Cambiar Opportunity Fund is retaining FedEx Freight Holding Company, Inc. (NYSE:FDXF), the pure-play less-than-truckload spinoff from FedEx Corporation, as one of two new spinoff positions added in the second quarter of 2026, according to the fund's Q2 2026 investor letter. The fund said it anticipates holding both new spinoff issues, FedEx Freight and Honeywell Aerospace, as well as their parent companies, rather than selling them as is typical for smaller spinoffs. FedEx Freight is the largest pure-play less-than-truckload transport company and has the potential for margin improvement as volumes in its key verticals improve, the letter stated. FDXF closed at $109.38 on September 30, 2026, giving it a $16.35 billion market capitalization, after a roughly 27.47% three-month pullback, and it has traded within a 52-week range of $107.67 to $200.00. The Cambiar Opportunity Fund gained 11.58% in the quarter but lagged the Russell 1000 Value Index's 13.87% gain, reflecting an underweight in technology, while 54 hedge fund portfolios held FDXF at the end of the second quarter.
FedEx Freight Holding Company, Inc.Cambiar Opportunity Fund is retaining its FDXF spinoff position, citing potential margin improvement as key vertical volumes recover.
FedEx Corporation
Honeywell Aerospace Inc