North America's largest freight broker, C.H. Robinson (CHRW, Financial), was among the portfolio's top performers in the third quarter as truck freight pricing continued to recover from dislocations earlier in the year. The relative weakness in the fourth quarter appears to reflect the market's anticipation that truck and driver supply would expand to meet the ongoing improvements in demand, causing pricing to soften. We remain impressed by C.H.Robinson, which maintains significant scale advantages over its competitors and has delivered consistent revenue growth over the past decade, despite the cyclicality of its business.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team's fourth-quarter 2020 commentary.
