Conestoga Mid Cap Composite Exited Cognex Corp. (CGNX)
Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 11.00% net of fees in the fourth quarter, compared to a 14.55% return for the Russell Midcap Growth Index. Negative impacts from stock selection were outweighed by positive sector allocation effects. The Mid Cap Composite climbed 22.83% for the year vs. the benchmark’s rise of 25.87%. Four sectors accounted for the majority of the relative performance; the largest laggards were the industrial and technology sectors, while health care and energy were additive to returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Capital Advisors Mid Cap Strategy featured stocks such as Cognex Corporation (NASDAQ:CGNX) in the Q4 2023 investor letter. Headquartered in Natick, Massachusetts, Cognex Corporation (NASDAQ:CGNX) provides machine vision products. On February 21, 2024, Cognex Corporation (NASDAQ:CGNX) stock closed at $39.60 per share. One-month return of Cognex Corporation (NASDAQ:CGNX) was 4.68%, and its shares lost 15.46% of their value over the last 52 weeks. Cognex Corporation (NASDAQ:CGNX) has a market capitalization of $6.797 billion.
Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Cognex Corporation (NASDAQ:CGNX) in its fourth quarter 2023 investor letter:
"Cognex Corporation (NASDAQ:CGNX): CGNX is a leading provider of machine vision solutions used in factories and warehouses to measure, inspect, and identify items to ensure accuracy. Revenue is largely dependent on customers’ capital spending, which remains challenged across most of its end markets, namely consumer electronics and logistics. One of our smaller portfolio holdings, we exited our position during the quarter to redeploy proceeds into several existing portfolio holdings. We continue to hold Cognex (CGNX) shares in our SMid Cap portfolio."
An automated machine assembling a product, representing the efficiency of the manufacturing process.
Cognex Corporation (NASDAQ:CGNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Cognex Corporation (NASDAQ:CGNX) was held by 39 hedge fund portfolios, up from 25 in the previous quarter, according to our database.
We discussed Cognex Corporation (NASDAQ:CGNX) in another article and shared Wasatch Global Investors' views on the company in the previous quarter. 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.
