Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 8.70% net of fees in the second quarter, outperforming the Russell Midcap Growth Index’s 6.23% return. Year-to-date, the strategy returned 19.82% net of fees compared to a 15.94% return for the benchmark. The strategy benefited from the positive stock selection in five of the seven sectors in which it is invested. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Mid Cap Strategy highlighted stocks like FactSet Research Systems Inc. (NYSE:FDS) in the second quarter 2023 investor letter. Headquartered in Norwalk, Connecticut, FactSet Research Systems Inc. (NYSE:FDS) provides financial data and analytics to the investment community. On August 10, 2023, FactSet Research Systems Inc. (NYSE:FDS) stock closed at $422.39 per share. One-month return of FactSet Research Systems Inc. (NYSE:FDS) was 2.84%, and its shares lost 4.24% of their value over the last 52 weeks. FactSet Research Systems Inc. (NYSE:FDS) has a market capitalization of $16.186 billion.
Conestoga Mid Cap Strategy made the following comment about FactSet Research Systems Inc. (NYSE:FDS) in its second quarter 2023 investor letter:
“FactSet Research Systems Inc. (NYSE:FDS): FDS supplies mission critical global economic and financial data to analysts, investment bankers, and other financial professionals. Shares were pressured when FDS offered cautious guidance on its earnings report in June. New and existing customers are facing macroeconomic uncertainty, causing increased deal scrutiny and tighter budget allocation. While management believes the worst has passed, they are managing the business conservatively (preserving margins), in case the macro challenges persist for longer. We believe management is wise to deploy the ‘downturn playbook’ and will be better positioned when the macroeconomic environment improves.”
FactSet Research Systems Inc. (NYSE:FDS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held FactSet Research Systems Inc. (NYSE:FDS) at the end of first quarter which was 38 in the previous quarter.
We discussed FactSet Research Systems Inc. (NYSE:FDS) in another article and shared Baron Asset Fund’s 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.