What smart money is saying about Mainfreight
MFT.NZ
No fund has written a full thesis on Mainfreight in our archive, but 1 fund letter reports a position in it, most recently Cooper Investors Brunswick Fund in December 2024.
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1
Reported positions
0
Bought
0
Sold
1
Letter
Position history
Every position in Mainfreight on record in the archive was reported in Q4 2024, across 1 fund letter, with no move described.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2024 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 1 position
- December 2024
“We also attended Mainfreight's (MFT) investor day in Dallas, where they showcased their newest facilities and management bench strength. The fund rst invested in Mainfreight more than 6 years ago when we were attracted to the best-in-class culture and characteristics of the less-than-truckload (LTL) industry. Given the size of the US opportunity, it is a major latency for Mainfreight. While we were impressed by the quality of Mainfreight's facilities in Dallas, we also recognise that success in the US will be a very gradual journey, replicating Mainfreight's culture in the US will be dicult and it will take time to build network density in such a large market. We believe Mainfreight's core compounding engine (it's people and culture) is intact but latency in the US will require patience. We also observed a potential cyclical opportunity within US trucking and freight as the sector persists through the longest freight recession in history. The freight market underwent a supercycle during COVID, driven by a temporary e-commerce boom and a switch from services to goods, further exacerbated by congested supply chains. The cycle has since reversed, driven by a drop in ecommerce/goods demand and the supply of trucks remaining elevated. We observe increasingly supportive dynamics for the trucking cycle with supply side conditions gradually improving as depressed trucking spot rates operate near cash costs, and a positive demand shock (that has yet to emerge) from US industrial activity recovery and nearshoring under a Trump presidency. We believe the Southern regions of the US are most exposed to these industrial tailwinds, where trucking activity is most intense and the economics of rail is less favourable. Our long-term holding in Mainfreight has provided foundational knowledge of the industry as we continue to investigate opportunities in this space.”
Mainfreight
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