Longleaf Partners Highlights FedEx (FDX) Appeal in Q2 Letter

Longleaf Partners, managed by Southeastern Asset Management, released its second-quarter 2026 investor letter, noting that FedEx Corporation (NYSE: FDX) remains an attractive portfolio holding based on price-to-value (P/V) and price-to-free-cash-flow (P/FCF) metrics.

Fund Performance

The Longleaf Partners Fund returned 3.87% in Q2 2026, significantly lagging the S&P 500's return over the same period. Despite this, the fund's managers believe the portfolio holdings offer compelling value.

Investment Thesis for FedEx

The fund focuses on companies trading below intrinsic value. FedEx (FDX) exhibits attractive P/V and P/FCF ratios, making it a key component of the portfolio.

Broader Context

The letter did not provide additional details on FedEx's individual performance or future guidance. However, the positive mention from a respected fund may boost investor confidence in the stock.

What This Means for Investors

FedEx (FDX) remains on the radar of long-term value investors, especially given the fund's focus on intrinsic value. However, the fund's underperformance relative to the market serves as a reminder of the importance of diversification and not relying solely on individual recommendations.