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Here’s Why Conestoga Small Cap Composite Trimmed Fox Factory Holding Corp. (FOXF)

Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 12.26% net of fees in the first quarter, compared to the Russell 2000 Growth Index’s 6.07% return. In addition to positive stock selection, rebound by many of the higher-growth stocks, which detracted in 2022, and an underweight exposure to the weakest performing sectors of the Index benefitted the strategy in Q1. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Small Cap Strategy highlighted stocks like Fox Factory Holding Corp. (NASDAQ:FOXF) in the first quarter 2023 investor letter. Headquartered in Duluth, Georgia, Fox Factory Holding Corp. (NASDAQ:FOXF) is a ride dynamics products manufacturer. On May 23, 2023, Fox Factory Holding Corp. (NASDAQ:FOXF) stock closed at $95.49 per share. One-month return of Fox Factory Holding Corp. (NASDAQ:FOXF) was -12.39%, and its shares gained 23.60% of their value over the last 52 weeks. Fox Factory Holding Corp. (NASDAQ:FOXF) has a market capitalization of $4.04 billion.

Conestoga Small Cap Strategy made the following comment about Fox Factory Holding Corp. (NASDAQ:FOXF) in its Q1 2023 investor letter:

"Fox Factory Holding Corp. (NASDAQ:FOXF): FOXF designs, manufactures, and markets premium suspension products for the mountain bike and power sports markets. FOXF experienced strong new design wins in its Power Vehicle segment and continued strength in its aftermarket business that lifted the stock in the quarter. While pleased with the results, we have trimmed our position given our concerns about demand in FOXF’s bike segment (45% of revenue) and excess inventory in the supply chain."

Fox, bike
Fox, bike


Fox Factory Holding Corp. (NASDAQ:FOXF) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 16 hedge fund portfolios held Fox Factory Holding Corp. (NASDAQ:FOXF) at the end of first quarter 2023 which was 16 in the previous quarter.

We discussed Fox Factory Holding Corp. (NASDAQ:FOXF) in another article and shared Wasatch Small Cap Growth Strategy's views on the company. In addition, please check out our hedge fund investor letters Q1 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.