2Q15 Hedge Fund Activity in Norfolk Southern (Continued from Prior Part) Carload volumes undermine industry performance The AAR (American Association of Railroads) releases rail freight volume data on a weekly basis. To date, carload volumes have been on a downward trajectory, largely on account of softening volumes of energy-related commodities. In particular, total carloads of coal have fallen by 9.3% year-over-year to ~3.4 million. Class I railroads such as Union Pacific (UNP), CSX (CSX), Norfolk Southern (NSC), and Kansas City Southern (KSU) transport coal to fuel power plants. Nearly two-thirds of coal shipments are carried by rail. In recent years, however, the abundant supply of coal has put downward pressure on the commodity’s price. Competition from cheaper, less... More