Wedgewood Partners, an investment management company, released its fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Wedgewood Composite’s net return was 11.4% compared to the Standard & Poor’s 11.7%, Russell 1000 Growth Index’s 14.2%, and Russell 1000 Value Index’s 9.5% return for the same period. Year-to-date, the fund returned 29.2% compared to 26.3%, 42.7%, and 11.5%, respectively for the indexes. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Wedgewood Partners featured stocks such as Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the fourth quarter 2023 investor letter. Headquartered in Thomasville, North Carolina, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload (LTL) motor carrier. On January 12, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $388.87 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was -1.06%, and its shares gained 23.31% of their value over the last 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $42.431 billion.
Wedgewood Partners stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its fourth quarter 2023 investor letter:
“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was a bottom contributor to performance during the fourth quarter. The Company reported slight declines in revenue as conditions normalized compared to the past two years of frenetic shipping activity. The Company’s continued pricing power in the face of these shorter-term, cyclical volume declines is a testament to the high-valued nature of the prompt two-day service they provide to their shipping customers. As the freight cycle returns to normal, especially after the industry’s digestion of a large, bankrupt competitor (Yellow Freight), the Company should be able to resume its long-term trajectory of operating leverage and volume share gains relative to other modes of shipping. We trimmed positions earlier in the year as the stock was getting ahead of itself in discounting the likely customer and market share benefits of Yellow’s liquidation; however we continue to hold a position in Old Dominion Freight Line given their nearly unrivaled, best-of-breed operations.”
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, 36 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of third quarter which was 25 in the previous quarter.
We discussed Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article and shared Bonhoeffer Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 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.