Investment management company Vulcan Value Partners recently released its third quarter 2023 investor letter. A copy of the same can be downloaded here. The firm has five strategies, all delivering negative returns in the third quarter. The fund’s Large Cap Composite returned -4.2% net of fees and expenses, the Small Cap Composite returned -5.7% net, the Focus Composite returned -1.9% net, the Focus Plus composite returned -2.0%, and the All-Cap Composite returned -4.9% net. You can check the top 5 holdings of the fund to know its best picks in 2023.
Vulcan Value Partners highlighted stocks like Forward Air Corporation (NASDAQ:FWRD) in the third quarter 2023 investor letter. Headquartered in Greeneville, Tennessee, Forward Air Corporation (NASDAQ:FWRD) is an asset-light freight and logistics company. On October 13, 2023, Forward Air Corporation (NASDAQ:FWRD) stock closed at $72.03 per share. One-month return of Forward Air Corporation (NASDAQ:FWRD) was 3.98% and its shares lost 26.93% of their value over the last 52 weeks. Forward Air Corporation (NASDAQ:FWRD) has a market capitalization of $1.85 billion.
Vulcan Value Partners made the following comment about Forward Air Corporation (NASDAQ:FWRD) in its Q3 2023 investor letter:
“During the quarter we sold Forward Air Corporation (NASDAQ:FWRD). The company announced its decision to acquire Omni Logistics for an enterprise value of $3.2 billion. The transaction will significantly increase leverage at the pro forma company and will materially dilute existing shareholders. We also think that the transaction has questionable strategic rationale and significant execution risk. In sum, the transaction not only reduced our estimate of intrinsic value per share, but made that estimate unstable, leading to our decision to exit the position.”
A large fleet of freight trucks travelling down an interstate highway. Editorial photo for a financial news article. 8k. –ar 16:9
Forward Air Corporation (NASDAQ:FWRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Forward Air Corporation (NASDAQ:FWRD) at the end of the second quarter, down from 16 in the previous quarter.
We discussed Forward Air Corporation (NASDAQ:FWRD) in another article and shared ClearBridge Small Cap Growth Strategy’s 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.
