Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) returned -3.81% (net of fees) underperforming the Russell 1000 Value Index’s -2.17% return. Stock selection in the Health Care sector drove most of the portfolio’s underperformance. The firm believes the Fund is well positioned for future returns with AI-related investments in Information Technology complemented by holdings that should benefit from improved performance across other sectors. If investor uncertainty increases, it anticipates finding more bargain opportunities. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Value Equity Fund highlighted stocks like Intel Corporation (NASDAQ:INTC), in the second quarter 2024 investor letter. Intel Corporation (NASDAQ:INTC) designs, develops, manufactures, markets, and sells computing and related products and services. The one-month return of Intel Corporation (NASDAQ:INTC) was 16.94%, and its shares lost 33.09% of their value over the last 52 weeks. On September 25, 2024, Intel Corporation (NASDAQ:INTC) stock closed at $23.54 per share with a market capitalization of $103.864 billion.
Parnassus Value Equity Fund stated the following regarding Intel Corporation (NASDAQ:INTC) in its Q2 2024 investor letter:
“Intel Corporation (NASDAQ:INTC) disappointed investors with a less-than-stellar second-quarter forecast, driving shares lower, despite first-quarter results that largely met expectations. Additionally, the company revealed greater losses than anticipated in its foundry operations during the quarter.”
A technician soldering components for a semiconductor board.
Intel Corporation (NASDAQ:INTC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the second quarter which was 77 in the previous quarter. The second-quarter revenue of Intel Corporation (NASDAQ:INTC) was $12.8 billion, down 1% year-over-year and up 1% sequentially. While we acknowledge the potential of Intel Corporation (NASDAQ:INTC) 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 Intel Corporation (NASDAQ:INTC) and shared the list of best most active stocks to invest in. 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.