Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Fund had a good year this time. The fund returned 7.99% in the fourth quarter, compared to S&P’s 11.69% return and Russell 1000 Value’s 9.50% return. The fund had 24.49% yearly returns compared to 26.29% and 11.46 % returns for the indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Fund featured stocks such as FedEx Corporation (NYSE:FDX) in the fourth quarter 2023 investor letter. Headquartered in Memphis, Tennessee, FedEx Corporation (NYSE:FDX) offers transportation, e-commerce, and business services. On January 23, 2024, FedEx Corporation (NYSE:FDX) stock closed at $250.85 per share. One-month return of FedEx Corporation (NYSE:FDX) was -0.04%, and its shares gained 33.57% of their value over the last 52 weeks. FedEx Corporation (NYSE:FDX) has a market capitalization of $62.686 billion.
Longleaf Partners Fund stated the following regarding FedEx Corporation (NYSE:FDX) in its fourth quarter 2023 investor letter:
“FedEx Corporation (NYSE:FDX) – Global logistics company FedEx was another top contributor for the year, driven by strong performance in the first half of the year. FedEx benefitted from strong pricing power in the face of rising inflation that improved earnings vs. low expectations. Effective cost control at the Ground business helped the company beat guidance in the first half, and margins increased even with weak overall revenues. In the last two weeks of the year, FedEx’s share price was punished after F2Q23 results disappointed, driven by revenue and earnings weakness at Express. The company revised revenue guidance down from flat for the fiscal year to down low single-digits. However, Ground and Freight both had strong quarters, and FedEx continued to buy back discounted shares. The Ground business comprises the majority of our appraisal value for FedEx, with Freight and Express comprising smaller but equal values. We added to our position in the fourth quarter after the price declined, and our appraisal remained steady.”
FedEx Corporation (NYSE:FDX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held FedEx Corporation (NYSE:FDX) at the end of third quarter which was 62 in the previous quarter.
We discussed FedEx Corporation (NYSE:FDX) in another article and shared the list of companies with the most employees in the US. 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.
