Fedex Corp (FDX) Surged on Strong Fiscal Year Results

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The fund returned -6.31% in the second quarter, compared to S&P’s 4.28% return and Russell 1000 Value’s -2.17% return. There weren’t enough big winners in the portfolio, and the relative performance was disappointing because there were more 10%+ decliners. Conversely, the stock price declines were overreactions,...