Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a +3.22% return for the Russell 3000 Index. Year-to-date the fund returned +5.01% compared to +13.56% return for the index. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund 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 -1.36%, and its shares lost 0.71% of their value over the last three months. On August 21, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $202.90 per share with a market capitalization of $43.481 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q2 2024 investor letter:
“We purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL), one of the largest providers of “less than truckload” (LTL) trucking services. ODFL has long been regarded as the highest-quality LTL operator by customers, employees/drivers, and owners alike, with the profit margins and balance sheet strength to prove it. Similar to IDEX, we are not attempting to “call the bottom” of the recent downturn in industry freight volumes. Instead, we note ODFL’s long track record of successful investing through cycles to better position and grow their logistics network, resulting in better service for customers and market share growth.”
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, 43 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the second quarter which was 38 in the previous quarter. In the second quarter, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reported 1.5 billion in revenues, 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 The London Company Large Cap Strategy’s 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.
