It’s a hard time to lead a listed pioneer in warehouse outsourcing nowadays. Fear, lack of confidence, and worst-case scenarios all prevail over a rational assessment of a business’s prospects in the capital markets.

Changing hands at 64.5% below records, and just over a year since it was floated, GXO Logistics, the XPO Logistics spin-off, is never cheap enough, underperforming the Nasdaq 100 by about 27 percentage points year-to-date. Although at Premium, we have had it in the “value basket” since ...

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