Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the Fund (Investor Shares) returned 7.28% (net of fees) underperforming the Russell 1000 Value Index’s 9.43% return. The Information Technology sector was the largest detractor, due to both stock selection and an 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 The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter 2024 investor letter. The Bank of New York Mellon Corporation (NYSE:BK) is global financial services company that offers a range of products and services. The one-month return of The Bank of New York Mellon Corporation (NYSE:BK) was 1.89%, and its shares gained 52.93% of their value over the last 52 weeks. On December 16, 2024, The Bank of New York Mellon Corporation (NYSE:BK) stock closed at $79.08 per share with a market capitalization of $57.286 billion.
Parnassus Value Equity Fund stated the following regarding The Bank of New York Mellon Corporation (NYSE:BK) in its Q3 2024 investor letter:
“The Bank of New York Mellon Corporation (NYSE:BK) posted better-than-expected second-quarter profit and revenue, driven in part by higher fees. Further, the Federal Reserve’s interest rate cut is expected to reduce funding costs and improve BNY’s margins.”
A technical analyst using a cloud-based analytics dashboard for financial services.
The Bank of New York Mellon Corporation (NYSE:BK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held The Bank of New York Mellon Corporation (NYSE:BK) at the end of the third quarter which was 50 in the previous quarter. While we acknowledge the potential of The Bank of New York Mellon Corporation (NYSE:BK) 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 Bank of New York Mellon Corporation (NYSE:BK) and shared the list of best bank stocks to invest in for the long term. 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.