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 Core Equity Fund highlighted stocks like Deere & Company (NYSE:DE) in the Q2 2024 investor letter. Deere & Company (NYSE:DE) manufactures and distributes various equipment. The one-month return of Deere & Company (NYSE:DE) was 8.20%, and its shares gained 11.95% of their value over the last 52 weeks. On September 30, 2024, Deere & Company (NYSE:DE) stock closed at $417.33 per share with a market capitalization of $114.181 billion.
Parnassus Core Equity Fund stated the following regarding Deere & Company (NYSE:DE) in its Q2 2024 investor letter:
“Deere & Company (NYSE:DE) stock dropped after the company released underwhelming fiscal second-quarter earnings and lowered its 2024 guidance. Although the company is going through an equipment demand downturn, we believe it will demonstrate better-than-expected through-cycle performance.”
A combine harvesting crops, showing the capabilities of the company’s agriculture equipment.
Deere & Company (NYSE:DE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Deere & Company (NYSE:DE) at the end of the second quarter which was 48 in the previous quarter. Net sales and revenues of Deere & Company (NYSE:DE) in the fiscal third quarter were down 17% to $13.152 billion. While we acknowledge the potential of Deere & Company (NYSE:DE) 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 Deere & Company (NYSE:DE) and shared the list of best heavy equipment and industrial machinery stocks to invest in. Madison Investors Fund purchased a position in Deere & Company (NYSE:DE) during Q2 2024. 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.