Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -5.3% compared to a return of -2.8% for the Russell 2500 Index. Since inception, the fund returned 8.2% compared to 5.4% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Wedgewood Partners highlighted stocks like Saia, Inc. (NASDAQ:SAIA) in the Q3 2022 investor letter. Headquartered in Johns Creek, Georgia, Saia, Inc. (NASDAQ:SAIA) is a transportation company. On November 3, 2022, Saia, Inc. (NASDAQ:SAIA) stock closed at $195.00 per share. One-month return of Saia, Inc. (NASDAQ:SAIA) was -1.28% and its shares lost 43.13% of their value over the last 52 weeks. Saia, Inc. (NASDAQ:SAIA) has a market capitalization of $5.15 billion.
Wedgewood Partners made the following comment about Saia, Inc. (NASDAQ:SAIA) in its Q3 2022 investor letter:
“Saia, Inc. (NASDAQ:SAIA) was a top contributor to performance after posting +16% increase in revenue per shipment (excluding fuel surcharges) leading to +76% growth in operating income on a +5% improvement in its operating ratio. Saia is a best-in-class operator that should be able to drive a long-term operating ratio into the 70s. In addition, we expect Saia’s increased investments in capacity should allow the Company to post attractive growth throughout the economic cycle.”
FiledIMAGE/Shutterstock.com
Saia, Inc. (NASDAQ:SAIA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held Saia, Inc. (NASDAQ:SAIA) at the end of the second quarter, which was 27 in the previous quarter.
We discussed Saia, Inc. (NASDAQ:SAIA) in another article and shared Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Biggest Economies in the World in 2022
- 15 Countries That Consume The Most Alcohol
- Best Time To Buy Dividend Stocks
Disclosure: None. This article is originally published at Insider Monkey.