FedEx stock closed the third quarter nearly 80% higher, and UPS ended 50% higher.\n\n
The two have benefited from tailwinds that should power gains in the entire transports sector in the final stretch of 2020, said Steve Chiavarone, portfolio manager at Federated Hermes.
"We really like transports here. We think that they're one of the few industry groups that have the ability to [do] well in the stay at home kind of Covid world, but also in an economic recovery world," Chiavarone told CNBC's "He said increased e-commerce should drive business-to-consumer activity, while a pickup in the economy should boost business-to-business.
"The third quarter of this year is supposed to be a 25% year-over-year increase in GDP. That's the biggest quarterly jump in GDP ever recorded in the U.S., and we think transports are going to really benefit from that and be at the heart of the trade of value cyclicals that we put in place at Federated Hermes in late August," said Chiavarone., agreed that economic factors are working in the transports' favor. In particular, he prefers exposure to road-and-rail industry stocks.
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