Candlestick Capital’s Top 5 Stock Holdings

4. FedEx Corporation (NYSE: FDX)

Air courier service FedEx Corporation (NYSE: FDX) is the fourth largest stock holding of Jack Woodruff’s portfolio. The firm has initiated a big position in the September quarter, accounting for 3.15% of the overall portfolio. Despite a strong performance in the first three quarters of 2020, FedEx underperformed in the final quarter of 2020 and extended the downside into the first month of 2021.

Cartenna Capital, which has posted a return of 5.6% for the third quarter, seeks to rebuild its position in FedEx Corporation as the opportunity arises. Here is what Cartenna stated in an investors letter:

“FedEx Corporation (“FDX”) was the Fund’s largest positive contributor to performance during Q3, and we remain very bullish on the entire parcel sector into Q4. When we initially purchased shares of FedEx, it represented an extremely attractive idiosyncratic opportunity embedded within our constructive transportation market outlook. For the past several years, we have generally held a negative bias on FedEx operations as they have routinely suffered from both macroeconomic headwinds (US-China trade war) and company specific issues that have been self-inflicted (i.e. lost Amazon as a customer, poor TNT acquisition/ransomware attack). However, as FedEx began their Fiscal Year 2021 in June, many of these headwinds were poised to reverse and become tailwinds. We have taken some profits recently but will look to build back our stake in FDX as opportunity arises.”