQ:TECH): TECH makes and distributes biological research supplies used by researchers around the globe. During the quarter, TECH reported soft earnings and guided to below double-digit organic revenue growth (the prior guidance) for the year ahead. Like many other Healthcare companies, TECH saw weakness in early stage/ startup biotech customers as they work through funding issues. TECH is also seeing conservatism from the broader bio-pharma industry as COVID vaccine volumes normalize. Management believes this is a short-term issue and not a long term slowdown.”
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Bio-Techne Corporation (NASDAQ:TECH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Bio-Techne Corporation (NASDAQ:TECH) at the end of the first quarter 2023 which was 30 in the previous quarter.
We discussed Bio-Techne Corporation (NASDAQ:TECH) in another article and shared Baron Asset Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
