The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies performed better as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9% net) during the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset a benefit from sector allocation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy 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 November 7, 2023, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $396.36 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was -6.91%, and its shares gained 40.62% of their value over the last 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $43.309 billion.
The London Company Large Cap Strategy 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) – ODFL delivered significant positive performance during Q3 as a large LTL (less-than-truckload) competitor, Yellow Corp., began losing business ahead of a looming strike of its mostly unionized workforce. Yellow eventually filed for Chapter 11 bankruptcy, and ODFL made a bid for its terminal assets. The stock also responded positively as the lingering freight recession and inventory de-stocking showed some possible signs of coming to an end.”
A busy truckload depot, with trucks and goods packed up for their journeys.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of second quarter which was 37 in the previous quarter.
We discussed Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in another article and Wedgewood Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.
