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 Verisk Analytics, Inc. (NASDAQ:VRSK) in the Q2 2024 investor letter. Verisk Analytics, Inc. (NASDAQ:VRSK) offers data analytics solutions to the insurance markets. The one-month return of Verisk Analytics, Inc. (NASDAQ:VRSK) was -2.33%, and its shares gained 14.15% of their value over the last 52 weeks. On September 30, 2024, Verisk Analytics, Inc. (NASDAQ:VRSK) stock closed at $267.96 per share with a market capitalization of $38.164 billion.
Parnassus Core Equity Fund stated the following regarding Verisk Analytics, Inc. (NASDAQ:VRSK) in its Q2 2024 investor letter:
“Verisk Analytics, Inc. (NASDAQ:VRSK) shares rose following the announcement of first-quarter 2024 earnings that surpassed consensus expectations. We believe this dominant leader in data analytics for property and casualty insurers is well placed to gain share within its primary market and adjacent verticals as it focuses on innovation and client engagement.”
An engineer using the latest predictive analytics software to formulate solutions.
Verisk Analytics, Inc. (NASDAQ:VRSK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Verisk Analytics, Inc. (NASDAQ:VRSK) at the end of the second quarter which was 47 in the previous quarter. The second quarter revenue of Verisk Analytics, Inc. (NASDAQ:VRSK) was $717 million, up 6.2% from Q2 2023. While we acknowledge the potential of Verisk Analytics, Inc. (NASDAQ:VRSK) 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 Verisk Analytics, Inc. (NASDAQ:VRSK) and shared TimesSquare Capital Management U.S. Focus Growth Strategy’s views on the company. Conestoga Capital Advisors also benefitted from the strong performance of of Verisk Analytics, Inc. (NASDAQ:VRSK) in 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.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.