What Makes Saia (SAIA) a Prospective Investment?
Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector’s underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Artisan Small Cap Fund highlighted stocks like Saia, Inc. (NASDAQ:SAIA) in the third quarter 2023 investor letter. Headquartered in Johns Creek, Georgia, Saia, Inc. (NASDAQ:SAIA) is a transportation company. On December 1, 2023, Saia, Inc. (NASDAQ:SAIA) stock closed at $416.67 per share. One-month return of Saia, Inc. (NASDAQ:SAIA) was 8.77%, and its shares gained 81.89% of their value over the last 52 weeks. Saia, Inc. (NASDAQ:SAIA) has a market capitalization of $11.062 billion.
Artisan Small Cap Fund made the following comment about Saia, Inc. (NASDAQ:SAIA) in its Q3 2023 investor letter:
"Notable adds in the quarter included Saia, Inc. (NASDAQ:SAIA), Procore Technologies and SPX Technologies. Saia operates in less-than-truckload shipping, a structurally attractive area of transportation that features several solid franchises supported by real estate assets and network advantages. Saia has been opening new terminals across the country, raising its terminal count by 46 since 2017 to a total of 192 in 2023. With its Northeast expansion largely complete, Saia is entering a new growth phase that should unlock additional operating leverage. Thanks to a strengthened delivery network that enables higher quality service levels to customers, we believe Saia can simultaneously grow at a healthy pace and realize higher prices. We initiated a Garden position in late 2022 as cyclical industry volume pressures created an attractive entry point, and we were prepared to wait for industry volumes to reaccelerate. However, Yellow Corp, a competitor with 9% market share, filed for bankruptcy in August. With the bankruptcy likely to help accelerate Saia’s volume growth and enable higher industry pricing, we added to the position."
A truckload carrier negotiating a challenging terrain, reflecting the company's expertise in short-to-medium haul truckload.
Saia, Inc. (NASDAQ:SAIA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Saia, Inc. (NASDAQ:SAIA) at the end of third quarter which was 28 in the previous quarter.
We discussed Saia, Inc. (NASDAQ:SAIA) in another article and shared the list of largest delivery companies in the US. 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.
