Would Landstar System Benefit from Manufacturing and Industrial Recoveries?
Wedgewood Partners, an investment management company, released its “Focused SMID Cap Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund returned 2.5% compared to a 3.4% return for the Russell 2500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wedgewood SMID Cap Strategy highlighted stocks like Landstar System, Inc. (NASDAQ:LSTR) in the first quarter 2023 investor letter. Headquartered in Jacksonville, Florida, Landstar System, Inc. (NASDAQ:LSTR) is an integrated transportation management solutions provider. On June 7, 2023, Landstar System, Inc. (NASDAQ:LSTR) stock closed at $187.96 per share. One-month return of Landstar System, Inc. (NASDAQ:LSTR) was 6.13%, and its shares gained 27.61% of their value over the last 52 weeks. Landstar System, Inc. (NASDAQ:LSTR) has a market capitalization of $6.754 billion.
Wedgewood SMID Cap Strategy made the following comment about Landstar System, Inc. (NASDAQ:LSTR) in its Q1 2023 investor letter:
"As we continue to familiarize our clients with our SMID portfolio’s holdings, we would like to discuss our significant exposure to the U.S. Transportation industry. We currently have three transportation holdings and have been substantially overweight the industry in comparison to the Russell 2500 index for several years. While these undoubtedly are cyclical business models, we see many long-term tailwinds for the domestic Transportation industry, which will provide attractive growth levels and will allow these companies to improve their returns on investment over time.
Landstar System, Inc. (NASDAQ:LSTR) primarily is a provider of truckload (or TL) transportation services. Truckload transportation consists of moving one load by truck from source to destination. Landstar differs from our other two holdings in being a brokerage model, essentially, with the company owning only limited transportation assets and outsourcing all shipments to third-party providers…” (Click here to read the full text)
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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, 20 hedge fund portfolios held Landstar System, Inc. (NASDAQ:LSTR) at the end of first quarter 2023 which was 22 in the previous quarter.
We discussed Landstar System, Inc. (NASDAQ:LSTR) in another article and shared Liberty Park Capital’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
