Wasatch Global Investors, an investment management firm, released its “Wasatch U.S. Select Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Concerns about the impact of rising interest rates and the possibility of a recession caused stocks to decline in the third quarter. In this context, the fund’s Investor Class slipped -4.81% and underperformed its benchmark, the Russell 3000 Growth Index, which fell -3.34%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch U.S. Select Fund highlighted stocks like Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the third 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 December 26, 2023, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $416.00 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was 8.36%, and its shares gained 47.39% of their value over the last 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $45.391 billion.
Wasatch U.S. Select Fund made the following comment about Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q3 2023 investor letter:
“Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was another top contributor. The company creates efficiencies by combining goods from multiple shippers that alone would fill “less than a full truckload.” News that a competing trucking company was shutting down operations and filing for bankruptcy was a catalyst for the stock as investors foresaw possible increased demand for Old Dominion’s services. Over the long term, we think Old Dominion’s logistics capabilities will continue to be in high demand.”
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 the list of largest delivery companies in the US. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 25 Best Online Economics Degree Programs Heading Into 2024
- 25 Cities With The Hottest Guys In The World
- 15 Best Long Term Care Insurance Companies Heading into 2024
Disclosure: None. This article is originally published at Insider Monkey.
