Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) declined -5.80% (net of fees) underperforming the Russell Midcap Index’s -3.35% return. Stock selection drove the underperformance of the portfolio. The portfolio’s strong holdings can mitigate market downturns and capitalize on growth opportunities as cyclical pressures decrease and long-term trends prevail. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Mid Cap Fund highlighted stocks like J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), in the second quarter 2024 investor letter. J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) offers surface transportation, delivery, and logistic services in the United States. The one-month return of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) was 2.87%, and its shares lost 9.13% of their value over the last 52 weeks. On September 6, 2024, J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) stock closed at $167.77 per share with a market capitalization of $17.11 billion.
Parnassus Mid Cap Fund stated the following regarding J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) in its Q2 2024 investor letter:
“J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), a leading trucking and logistics company that specializes in intermodal services, posted earnings well below expectations due to weaker-than-expected demand and higher costs. Longer-term trends should support demand for freight services and the company’s strong service network.”
A truck on a highway, its exhausts billowing in the air.
J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) at the end of the secpndquarter which was 34 in the previous quarter. During the second quarter, J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) experienced a 7% decline in revenue, a 24% decrease in operating income, and a 27% drop in diluted earnings per share compared to the last year. While we acknowledge the potential of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) and shared Heartland Mid Cap Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.