Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Composite highlighted stocks like Simpson Manufacturing Co., Inc. (NYSE:SSD) in the third quarter 2023 investor letter. Headquartered in Pleasanton, California, Simpson Manufacturing Co., Inc. (NYSE:SSD) designs, engineers, manufactures, and sells wood and concrete construction products. On November 14, 2023, Simpson Manufacturing Co., Inc. (NYSE:SSD) stock closed at $156.61 per share. One-month return of Simpson Manufacturing Co., Inc. (NYSE:SSD) was 16.55%, and its shares gained 70.06% of their value over the last 52 weeks. Simpson Manufacturing Co., Inc. (NYSE:SSD) has a market capitalization of $6.683 billion.
Conestoga Small Cap Composite made the following comment about Simpson Manufacturing Co., Inc. (NYSE:SSD) in its Q3 2023 investor letter:
“Simpson Manufacturing Co., Inc. (NYSE:SSD): SSD moved higher after reporting quarterly results that beat expectations for both revenue and earnings. The company designs and manufactures structural connectors that are used in the home construction industry, many of which are critical to protecting homes from wind or earthquake damage. SSD’s quarterly results allayed concerns that higher interest rates would dampen home construction and, in turn, decrease their sales. We have owned SSD for over ten years, and management has historically led the company through the ups and downs of the industry.”
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Simpson Manufacturing Co., Inc. (NYSE:SSD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held Simpson Manufacturing Co., Inc. (NYSE:SSD) at the end of second quarter which was 17 in the previous quarter.
We discussed Simpson Manufacturing Co., Inc. (NYSE:SSD) 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 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.
