Here’s What Caused a Sharp Drawdown in Forward Air Corporation (FWRD) Stock

ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the benchmark Russell 2000 Growth Index in the third quarter with particular weakness in several healthcare holdings. The strategy generated gains across three of the nine sectors in which it was invested during the quarter, on an absolute basis. Overall stock selection detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Small Cap Growth Strategy highlighted stocks like Forward Air Corporation (NASDAQ:FWRD) in the third quarter 2023 investor letter. Headquartered in Greeneville, Tennessee, Forward Air Corporation (NASDAQ:FWRD) is an asset-light freight and logistics company. On October 6, 2023, Forward Air Corporation (NASDAQ:FWRD) stock closed at $71.40 per share. One-month return of Forward Air Corporation (NASDAQ:FWRD) was 2.38% and its shares lost 25.57% of their value over the last 52 weeks. Forward Air Corporation (NASDAQ:FWRD) has a market capitalization of $1.834 billion.

ClearBridge Small Cap Growth Strategy made the following comment about Forward Air Corporation (NASDAQ:FWRD) in its Q3 2023 investor letter:

“Another significant detractor was freight company Forward Air Corporation (NASDAQ:FWRD), whose decision to propose a complex and financially leveraged transaction led to a sharp drawdown in the stock. We have since trimmed the position.”

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Forward Air Corporation (NASDAQ:FWRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Forward Air Corporation (NASDAQ:FWRD) at the end of the second quarter, down from 16 in the previous quarter.

We discussed Forward Air Corporation (NASDAQ:FWRD) in another article and shared the list of biggest logistics companies in the US. In addition, please check out our hedge fund investor letters Q3 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.