FDX

FDX

FDX

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 22, 2025	Longleaf Partners Fund	5.3%	-0.1%	DINO, FDX, KHC, MGM, REGN	dislocation, fundamentals, Margin Of Safety, Speculation, valuation	The letter emphasizes broad market mispricing driven by speculation, indexing, and short-term earnings obsession. Management argues that quality businesses are trading at steep discounts to intrinsic value. Elevated cash levels reflect discipline amid limited margin of safety in broader markets.		View
2025 Q2	Jul 22, 2025	Longleaf Partners Global Fund	10.5%	8.1%	CAN LN, FDX, GLB ID, KHC, LG FP, REGN	diversification, fundamentals, global value, Margin Of Safety, valuation	The letter focuses on global value opportunities created by uneven earnings expectations and investor behavior. Management highlights a portfolio trading at a deep discount to value despite solid fundamentals. International diversification is positioned as a source of both value and risk mitigation.	CAN LN	View
2024 Q1	May 7, 2024	Longleaf Partners Global Fund	14.8%	18.4%	CNX, FDX, FIS, WBD	-			View
2024 Q1	May 7, 2024	Longleaf Partners Fund	10.4%	10.3%	CNX, FDX, FIS, LBRDA, WBD	-			View
2025 Q1	Apr 15, 2024	The London Company Large Cap	2.3%	2.3%	BLK, BRK/B, BRKR, ENTG, FDX, GOOG, HD, ODFL, PGR, RSG	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners Fund	-5.1%	-5.1%	ACI, BIO, CNX, FDX, IAC, MAT, PVH, PYPL, RTX	-			View
2025 Q1	Apr 12, 2025	Longleaf Partners Global Fund	-2.2%	-2.2%	ACI, BOL, CNX, FDX, GMKKY, IAC, TIGO	-			View
2025 Q4	Feb 11, 2026	Tweedy, Browne Value Fund	4.8%	21.6%	005930.KS, BRK-A, CNHI, CVS.L, DHLG.DE, ENVB, FDX, GOOGL, HEIA.AS, IONS, JNJ, NESN.SW, NVST.SW, PRU.L, RMS.PA, ROG.SW, SAF.PA, TTE, U11.SI, WFC	defense, global, healthcare, industrials, international, Pharmaceuticals, technology, value	Health care holdings including pharmaceutical and biotechnology companies added meaningfully to returns. Holdings such as Roche, Novartis, and Ionis Pharmaceuticals benefited from new drug approvals, steady and growing earnings, and business models that continue to generate cash through a wide range of economic conditions. The fund continues to focus on financially sound enterprises purchased at attractive valuations where company stock prices are more than collateralized by underlying intrinsic value. The gap in valuation between US and non-US equities remains quite significant and should serve the fund well going forward. Defense-related holdings such as BAE Systems and Rheinmetall had been standout performers for much of the year but fell back in the 4th Quarter. While these businesses currently benefit from secular growth in defense spending around the world, share prices have moved ahead of underlying fundamentals.		View
2023 Q4	Dec 31, 2023	Carillon Eagle Growth & Income Fund	-	-	AVGO, AZN, BLK, CVX, FDX, GPC, MSFT, NOC, PNC	-			View
2025 Q3	Oct 24, 2025	Diamond Hill Large Cap Strategy	-0.1%	4.2%	AIG, CAT, EQH, FDX, KMX, LHX, MLM, TMO, ZTS	AI, consumer, defense, Large Caps, value	The portfolio lags its benchmark due to weakness in IT and consumer discretionary holdings but emphasizes long-term value discipline. Managers added exposure to high-quality names like FedEx and Thermo Fisher, while cautioning against AI-driven overvaluation in mega-caps. They see opportunities in defense, logistics, and healthcare leaders trading below intrinsic value.	ZTS FDX	View
2024 Q3	Oct 2, 2024	The London Company Large Cap	8.1%	14.6%	BLK, CB, CSCO, FDX, FI, GOOG, ORLY, PGR, SCHW, TEL	-			View
2024 Q3	Oct 16, 2024	Longleaf Partners Fund	10.4%	10.3%	CNX, FDX, K, MGM, PYPL	-			View
2024 Q3	Oct 16, 2024	Longleaf Partners Global Fund	14.8%	18.4%	CNX, DHER GR, ERF FP, FDX, K, MGM, PROSY	-			View
2025 Q3	Oct 15, 2025	Ariel Global Fund	5.0%	-	009150 KS, 3436 JP, 425 HK, 6460 JP, 6981 JP, BTA LN, FDX, FME GR, FSLR, HUM, INFA, INTC, MTB, PUB FP, ROG SW, SYNSY	Artificial Intelligence, diversification, Edge computing, Global Equities, Value Investing	Ariel Global Fund benefited from strong stock selection in solar, semiconductors, and healthcare, and expanded into companies exposed to AI and Edge computing. The team stresses diversification beyond the U.S. amid high valuations and sees global rebalancing as a key tailwind. It focuses on undervalued franchises positioned for cyclical recovery and secular technology adoption.		View
