Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Small Cap Composite rose 4.93% net-of-fees in the second quarter, compared to the Russell 2000 Growth Index’s 7.05% return. The key source of underperformance was poor stock selection, with allocation effects providing little benefit. The underperformance was mostly concentrated in the Industrials sector with minor declines in the Technology and Basic Materials sectors. Gains in the Consumer Discretionary and Utilities sectors partially offset these losses. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Conestoga Small Cap Strategy highlighted stocks like BlackLine, Inc. (NASDAQ:BL) in the second quarter 2023 investor letter. Headquartered in Woodland Hills, California, BlackLine, Inc. (NASDAQ:BL) provides accounting and financial software to automate and streamline operations. On August 9, 2023, BlackLine, Inc. (NASDAQ:BL) stock closed at $48.93 per share. One-month return of BlackLine, Inc. (NASDAQ:BL) was -13.86%, and its shares lost 27.96% of their value over the last 52 weeks. BlackLine, Inc. (NASDAQ:BL) has a market capitalization of $2.96 billion.
Conestoga Small Cap Strategy made the following comment about BlackLine, Inc. (NASDAQ:BL) in its second quarter 2023 investor letter:
“BlackLine, Inc. (NASDAQ:BL): BL is a leading provider of cloud software that automates and controls critical accounting processes. While BL delivered first quarter results ahead of expectations, questions have lingered since the CEO transition was announced in early March. Founder Therese Tucker has come back as co-CEO with Owen Ryan, another Board member. On paper, they bring a nice combination of founder, product, and people (Therese) with strategy, partnerships, and operations (Owen). However, time is necessary to see if their strategy can reinvigorate growth and drive net customer retention higher.”
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BlackLine, Inc. (NASDAQ:BL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held BlackLine, Inc. (NASDAQ:BL) at the end of first quarter which was 23 in the previous quarter.
We discussed BlackLine, Inc. (NASDAQ:BL) in another article and shared the list of biggest payroll companies in the US. 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.
