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 Waste Management, Inc. (NYSE:WM), in the third quarter 2024 investor letter. Waste Management, Inc. (NYSE:WM) is a waste management environmental services company that offers collection services, including picking up and transporting waste and recyclable materials. The one-month return of Waste Management, Inc. (NYSE:WM) was 2.98%, and its shares gained 32.99% of their value over the last 52 weeks. On November 25, 2024, Waste Management, Inc. (NYSE:WM) stock closed at $225.65 per share with a market capitalization of $90.568 billion.
Parnassus Core Equity Fund stated the following regarding Waste Management, Inc. (NYSE:WM) in its Q3 2024 investor letter:
“Waste Management, Inc. (NYSE:WM) announced second-quarter revenue and earnings that fell just short of analyst expectations, weighing on the stock. However, company management reiterated their optimistic full-year guidance for adjusted operating EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow.”
Aerial view of a Waste Management Transfer Station, highlighting the scale of its operations.
Waste Management, Inc. (NYSE:WM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Waste Management, Inc. (NYSE:WM) at the end of the third quarter which was 49 in the previous quarter. While we acknowledge the potential of Waste Management, Inc. (NYSE:WM) 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 Waste Management, Inc. (NYSE:WM) and shared the list of best waste management stocks to buy according to analysts. 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.