Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite rose 2.93% net of fees in the first quarter, compared to the Russell Microcap Growth Index’s 0.76% return. The Strategy posted 10.45% annualized returns since its inception at the end of 2019. Both positive stock selection and sector allocation equally contributed to the relative outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Palomar Holdings, Inc. (NASDAQ:PLMR) in the first quarter 2023 investor letter. Headquartered in La Jolla, California, Palomar Holdings, Inc. (NASDAQ:PLMR) is an insurance holding company. On May 26, 2023, Palomar Holdings, Inc. (NASDAQ:PLMR) stock closed at $47.82 per share. One-month return of Palomar Holdings, Inc. (NASDAQ:PLMR) was -4.85%, and its shares lost 25.50% of their value over the last 52 weeks. Palomar Holdings, Inc. (NASDAQ:PLMR) has a market capitalization of $1.189 billion.
Conestoga Micro Cap Strategy made the following comment about Palomar Holdings, Inc. (NASDAQ:PLMR) in its Q1 2023 investor letter:
“The Micro Cap Composite’s relative outperformance was an equal mix of both positive stock selection and sector allocation effects. Stock selection effects were most positive in the Financials, Health Care and Industrials sectors. The Financials sector within the Index was dragged down by its primary exposure to small banks, many of which were impacted by deposit flights to larger (perceived as safer) banks. Conestoga’s sole holding in the Financials sector, the specialty insurance company Palomar Holdings, Inc. (NASDAQ:PLMR), rose modestly in the quarter and added to relative returns. The strategy does not hold any banks.”
Pixabay/Public Domain
Palomar Holdings, Inc. (NASDAQ:PLMR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 10 hedge fund portfolios held Palomar Holdings, Inc. (NASDAQ:PLMR) at the end of first quarter 2023 which was 13 in the previous quarter.
We discussed Palomar Holdings, Inc. (NASDAQ:PLMR) in another article and shared Diamond Hill Capital’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.
Suggested Articles:
- Analysts are Upgrading These 10 Stocks
- 10 Dementia Medications that are Approved or in Clinical Trials
- 10 Best Value Stocks to Buy in 2023 According to Billionaire Mario Gabelli
Disclosure: None. This article is originally published at Insider Monkey.