2025 Q3	Oct 15, 2025	Longleaf Partners Fund	-0.3%	-0.4%	ACI, BIO, CNX, EXO NA, FDX, FIS, IAC, KHC, MAT, PCH, PVH, REGN, RYN	Capital Allocation, free cash flow, Market cycles, Quality Companies, Value Investing	Longleaf reiterates its focus on long-term value and high free cash flow per share growth amid market froth driven by AI hype and mega-cap valuations. The fund holds concentrated positions in cash-generative firms like CNX, Kraft Heinz, and FedEx, emphasizing operational discipline and capital allocation. Management expects re-rating potential as fundamentals outweigh speculation.	BIO REGN PCH RYN ACI FDX MGM IAC KHC MAT CNX	View
2025 Q4	Jan 29, 2026	Hotchkis & Wiley Large Cap Fundamental Value	4.5%	17.1%	AIG, APA, C, CMCSA, CRM, CRWD, CVS, ERIC, FDX, FFIV, FISV, GM, NFLX, PLTR, UNH, WBD, WDAY, WPP	banks, energy, financials, healthcare, large cap, software, valuation, value	The portfolio trades at 13x forward earnings and less than 10x normal earnings, both in line with historical averages. The manager emphasizes attractive valuations outside the Magnificent 7, with the S&P 500 excluding these stocks trading at 18x forward P/E versus a 35-year average of 17.4x. The fund focuses on undervalued quality businesses with strong fundamentals. Software is the portfolio's largest industry exposure on both absolute and relative basis. The manager views prospects of select software companies as highly compelling, citing sticky customer bases, recurring revenues, and predictable businesses. Major purchases included Workday and Salesforce, which trade at discounts to their own history despite being higher quality businesses. The portfolio's banks returned 13% compared to 6% for the index in Q4, with an average weight of 12% that returned nearly 40% for the year. The manager took capital out of the group as valuations increased. Banks were the top contributing industry to relative performance both quarterly and annually. The portfolio remains overweight in healthcare, noting the sector's return is about half that of the rest of the market over the past decade. Healthcare's P/E ratio is less than 80% of the broad market's P/E, trading at a deeper discount only 8% of the time since 1990. The manager views this as an attractive opportunity given the quality of businesses and growth prospects. Energy exposure spans both exploration & production companies as well as oilfield services. While these businesses are not as structurally attractive as software or healthcare, energy remains among the most attractively valued areas of the portfolio. The group trades at less than 7x normal earnings and offers an expected free cash flow yield of 11%.		View
2025 Q4	Jan 21, 2026	The London Company Large Cap	0.2%	8.3%	BLK, CB, FDX, FI, GOOG, NEU, NSC, RSG	dividends, financials, healthcare, large cap, Quality, technology, value	The manager emphasizes investing in profitable, financially stable, quality large-cap companies with high returns on unleveraged operating capital, strong cash generation, and conservative leverage. Quality factors were headwinds during Q4 as volatility factors outperformed, but the manager believes the environment is becoming more conducive to fundamentals where earnings growth, dividends, and balance-sheet strength matter more than valuation multiple expansion. Value outperformed Growth across the market cap spectrum during Q4, with value factors being the primary driver of returns, led by stocks trading at lower prices relative to sales and book value. The manager sees growing value in true active share and diversified exposure to high-quality businesses in a market defined by elevated valuations and concentration risk. The manager focuses on companies with strong capital allocation and dividend-paying capabilities. Several portfolio holdings like Chubb and BlackRock are highlighted for their steady capital returns and aggressive buyback programs, reinforcing the emphasis on shareholder-oriented management and consistent dividend policies.	RSG NSC BLK NEU FI CB FDX GOOG	View
2025 Q4	Jan 18, 2026	Dodge & Cox Stock Fund	2.5%	13.7%	AON, AVTR, BAC, BK, BN, CHTR, CMCSA, CVS, FDX, FI, GILD, GOOGL, GSK, JCI, MET, MSFT, OXY, REGN, RTX, SCHW, TSM, WFC, WTW	contrarian, financials, industrials, technology, valuation, value	The fund maintains its value-oriented investment approach despite a fully valued U.S. equity market. The portfolio trades at an attractive valuation of 14.6 times forward earnings, representing a significant discount to the S&P 500 at 22.9 times. The fund continues to find opportunities where long-term fundamentals are not fully reflected in current prices. The fund reduced its overall weighting in the Financials sector while shifting exposure across industries. They trimmed more cyclical bank holdings like Wells Fargo and Bank of America, while increasing exposure to insurance brokers and alternative asset managers. Despite headwinds, they added to Fiserv as its valuation compressed significantly.	FISV	View
