The following segment was excerpted from this fund letter.
We added one new position in the quarter with the acquisition of shares of U.S. Xpress Enterprises, Inc. (USX). It is a deep value play featuring a deeply depressed price following a busted IPO which we will highlight further below.
US Xpress was founded in 1986 by Max Fuller and Patrick Quinn after they received a gift of 48 trucks from industry veteran Clyde Fuller, Max Fuller's then-retiring father. Since then, the 32-year-old trucking company has grown to become the 5th largest in the category