The Fund’s Strategic Sale of Old Dominion Freight Line (ODFL) Locked in Gains

Weitz Investment Management, an investment firm, disclosed in its Q2 2026 investor letter for the Large Cap Equity Fund that they had sold their profitable investment in Old Dominion Freight Line, Inc. (ODFL) when the stock price surpassed their business value estimate. The company, a less-than-truckload motor carrier, had a market capitalization of $43.45 billion.

Despite its strong performance with an 8.91% one-month return and a 52-week gain of 40.30%, Weitz's fund believed the stock price already captured a recovery in volume, robust pricing, and improvements in the operating ratio. The fund maintained respect for the company's management and culture but believed certain AI stocks offered greater upside potential with less downside risk.