Parnassus Investments, an investment management company, released the “Parnassus Core Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) appreciated 1.86% (net of fees) underperforming the S&P 500 Index’s 4.28% return. The negative stock selection in the Information Technology sector led to the underperformance of the strategy in the quarter, partially offset by its favorable overweight position. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Value Equity Fund highlighted stocks like Costco Wholesale Corporation (NASDAQ:COST), in the second quarter 2024 investor letter. Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. The one-month return of Costco Wholesale Corporation (NASDAQ:COST) was 0.90%, and its shares gained 56.90% of their value over the last 52 weeks. On September 30, 2024, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $886.52 per share with a market capitalization of $392.84 billion.
Parnassus Value Equity Fund stated the following regarding Costco Wholesale Corporation (NASDAQ:COST) in its Q2 2024 investor letter:
“Costco Wholesale Corporation (NASDAQ:COST) posted strong results for the third quarter of fiscal 2024, with a robust increase in net sales and strength in both U.S. and international markets. Bucking the trend of weakening demand for discretionary items that has pressured many other retailers, Costco reported growth in nonfood sales.”
A customer in a warehouse aisles, browsing the wide range of branded and private-label products.
Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 71 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of the second quarter which was 65 in the previous quarter. While we acknowledge the potential of Costco Wholesale Corporation (NASDAQ:COST) 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 Costco Wholesale Corporation (NASDAQ:COST) and shared the list of best stocks to buy according to billionaire Ray Dalio. 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.