Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the Fund (Investor Shares) appreciated 10.17% outperforming the Russell 1000 Value Index’s 8.99%. Stock selection in the Information Technology and Communication Services sectors was the main contributor to the fund’s performance in the first quarter. Overweight in Financials and underweight in Real Estate also contributed. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Value Equity Fund highlighted stocks like BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), in the first quarter 2024 investor letter. BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. The one-month return of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was 7.75%, and its shares lost 4.14% of their value over the last 52 weeks. On June 28, 2024, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) stock closed at $82.33 per share with a market capitalization of $15.633 billion.
Parnassus Value Equity Fund stated the following regarding BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in its first quarter 2024 investor letter:
“We also closed out two positions, BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), to invest in other opportunities with more potential upside. BioMarin’s risk/return profile has become less attractive due to an ill-timed drug launch and increased competition. We sold our profitable position in BioMarin in favor of other higher-conviction positions in the portfolio.”
A pharmaceutical plant manufacturing a proprietary synthetic oral form of a C-type natriuretic peptide.
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) at the end of the first quarter which was 49 in the previous quarter. BioMarin Pharmaceutical Inc.’s (NASDAQ:BMRN) revenue increased by 74% year over year during the quarter. While we acknowledge the potential of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) 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.
We discussed BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) in another article and shared Carillon Scout Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
