Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned 6.60% in the first quarter, compared to S&P’s 10.56% return and Russell 1000 Value’s 8.99% return. Strong performance across the portfolio holdings delivered significant reruns in the quarter where value investing faced challenges compared to growth strategies. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Longleaf Partners Fund featured stocks like FedEx Corporation (NYSE:FDX) in the first quarter 2024 investor letter. Founded in 1971, FedEx Corporation (NYSE:FDX) offers transportation, e-commerce, and business services. On May 17, 2024, FedEx Corporation (NYSE:FDX) stock closed at $257.25 per share. One-month return of FedEx Corporation (NYSE:FDX) was -5.01%, and its shares gained 12.21% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $63.127 billion.
Longleaf Partners Fund stated the following regarding FedEx Corporation (NYSE:FDX) in its first quarter 2024 investor letter:
“FedEx Corporation (NYSE:FDX) – Global logistics company FedEx performed well for the period. The company beat consensus estimates in the quarter and showed material progress in its DRIVE cost reduction program that we have written about previously. FedEx also repurchased substantial stock in the quarter. Its 6% annualized repurchase pace is very strong compared to its history, and the company authorized another $5 billion share repurchase program. FedEx also lowered capital expenditures guidance for the fiscal year, further helping FCF generation. We believe the company is approximately halfway through its cost cutting program with more room to go that is still not appreciated by the market.”
A driver unloading packages from a van for a time-critical delivery.
FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held FedEx Corporation (NYSE:FDX) at the end of the fourth quarter which was 67 in the previous quarter.
In another article, we discussed FedEx Corporation (NYSE:FDX) and shared the list of best delivery stocks to buy according to hedge funds. FedEx Corporation (NYSE:FDX) was the top contributor of Longleaf Partners Fund in 2023. In addition, please check out our hedge fund investor letters Q1 2024 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.