2025 Q4	Jan 18, 2026	The Davenport Value & Income Fund	1.5%	13.7%	ACN, ADBE, ARE, C, CTAS, EOG, FDX, GOOG, HPQ, ISRG, META, MMC, MRVL, MSFT, NOW, NVDA, ORCL, SPOT, UBER, UNP, VRTX	AI, Buybacks, dividends, large cap, technology, value	Technology and AI-related stocks led the charge again in 2025, with tech and communications services sectors advancing 23.83% and 32.47% respectively. AI darling Nvidia was up 38.87% after a 171.17% gain the prior year. A gold rush mindset developed across the AI ecosystem with fervor spreading to speculative corners of the market. In 2025, 36 of the Value & Income Fund's 42 holdings increased their dividends by an average of 7% year-over-year. Companies like McDonald's, Exxon Mobil, Fidelity National Financial, and Becton-Dickinson continued their annual streak of dividend enhancements at 49, 43, 10, and 54 years respectively. In 2025, 30 of the Value & Income Fund's holdings reduced their share count via buybacks by 1.2% on average. Companies are taking advantage of discounted valuations to accelerate buyback pace and return capital to shareholders. The managers focus on stocks that have been cast aside as investors focused elsewhere on momentum plays. They believe the market's sun could shine elsewhere soon and can't stomach the risk associated with many of today's highflyers. Their conservative approach has weighed on relative performance but they've seen this dynamic before.		View
2025 Q4	Jan 14, 2026	Longleaf Partners Fund	-0.3%	-0.4%	ACI, AMG, ANGI, AVTR, CNX, DINO, DIS, EXO.MI, FDX, H, IAC, KHC, MAT, MGM, PCH, PVH, PYPL, REGN, RTX, RYN	Buybacks, Cash, Defensive, Leverage, Quality, value	Fund focuses on undervalued companies trading below intrinsic value with P/V ratio in low-60s%. Manager emphasizes buying quality companies at discounts and waiting for market recognition of value. Multiple portfolio companies engaged in significant share repurchases including Mattel ($600M), Regeneron, MGM (40% over 5 years), and PVH. Manager views buybacks as value-creating at current discounted prices. Holdings include Mattel with strong IP portfolio (Hot Wheels, Barbie, UNO) and upcoming movie releases, plus IAC's digital assets. Focus on companies with valuable content and intellectual property.	ANGI PVH PYPL MGM IAC REGN MAT DINO KHC	View
2022 Q3	Sep 11, 2022	Longleaf Partners Global Fund	14.8%	18.4%	CYTH SW, FDX, IAC	-			View
2024 Q2	Jul 23, 2024	Longleaf Partners Fund	10.4%	10.3%	BIO, CNH, FDX, LBRDK, MAT	-			View
2024 Q2	Jul 23, 2024	Longleaf Partners Global Fund	14.8%	18.4%	BIO, DELHY, ERF FP, FDX, PROSY, TIGO	-			View
2023 Q1	Apr 20, 2023	Longleaf Partners Fund	10.4%	10.3%	DIS, FDX, GE, LUMEN, MGM, PVH	-			View
2023 Q1	Apr 20, 2023	Longleaf Partners Global Fund	14.8%	18.4%	DIS, FDX, GE, LUMEN, MGM, TIGO	-			View
2023 Q1	Apr 20, 2023	The London Company Large Cap	8.1%	14.6%	BLK, CVX, FDX, GOOG, NSC, ODFL, SCHW, STOR	-			View
2023 Q4	Jan 23, 2024	The London Company Large Cap	8.1%	14.6%	ALB, BLK, CVX, FDX, MLM, SCHW	-			View
2023 Q4	Jan 17, 2024	Longleaf Partners Fund	10.4%	10.3%	FDX, FFX GR, GE, H, LUMEN SS, LYV, MAT, MGM, PVH, WBD	-			View
2023 Q4	Jan 17, 2024	Longleaf Partners Global Fund	14.8%	18.4%	EXO NA, FDX, FFX GR, GE, LUMEN SS, LYV, PVH, TIGO, WBD	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 27, 2026	Fund Letters	Brian Campbell	FedEx Corporation	Industrials	Air Freight & Logistics	Bull	New York Stock Exchange	cashflow, Costcutting, Logistics, Margins, Pricing	View Pitch
Nov 29, 2025	Fund Letters	Chuck Bath	FedEx Corporation	Industrials	Air Freight & Logistics	Bull	NYSE	cost-cutting, Freight, Logistics, Margins, restructuring, spin-off, Transportation	View Pitch
Nov 29, 2025	Fund Letters	Ross Glotzbach	FedEx Corporation	Industrials	Air Freight & Logistics	Bull	NYSE	efficiency, Margins, Pricing, restructuring, SOTP, spin-off, Volumes	View Pitch
Aug 13, 2025	Seeking Alpha	The Dividend Collectuh	FedEx Corp	Industrials	Integrated Freight & Logistics	Bull	NYSE	—	View Pitch

BSD Shareholders of FDX

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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