Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In 2023, the Small Cap Composite outperformed the Russell 2000 Growth Index benchmark and returned 21.93% versus the benchmark’s return of 18.66%. The strategy rose 10.97% net-of-fees in the fourth quarter compared to the 12.75% return for the index. As anticipated, the strategy produced the majority of its outperformance during the down-market times. In general, 2023 had mixed results for better-caliber businesses. Sector allocations contributed more to Conestoga’s relative performance in the Small Cap Composite than stock selection effects did. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Small Cap Strategy featured stocks such as Fox Factory Holding Corp. (NASDAQ:FOXF) in the fourth quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On February 16, 2024, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $67.15 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was 2.46%, and its shares lost 45.29% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $2.846 billion.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Fox Factory Holding Corp. (NASDAQ:FOXF) in its fourth quarter 2023 investor letter:
“Fox Factory Holding Corp. (NASDAQ:FOXF): FOXF designs and manufacturers suspension products for high end bicycles and a variety of powered vehicles selling to OEMs and the aftermarket. The stock got hit hard when the company reported weak bicycle results as well as announcing a large acquisition outside of its core markets. Over the past year, we have trimmed our position given our concerns about FOXF’s bicycle segment.”
A cyclist in full gear on their mountain bike, the Performance Cycling Components visible.
Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Fox Factory Holding Corp. (NASDAQ:FOXF) was held by 22 hedge fund portfolios, up from 14 in the previous quarter, according to our database.
We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared ClearBridge Small Cap 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.
