Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite declined -1.53% net of fees in the second quarter, compared to the Russell Microcap Growth Index’s 6.35% return. Despite eight of the eleven sectors adding value to relative performance, negative stock selection effects in the Industrials, Health Care, and Technology sectors proved too much to overcome. The portfolio was also hindered by stylistic headwinds. Positive sector allocation effects contributed modestly to performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Micro Cap Strategy highlighted stocks like Vericel Corporation (NASDAQ:VCEL) in the second quarter 2023 investor letter. Headquartered in Cambridge, Massachusetts, Vericel Corporation (NASDAQ:VCEL) is a biopharmaceutical company. On August 9, 2023, Vericel Corporation (NASDAQ:VCEL) stock closed at $32.16 per share. One-month return of Vericel Corporation (NASDAQ:VCEL) was -17.35%, and its shares gained 18.76% of their value over the last 52 weeks. Vericel Corporation (NASDAQ:VCEL) has a market capitalization of $1.53 billion.
Conestoga Micro Cap Strategy made the following comment about Vericel Corporation (NASDAQ:VCEL) in its second quarter 2023 investor letter:
“Vericel Corporation (NASDAQ:VCEL): VCEL develops advanced therapies for sports medicine and severe burn care. The company reported revenue solidly above expectations for the first quarter. The first quarter had the highest number of surgeons taking biopsies in company history and the second highest number of biopsies taken, both positive leading indicators. Commentary from most hospitals and procedure-related companies was quite positive on patient volumes and procedures performed, with expectations the trend should continue through 2023. This lifted many stocks, including VCEL.”
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Vericel Corporation (NASDAQ:VCEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 19 hedge fund portfolios held Vericel Corporation (NASDAQ:VCEL) at the end of first quarter which was 12 in the previous quarter.
We discussed Vericel Corporation (NASDAQ:VCEL) in another article and shared Carillon Tower Advisers’ 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.
