Parnassus Investments, an investment management company, released the “Parnassus Core Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. U.S equities rose in the third quarter and the Fund (Investor Shares) appreciated 5.50% (net of fees) in the quarter underperforming the S&P 500 Index’s 5.89% return. The favorable stock selection in the Materials and Financials sector contributed to the fund’s performance in the quarter while stock selection in the Information Technology and Industrials sectors detracted. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Core Equity Fund highlighted stocks like The Sherwin-Williams Company (NYSE:SHW) in the third quarter 2024 investor letter. The Sherwin-Williams Company (NYSE:SHW) develops, manufactures and distributes paints, coating, and related products. The one-month return of The Sherwin-Williams Company (NYSE:SHW) was 10.53%, and its shares gained 46.17% of their value over the last 52 weeks. On November 25, 2024, The Sherwin-Williams Company (NYSE:SHW) stock closed at $399.71 per share with a market capitalization of $100.668 billion.
Parnassus Core Equity Fund stated the following regarding The Sherwin-Williams Company (NYSE:SHW) in its Q3 2024 investor letter:
“The Sherwin-Williams Company (NYSE:SHW) gained on optimism that lower interest rates would spur a resurgence in home renovations, leading to higher sales of its paint products. The company also hosted an investor day where it gave medium-term financial targets that were well received by investors.”
A close-up of a vibrant paint color being sprayed onto a wooden surface.
The Sherwin-Williams Company (NYSE:SHW) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 78 hedge fund portfolios held The Sherwin-Williams Company (NYSE:SHW) at the end of the third quarter which was 76 in the previous quarter. While we acknowledge the potential of The Sherwin-Williams Company (NYSE:SHW) 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 The Sherwin-Williams Company (NYSE:SHW) and shared the list of best dividend aristocrat stocks. In addition, please check out our hedge fund investor letters Q3 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.