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Here’s Why Conestoga Mid Cap Composite Sold Vail Resorts (MTN)

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 Vail Resorts, Inc. (NYSE:MTN) in the Q4 2023 investor letter. Headquartered in Broomfield, Colorado, Vail Resorts, Inc. (NYSE:MTN) is a mountain resorts and ski areas operator. On February 21, 2024, Vail Resorts, Inc. (NYSE:MTN) stock closed at $230.26 per share. One-month return of Vail Resorts, Inc. (NYSE:MTN) was 1.92%, and its shares lost 3.69% of their value over the last 52 weeks. Vail Resorts, Inc. (NYSE:MTN) has a market capitalization of $8.743 billion.

Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Vail Resorts, Inc. (NYSE:MTN) in its fourth quarter 2023 investor letter:

"Vail Resorts, Inc. (NYSE:MTN): MTN is the leading ski mountain resort operator in the world. The company’s organic earnings growth profile has slowed over the last several years after a one-time 20% reduction in pass prices during the pandemic, followed by significant wage increases to address labor shortages. While we anticipate a modest acceleration in the coming years, we sold shares to zero to add to higher conviction existing portfolio holdings with better visibility into earnings growth. We continue to hold MTN in our SMid Cap portfolio."

An aerial view of a mountain resort, its snow-capped peaks and lush ski slopes revealed in all their glory.

Vail Resorts, Inc. (NYSE:MTN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Vail Resorts, Inc. (NYSE:MTN) was held by 38 hedge fund portfolios, up from 21 in the previous quarter, according to our database.

We discussed Vail Resorts, Inc. (NYSE:MTN) in another article and shared Baron Asset Fund's views on the company. 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.

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