Dixon Mitchell keeps adding to TFI International while its stock sits roughly 36% below its 52-week highs.On Nov. 13, 2025, Dixon Mitchell Investment Counsel Inc. disclosed in a U.S. Securities and Exchange Commission filing that it increased its position in TFI International Inc. by 93,705 shares, an estimated $7 million.What happenedDixon Mitchell Investment Counsel reported a purchase of 93,705 shares of TFI International Inc. (TFII +1.10%), according to its quarterly Form 13F filed with the U.S. Securit ...

Core Thesis - FedEx Corporation is viewed positively due to its strong market position, economic moat, and robust shareholder returns, despite some challenges in revenue growth and capital allocation [1][3][4]. Company Overview - FedEx operates globally in air freight and logistics, providing a wide range of services including express shipping, freight, e-commerce solutions, and warehousing [2]. - The company has a narrow economic moat, benefiting from cost efficiency and economies of scale in its delivery networks [2]. Financial Performance - Over the past five years, FedEx achieved mid-single-digit annualized revenue growth, which lagged behind the S&P 500, and net profit margins also underperformed the broader market [3]. - The company returned $3 billion to shareholders in fiscal 2025 through an active stock buyback program, which continues into fiscal 2026 [3]. - Owners' earnings, measured via five-year trailing EPS growth plus dividend growth, were in the high double digits, with a strong return to shareholders at 35.3% [4]. Investment Proposition - FedEx's fundamentals are rated as neutral, but its global scale, comprehensive logistics capabilities, and consistent free cash flow generation support a bullish value proposition for long-term investors [4]. - The stock presents potential for dividend income and capital appreciation, appealing to investors seeking exposure to a resilient logistics platform [4]. Market Position - Despite leadership changes, including founder Fred Smith's transition to executive chairman, FedEx remains a strong industry player [3]. - The company's stock price has depreciated approximately 8.32% since previous coverage, but the bullish thesis on its market leadership and operational efficiency still stands [5][6].

We came across a bearish thesis on Hub Group, Inc. on Quality Value Investing’s Substack by David J. Waldron. In this article, we will summarize the bulls’ thesis on HUBG. Hub Group, Inc.'s share was trading at $39.43 as of December 1st. HUBG’s trailing and forward P/E were 22.17 and 18.02 respectively according to Yahoo Finance. Joby Aviation (JOBY) Jumps to New High on $125-Million Acquisition of Air Mobility Platform Copyright: khunaspix / 123RF Stock Photo Hub Group, Inc. (NASDAQ: HUBG), a small-cap ...

Core Insights - C.H. Robinson Worldwide, Inc. (CHRW) reported mixed third-quarter 2025 results, with earnings exceeding estimates while revenues fell short [1] Financial Performance - Quarterly earnings per share (EPS) reached $1.40, surpassing the Zacks Consensus Estimate of $1.29 and reflecting a 9.3% year-over-year improvement [2][11] - Total revenues amounted to $4.14 billion, missing the Zacks Consensus Estimate of $4.29 billion and declining 10.9% year over year, primarily due to the divestiture of the Europe Surface Transportation business and lower pricing and volume in ocean services [2][11] - Adjusted gross profits decreased by 4% year over year to $706.1 million, influenced by lower gross profit per transaction and volume in ocean services, partially offset by higher profits in less than truckload (LTL) and customs services [4] Segment Performance - North American Surface Transportation generated total revenues of $2.96 billion, up 1.1% year over year, driven by higher volumes in truckload and LTL services, with adjusted gross profits growing 5.6% to $444.14 million [6] - Global Forwarding revenues fell 31.1% year over year to $786.34 million due to lower pricing and volume in ocean services, with adjusted gross profits declining 18.3% to $191.75 million [7] - Revenues from other sources decreased 32.4% year over year to $384.80 million [7] Operational Efficiency - Adjusted operating margin improved to 31.3%, an increase of 680 basis points from the previous year, while operating expenses decreased by 12.6% year over year to $485.2 million [5] Cash Flow and Shareholder Returns - CHRW generated $275.4 million in cash from operations in Q3 2025, a significant increase from $108.1 million in the same quarter last year, attributed to a rise in net income and a decrease in cash used by changes in net operating working capital [12] - The company returned $189.6 million to shareholders, including $74.7 million in dividends and $114.9 million in share repurchases [13] Balance Sheet - At the end of Q3, CHRW had cash and cash equivalents of $136.83 million, down from $155.99 million in the previous quarter, while long-term debt increased to $1.18 billion from $922.31 million [10]

Q2 2025 Performance Highlights - XPO's operating income reached $198 million, a 1% increase year-over-year[8,9] - The LTL adjusted operating ratio improved by 30 bps year-over-year to 82.9%[8,9] - LTL adjusted EBITDA increased by 1% year-over-year to $300 million[8,9] - LTL purchased transportation expense decreased by 53% year-over-year[8] - LTL linehaul miles outsourced to third-party carriers decreased by 910 bps year-over-year[8,43] - LTL yield, excluding fuel, increased by 6.1% year-over-year[8,39] Strategic Growth Plan & Targets - The company aims for a revenue CAGR of 6% to 8% and an adjusted EBITDA CAGR of 11% to 13% for LTL growth from 2021 to 2027[12,44] - The company is targeting an adjusted operating ratio improvement of at least 600 bps for LTL from 2021-2027[12] - The company plans to target capex of 8% to 12% of revenue on average through 2027[29] Industry Position - The North American LTL industry is a $53 billion industry, with the top 10 players holding over 75% market share[18] - The company's North American LTL segment has a 9% industry share, generating $4.9 billion in revenue in 2024[19] 2025 Outlook - The company anticipates total gross capex between $600 million and $700 million for the full year 2025[50] - The company expects interest expense between $220 million and $230 million for the full year 2025[50] - The company projects a diluted share count of 120 million for the full year 2025[50]