Trading at a significant discount from its all-time high, this TSX cargo stock might be the best investment at current levels. We’re almost five months into 2025, and it has been a turbulent start to another year of stock market investing. The flurry of tariffs that followed President Trump’s inauguration caused global trade to go on the fritz. Between January 2, 2025, and April 8, 2025, the S&P/TSX Composite Index declined by 9.60%. As of this writing, the benchmark index for Canadian equity securities is up by almost 8% from its April 8 low. This uptick came along due to a 90-day pause on tariffs announced by the U.S. as it began trading tariff increases with China. Due to the ups and downs in the stock market, many Canadian investors are worried about inflation and even a potential recession based on the outcome of the trade tensions. While the Canadian stock market has been volatile, the S&P 500 has been doing even worse, declining by over 15% in the same period as the S&P/TSX Composite Index. Overlooked mid-cap stocks Amid all this chaos, seasoned investors with a keen eye for value can take advantage of the market volatility . While many of the high-quality stocks are already posting strong recoveries, overlooked mid-cap stocks might be where investors can dig up a bit more value for their money on their investments. Mid-cap stocks might not be as well-established as the large market-cap giants on the TSX, but that doesn’t mean you can shrug them off. Smaller companies can sometimes offer far more wealth growth through capital gains than big-name stocks, often trading at prices higher than intrinsic values. Today, I will discuss a mid-cap stock that might be a fantastic bargain for investors seeking undervalued stocks for their self-directed investment portfolios. Cargojet stock Cargojet (TSX:CJT) is a $1.18 billion market-cap scheduled air cargo company headquartered in Mississauga. It operates cargo services domestically within Canada and several international markets, as well as full aircraft charters. As of this writing, CJT stock trades for $74.86 per share. Down by almost 70% from its November 2020 all-time high, CJT stock might be one of the best bargains on the stock market right now. Global trade tensions and supply chain problems are peaking right now, creating headwinds for the company. It is possible that its share prices might decline further as the uncertainty continues. However, the weakness can only last so long. Markets are cyclical in nature, and when things settle down, demand will go up again. The headwinds might make way for Cargojet stock sooner than you might think. Foolish takeaway Despite the potential for further declines in its valuation in the short term, Cargojet stock might offer good value for investors with a long-term investment strategy . Sure, the onset of a recession can further reduce demand for air cargo services as consumers try to save money. That said, a return to some degree of normalcy in the economy can boost demand and improve the company’s performance. At current levels, Cargojet stock looks deeply undervalued. It trades at an 11.21 trailing price-to-earnings ratio. It might take a long time for the stock to recover to better levels, but there is plenty of upside potential that can make it an appealing investment for your self-directed portfolio.