The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.

Wedgewood Partners, an investment management company, released its first-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Wedgewood Composite returned -6.3% (net) in the first quarter compared to the S&P 500’s -4.3%, the Russell 1000 Growth Index’s -9.8%, and the Russell 1000 Value Index’s 2.1% returns. The letter mentioned the ongoing war, highlighting the swift response of financial and commodities markets to military strikes and geopolitical commentary. Historically, oil shocks have consistently displayed a significant influence on global financial markets.  In addition, please check the Fund’s top five holdings to know its best picks in 2026.

In its first-quarter 2026 investor letter, Wedgewood Partners identified Old Dominion Freight Line, Inc. (NASDAQ:ODFL) as a significant contributor to the portfolio's performance. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is a less-than-truckload motor carrier that provides regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. On April 28, 2026, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) closed at $221.77 per share. One-month return of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) was 11.09%, and its shares gained 44.68% over the past 52 weeks. Old Dominion Freight Line, Inc. (NASDAQ:ODFL) has a market capitalization of $46.22 billion.

Wedgewood Partners stated the following regarding Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in its Q1 2026 investor letter:

"Old Dominion Freight Line, Inc. (NASDAQ:ODFL) also contributed to the quarter's performance. As in the fourth quarter of 2025, investors have grown more optimistic about a rebound in industrial activity, a core source of demand for Old Dominion's fleet, as U.S. manufacturing data suggests a nascent expansion is underway after more than three years of contraction. As usual, the Company has managed its capacity exceptionally well during this downturn, keeping costs under control and charging prices that reflect the longstanding, dependable service it provides its customers. Compared with peers, Old Dominion maintains a significant buffer of spare capacity, which helps capture more of the economics during an expansion. The Company has significant pent-up earnings growth ahead, which should attract new investors."

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 48 hedge fund portfolios held Old Dominion Freight Line, Inc. (NASDAQ:ODFL) at the end of the fourth quarter, up from 44 in the previous quarter. While we acknowledge the potential of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Old Dominion Freight Line, Inc. (NASDAQ:ODFL) and shared a bullish thesis on the company. In Q4 2025, Old Dominion Freight Line, Inc. (NASDAQ:ODFL) contributed to Wedgewood Partners performance as investor optimism grew regarding the rebound in industrial activity. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. This article is originally published at Insider Monkey.