Wedgewood Partners, an investment management company, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, Wedgewood Composite’s net return was 3.7% compared to the Standard & Poor’s 4.3%, the Russell 1000 Growth Index’s 8.3%, and the Russell 1000 Value Index’s -2.2% return for the same period. Year to date the composite returned 15.7% compared to the 15.3%, 20.7%, and 6.6% returns for the indexes, respectively. In addition, you can check the fund’s top 5 holdings to know its best picks in 2024.
Wedgewood Partners highlighted stocks like Old Dominion Freight Line, Inc. (NASDAQ:ODFL), in the second quarter 2024 investor letter. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload motor carrier that provides regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. The one-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was 17.62%, and its shares gained 3.16% of their value over the last 52 weeks. On July 16, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $203.84 per share with a market capitalization of $44.291 billion.
Wedgewood Partners stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q2 2024 investor letter:
“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) detracted from performance during the quarter. The Company reported a tempered seasonal rebound early in the quarter, consistent with the weaker overall macroeconomic trends seen in the U.S. industrial economy. Despite continued weakness in the industrial economic environment, the Company continues to take pricing, which is a key testament to the high-valued nature of the prompt service they provide to their shipping customers. When the freight cycle gets back to normal, especially after the industry’s digestion of a large, bankrupt competitor, plus a growing list of smaller, debt-ridden trucking companies, Old Dominion should be able to resume its long-term trajectory of operating leverage and volume share gains relative to other modes of shipping.”
A large fleet of freight trucks travelling down an interstate highway.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the first quarter which was 43 in the previous quarter. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) saw an improvement in its financial performance in the first quarter of 2024, despite the ongoing softness in the domestic economy. While we acknowledge the potential of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Old Dominion Freight Line, Inc. (NASDAQ:ODFL) and shared ClearBridge Multi Cap Growth Strategy’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 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.