Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite returned -6.72% net-of-fees in the third quarter, compared to the Russell 2000 Growth Index’s -7.32% return. The strategy’s outperformance was driven by positive stock selection effects, while sector allocation effects were modestly negative. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Composite highlighted stocks like Construction Partners, Inc. (NASDAQ:ROAD) in the third quarter 2023 investor letter. Headquartered in Dothan, Alabama, Construction Partners, Inc. (NASDAQ:ROAD) is a civil infrastructure company that engages in the construction and maintenance of roadways. On November 14, 2023, Construction Partners, Inc. (NASDAQ:ROAD) stock closed at $42.80 per share. One-month return of Construction Partners, Inc. (NASDAQ:ROAD) was 10.42%, and its shares gained 36.61% of their value over the last 52 weeks. Construction Partners, Inc. (NASDAQ:ROAD) has a market capitalization of $2.257 billion.
Conestoga Small Cap Composite made the following comment about Construction Partners, Inc. (NASDAQ:ROAD) in its Q3 2023 investor letter:
“Construction Partners, Inc. (NASDAQ:ROAD): Shares of ROAD, a roadway infrastructure company focused in the Southeast U.S., appreciated on the back of robust second quarter earnings. Despite difficult weather conditions in its markets, ROAD was able to beat earnings estimates by 17% as they benefitted from the conversion of post-inflationary backlog. Demand remains robust as the 2021 Federal infrastructure bill has only begun to increase project requests for proposals, helping total backlog hit a new record for the company.”
A worker wearing a safety vest supervising a team of bulldozers leveling the ground for a road construction project.
Construction Partners, Inc. (NASDAQ:ROAD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 8 hedge fund portfolios held Construction Partners, Inc. (NASDAQ:ROAD) at the end of second quarter which was 5 in the previous quarter.
We discussed Construction Partners, Inc. (NASDAQ:ROAD) in another article and shared Conestoga Capital Advisors’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.