Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -14.1% compared to a return of -17.0% for the Russell 2500 Index. Since inception, the fund returned 10.3% compared to 4.9% for its benchmark index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
In the second quarter 2022 investor letter, Wedgewood Partners discussed stocks like Landstar System, Inc. (NASDAQ:LSTR). Headquartered in Jacksonville, Florida, Landstar System, Inc. (NASDAQ:LSTR) is a transportation management solutions provider. On September 28, 2022, Landstar System, Inc. (NASDAQ:LSTR) stock closed at $146.06 per share. One-month return of Landstar System, Inc. (NASDAQ:LSTR) was -0.39% and its shares lost 8.83% of their value over the last 52 weeks. Landstar System, Inc. (NASDAQ:LSTR) has a market capitalization of $ 5.321 billion.
Here is what Wedgewood Partners specifically said about Landstar System, Inc. (NASDAQ:LSTR) in its Q2 2022 investor letter:
“Landstar System, Inc. (NASDAQ:LSTR) reported +53% revenue growth during the quarter which drove over +60% growth in earnings per share. Despite the strong results over the past few quarters, the stock peaked back in November of 2021 as investors have begun trying to time the end of the economic cycle, using Landstar as a proxy for economic activity. We are less concerned about where we are in this particular macroeconomic cycle, not only because the market has already discounted a slowdown but also because the underinvestment in long-haul drivers has been a multi-decade phenomenon that will not likely be solved even if consumer demand normalizes over the next few quarters. We think Landstar should generate excess returns over time because it has been one of the few companies that has been steadily investing in drivers while there has not been a concomitant increase in competitive capacity.”
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Landstar System, Inc. (NASDAQ:LSTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Landstar System, Inc. (NASDAQ:LSTR) at the end of the second quarter which was 22 in the previous quarter.
We discussed Landstar System, Inc. (NASDAQ:LSTR) in another article and shared the list of companies that recently raised their dividends. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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