Investment management company Vulcan Value Partners recently released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The firm has five strategies, and all trailed their benchmark indexes in 2022. In the fourth quarter, the fund’s Large-Cap Composite returned 8.2% net of fees and expenses, the Small Cap Composite returned 11.2% net, Focus Composite returned 7.6% net, the Focus Plus composite returned 7.7%, and All Cap Composite returned 7.2% net. You can check the top 5 holdings of the fund to know its best picks in 2022.
Vulcan Value Partners highlighted stocks like Forward Air Corporation (NASDAQ:FWRD) in the fourth quarter 2022 investor letter. Headquartered in Greeneville, Tennessee, Forward Air Corporation (NASDAQ:FWRD) is an asset-light freight and logistics company. On February 9, 2023, Forward Air Corporation (NASDAQ:FWRD) stock closed at $97.81 per share. One-month return of Forward Air Corporation (NASDAQ:FWRD) was -4.82%, and its shares lost 3.16% of their value over the last 52 weeks. Forward Air Corporation (NASDAQ:FWRD) has a market capitalization of $2.601 billion.
Vulcan Value Partners made the following comment about Forward Air Corporation (NASDAQ:FWRD) in its Q4 2022 investor letter:
“Forward Air Corporation (NASDAQ:FWRD) is a less-than-truckload (LTL) carrier focusing on the niche expedited freight market. It has an asset-light business model. Forward Air’s network is built for speed and reliability as opposed to bulk LTL competitors whose networks are built for asset utilization. Forward Air offers a premium delivery service to customers with higher value freight to whom reliability and minimal transport damage are more important than the lowest cost delivery option. We believe the company can generate strong free cash flow and grow its free cash flow coupon at a mid-single digit rate. We have owned Forward Air before and are pleased to have the opportunity to do so again.”
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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, 19 hedge fund portfolios held Forward Air Corporation (NASDAQ:FWRD) at the end of the third quarter, which was 16 in the previous quarter.
We discussed Forward Air Corporation (NASDAQ:FWRD) in another article and shared the list of top logistics companies in USA. In addition, please check out our hedge fund investor letters Q4 2022 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.
