Weitz Investment Management, an investment company, has released its second quarter 2024 investor letter on the “Partners III Opportunity Fund.” A copy of the letter can be downloaded here. In the second quarter, the fund’s Institutional Class returned -2.96% compared to a return of +3.22% for the Russell 3000 Index. Year-to-date, the fund returned +5.01% compared to a return of +13.56% for the index. Additionally, you can check out the fund’s top 5 holdings to find out its best picks for 2024.
Weitz Investment Management Partners III Opportunity Fund highlighted stocks like Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q2 2024 investor letter. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload transportation company that provides regional, inter-regional, and national less-than-truckload services, as well as express transportation. Old Dominion Freight Line, Inc. (NASDAQ:ODFL)’s one-month return was -1.36%, and its shares lost 0.71% of their value over the past three months. On August 21, 2024, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) stock closed at $202.90 per share with a market cap of $43.481 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following about Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its second quarter 2024 investor letter:
“We have a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL), one of the largest providers of less-than-truckload (LTL) transportation. ODFL has long been viewed by customers, employees/drivers and owners alike as the highest quality LTL operator, backed by its profit margins and strong balance sheet. Similar to IDEX, we do not attempt to predict the bottom of the recent decline in freight volumes in the industry. Instead, we point to ODFL’s long-standing track record of successfully investing in cycles to better position and grow its logistics network, resulting in better service to customers and growth in market share.”
A large fleet of trucks drives on a highway.
Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of the 31 most popular stocks among hedge funds. According to our database, 43 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the second quarter, compared to 38 in the previous quarter. In the second quarter, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) reported revenue of $1.5 billion, up 6.1% from the second quarter of 2023. While we recognize the potential of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) as an investment, we believe AI stocks promise higher returns and do so in a shorter period of time. If you are looking for an AI stock that is as promising as NVIDIA but trades at less than 5 times its earnings, read our report on the cheapest AI stock.
In another article, we talked about Old Dominion Freight Line, Inc. (NASDAQ:ODFL) and shared The London Company Large Cap Strategy’s views on the company. You can also find more investor letters from hedge funds and other leading investors on our Hedge Fund Q2 2024 Investor Letters page.
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Disclosure: None. This article was originally published at Insider Monkey.
