XPO Gained from Rival’s Bankruptcy Filing in Q3
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Growth Strategy” investor letter, a copy of which can be downloaded here. The strategy underperformed its benchmark Russell Midcap Growth Index in the quarter. Overall, the effects of stock selection impacted the performance on a relative basis. The strategy gained three of the 11 sectors it was invested during the quarter on an absolute basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Growth Strategy highlighted stocks like XPO, Inc. (NYSE:XPO) in the third quarter 2023 investor letter. Headquartered in Greenwich, Connecticut, XPO, Inc. (NYSE:XPO) offers freight transportation services. On December 13, 2023, XPO, Inc. (NYSE:XPO) stock closed at $85.30 per share. One-month return of XPO, Inc. (NYSE:XPO) was -0.44%, and its shares gained 125.48% of their value over the last 52 weeks. XPO, Inc. (NYSE:XPO) has a market capitalization of $9.892 billion.
ClearBridge Mid Cap Growth Strategy made the following comment about XPO, Inc. (NYSE:XPO) in its Q3 2023 investor letter:
"Our holdings in the industrials sector also contributed during the quarter. XPO, Inc. (NYSE:XPO), which provides freight transportation services internationally, rallied on the news that industry competitor Yellow had filed for bankruptcy, resulting in market share gains for XPO."
A fleet of freight trucks parked in sequence, showcasing the efficiency of the company's freight transportation.
XPO, Inc. (NYSE:XPO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held XPO, Inc. (NYSE:XPO) at the end of third quarter which was 35 in the previous quarter.
We discussed XPO, Inc. (NYSE:XPO) in another article and shared ClearBridge SMID Cap Growth Strategy's views on the company in the previous quarter. 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.
