Weitz Investment Management, an investment management firm, released its “Partners III Opportunity Fund” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund’s Institutional Class returned +1.21% in the fourth quarter bringing the yearly returns to +16.25 compared to +2.63% and +23.8 returns for the Russell 3000 for both the periods. The firm started 2024 with modest expectations, but the year saw a double-digit gain for the Fund. The benchmark outperformed, fueled by strong investor interest in Artificial Intelligence and gains from mega-cap tech companies. In addition, you can check the fund’s top 5 holdings to find out its best picks for 2024.
In its fourth quarter 2024 investor letter, Weitz Partners III Opportunity Fund emphasized stocks such as Old Dominion Freight Line, Inc. (NASDAQ:ODFL). 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 -5.84%, and its shares gained 21.32% of their value over the last 52 weeks. On February 27, 2025, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $174.77 per share with a market capitalization of $37.15 billion.
Weitz Partners III Opportunity Fund stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q4 2024 investor letter:
“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was another portfolio exit during the quarter. We began building an initial position in ODFL during the second quarter of this year, but early stock price appreciation short-stopped the position building process. As a result, this quarter we elected to realize gains on our small position.”
A large fleet of freight trucks travelling down an interstate highway.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the fourth quarter compared to 38 in the third quarter. Old Dominion Freight Line, Inc.’s (NASDAQ:ODFL) revenue totaled $1.39 billion in the fourth quarter of 2024, a 7.3% decrease from the prior year quarter. 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 list of transportation stocks that are skyrocketing so far in 2025. In addition, please check out our hedge fund investor letters Q4 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.