Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Strategy highlighted stocks like Altair Engineering Inc. (NASDAQ:ALTR) in the first quarter 2023 investor letter. Headquartered in Troy, Michigan, Altair Engineering Inc. (NASDAQ:ALTR) is a software and cloud solutions provider. On May 23, 2023, Altair Engineering Inc. (NASDAQ:ALTR) stock closed at $69.91 per share. One-month return of Altair Engineering Inc. (NASDAQ:ALTR) was 1.55%, and its shares gained 33.24% of their value over the last 52 weeks. Altair Engineering Inc. (NASDAQ:ALTR) has a market capitalization of $5.642 billion.
Conestoga Small Cap Strategy made the following comment about Altair Engineering Inc. (NASDAQ:ALTR) in its Q1 2023 investor letter:
“Altair Engineering Inc. (NASDAQ:ALTR): ALTR provides software and cloud solutions related to AI, data analytics, and computing. ALTR has been less affected by the macroeconomic pressure many other technology companies are experiencing. ALTR reported fourth quarter revenue growth that accelerated to 21% in constant currency as software products surged 26%. The company levered off this growth and expanded EBITDA margins. EBITDA beat expectations by 59%. ALTR called out aerospace and electric vehicles as two areas of considerable strength, both of which contributed to billings growth over 23%.”
Copyright: melpomen / 123RF Stock Photo
Altair Engineering Inc. (NASDAQ:ALTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Altair Engineering Inc. (NASDAQ:ALTR) at the end of first quarter 2023 which was 19 in the previous quarter.
We discussed Altair Engineering Inc. (NASDAQ:ALTR) in another article and shared Liberty Park 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:
- 12 Cheap Dividend Stocks With High Yields
- 10 Best Small Cap Bank Stocks With Dividends
- 16 Best Retirement Communities in Florida for Singles
Disclosure: None. This article is originally published at Insider Monkey.
