First Eagle is Betting on CH Robinson Worldwide (CHRW) Stock
First Eagle Investment Management recently released its Q3 2020 Investor Letter, a copy of which you can download here. The First Eagle Global Fund A Shares posted a return of 5.64% for the third quarter (without sales charge), underperforming its benchmark, the MSCI World Index which returned 7.93% in the same quarter. You should check out First Eagle's top 5 stock picks for investors to buy right now, which could be the biggest winners of this year.
In the said letter, First Eagle highlighted a few stocks and C. H. Robinson Worldwide Inc. (NASDAQ:CHRW) is one of them. C. H. Robinson Worldwide Inc. (NASDAQ:CHRW) is a transport company. Year-to-date, C. H. Robinson Worldwide Inc. (NASDAQ:CHRW) stock gained 15.8% and on October 28th it had a closing price of $88.58. Here is what First Eagle said:
"As North America’s largest freight broker, C.H. Robinson benefited from a rebound in truck freight pricing, which continued to recover from the dislocations felt earlier in the year. Truck demand has spiked as consumers increasingly spend on hard goods that require distribution rather than experiences and services, while both truck and driver supply has remained constrained."
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In Q2 2020, the number of bullish hedge fund positions on C. H. Robinson Worldwide Inc. (NASDAQ:CHRW) stock decreased by about 13% from the previous quarter (see the chart here), so a number of other hedge fund managers don't believe in CHRW's growth potential. Our calculations showed that C. H. Robinson Worldwide Inc. (NASDAQ:CHRW) isn't ranked among the 30 most popular stocks among hedge funds.
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Video: Top 5 Stocks Among Hedge Funds
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