Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 11.00% net of fees in the fourth quarter, compared to a 14.55% return for the Russell Midcap Growth Index. Negative impacts from stock selection were outweighed by positive sector allocation effects. The Mid Cap Composite climbed 22.83% for the year vs. the benchmark’s rise of 25.87%. Four sectors accounted for the majority of the relative performance; the largest laggards were the industrial and technology sectors, while health care and energy were additive to returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Mid Cap Strategy featured stocks such as Veeva Systems Inc. (NYSE:VEEV) in the Q4 2023 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On February 21, 2024, Veeva Systems Inc. (NYSE:VEEV) stock closed at $216.37 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was 3.92%, and its shares gained 26.89% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $34.839 billion.
Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its fourth quarter 2023 investor letter:
“Veeva Systems Inc. (NYSE:VEEV): VEEV is a vertical SaaS company for the life sciences industry with a wide range of integrated cloud-based software applications and services. Ahead of their November analyst day, the company provided a preliminary look at third-quarter expectations and updated guidance for both fiscal 2024 and 2025. Management noted a slightly worsening macro due to the war in the Middle East, inflation, political uncertainty, and a challenging funding environment. Accordingly, the company reduced its revenue outlook for fiscal years 2024 and 2025.”
A close-up of a server running a cloud-native platform, symbolizing the power of the software-as-a-service (SaaS) business area.
Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Veeva Systems Inc. (NYSE:VEEV) was held by 48 hedge fund portfolios, up from 41 in the previous quarter, according to our database.
We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared Ithaka US Growth Strategy’s views on the company. 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.
