Conestoga Capital Advisors, an asset management company, released its “Conestoga Mid Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the Mid Cap composite returned -4.84% net of fees compared to a -0.65% return for the Russell Mid Cap Growth Index. Negative stock selection and allocation effects led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Conestoga Capital Advisors highlighted stocks like Ball Corporation (NYSE:BALL) in the Q3 2022 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products company. On December 16, 2022, Ball Corporation (NYSE:BALL) stock closed at $51.32 per share. One-month return of Ball Corporation (NYSE:BALL) was -7.01%, and its shares lost 42.98% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $16.11 billion.
Conestoga Capital Advisors made the following comment about Ball Corporation (NYSE:BALL) in its Q3 2022 investor letter:
“Ball Corporation (NYSE:BALL): BALL is one of the world’s leading suppliers of aluminum packaging. Their aluminum cans are produced around the world and sold into a variety of industries like beverage, personal care and household products. The stock underperformed due to 8% of its earnings coming from its plants in Russia (since divested) and a slowdown in can volumes as its customers have taken double-digit increases over the past year. The acceleration in transportation costs have also caused BALL’s customers to take substantial price increases on their products.”
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Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the third quarter, which was 24 in the previous quarter.
We discussed Ball Corporation (NYSE:BALL) in another article and shared Aristotle Atlantic Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.