The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The US stocks’ performance was mixed in the second quarter measured by the Russell 3000 Index’s 3.2% return. The fund declined 1.9% (2.0% net) during the quarter compared to a 3.6% return for the Russell 1000 Index. For more information on the fund’s top picks in 2024, please check its top five holdings.
The London Company Large Cap Strategy 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 6.76%, and its shares lost 4.14% of their value over the last 52 weeks. On August 2, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $195.12 per share with a market capitalization of $42.397 billion.
The London Company Large Cap Strategy stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q2 2024 investor letter:
“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) – ODFL reported solid results in its latest quarter, but is still feeling the negative impact of the freight recession. ODLF continues to invest in the business by adding capacity, while focusing on superior service. We trimmed the position in the Large Cap portfolio in early 2Q24 due to valuation concerns. Trimmed the position following recent strength in shares. There is no change to our long-term thesis for the company.”
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) reported 1.5 billion in revenues in Q2 2024, up 6.1% from Q2 2023. 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 Wedgewood Partners’ views on the company. 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.
