Janus Henderson Investors, an investment management company, released its “Janus Henderson Enterprise Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -2.84% in the second quarter, compared to the Russell Midcap Growth Index’s -3.21% return. The firm is committed to a disciplined, risk-aware investment approach that considers fundamentals and relative valuations. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Janus Henderson Enterprise Fund highlighted stocks like J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), in the second quarter 2024 investor letter. J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) offers surface transportation, delivery, and logistic services in the United States. The one-month return of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) was -0.49%, and its shares lost 8.04% of their value over the last 52 weeks. On September 27, 2024, J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) stock closed at $172.35 per share with a market capitalization of $17.577 billion.
Janus Henderson Enterprise Fund stated the following regarding J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) in its Q2 2024 investor letter:
“J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), another relative detractor, provides trucking services, as well as intermodal transport solutions, that support the movement of containers between ships, rails, and trucks. We have long liked the intermodal business because of its high barriers to entry and the cost advantages it offers relative to long haul trucking. However, the broad freight industry has been in a slump for several years, and an anticipated first-quarter recovery now looks like it will be pushed into the second half of 2024. As a result, J.B. Hunt reported weaker-than-expected revenue growth, leading to a sell-off in the stock. On a positive note, we were reassured to see the company remain disciplined in maintaining prices and managing capacity, which has supported its gross margins. We used the share price decline to add to our position.”
A truck on a highway, its exhausts billowing in the air.
J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) at the end of the second quarter which was 34 in the previous quarter. During the second quarter, J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) experienced a 7% decline in revenue, a 24% decrease in operating income, and a 27% drop in diluted earnings per share compared to the last year. While we acknowledge the potential of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) 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 J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) and shared Parnassus Mid Cap Fund’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.