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 S&P Global Inc. (NYSE:SPGI) in the first quarter 2024 investor letter. S&P Global Inc. (NYSE:SPGI) offers credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity, and automotive markets. S&P Global Inc. (NYSE:SPGI) one-month return was 3.90%, and its shares gained 12.37% of their value over the last 52 weeks. On May 31, 2024, S&P Global Inc. (NYSE:SPGI) stock closed at $446 per share with a market capitalization of $139.553 billion.
Parnassus Value Equity Fund stated the following regarding S&P Global Inc. (NYSE:SPGI) in its first quarter 2024 investor letter:
“S&P Global Inc. (NYSE:SPGI), a leading financial information and data analytics services company, ended the quarter down after reporting mixed results, with revenue growth topping expectations but earnings and 2024 guidance falling short due to macro uncertainty around debt issuance volumes.”
A group of analysts studying data on a large monitor.
S&P Global Inc. (NYSE:SPGI) is in 25th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 97 hedge fund portfolios held S&P Global Inc. (NYSE:SPGI) at the end of the first quarter which was 82 in the previous quarter. While we acknowledge the potential of S&P Global Inc. (NYSE:SPGI) 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 S&P Global Inc. (NYSE:SPGI) in another article and shared the list of best residential real estate stocks to buy. In its Q1 2024 investor letter, Baron Durable Advantage Fund stated that S&P Global Inc. (NYSE: SPGI) shares declined by 3.1% during the quarter. In addition, please check out our hedge fund investor letters Q1 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.
