Parnassus Investments, an investment management company, released the “Parnassus Growth 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 3.29% (net of fees) outperforming the Russell 1000 Growth Index’s 3.19% gain. Stock selection in the Health Care sector primarily drove the portfolio’s outperformance. Also, overweight position and stock selection in the Financials sector buoyed the gains. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Growth Equity Fund highlighted stocks like Charter Communications, Inc. (NASDAQ:CHTR) in the Q3 2024 investor letter. Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. The one-month return of Charter Communications, Inc. (NASDAQ:CHTR) was -6.96%, and its shares lost 0.37% of their value over the last 52 weeks. On December 10, 2024, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $377.96 per share with a market capitalization of $53.74 billion.
Parnassus Growth Equity Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its Q3 2024 investor letter:
“Charter Communications, Inc. (NASDAQ:CHTR) rebounded from recent underperformance, recording far lower subscriber losses than investors had anticipated following the expiration of the federal Affordable Connectivity Program.
Also sold during the quarter were Akamai Technologies in Information Technology and Charter Communications in Communication Services. Charter Communications is facing stronger-than-anticipated competition from mobile network operators due to their increased M&A activities and plans to accelerate fixed wireless access (FWA) deployment. We recalibrated our risk/reward estimates and decided to exit the position for better opportunities elsewhere.”
A line of cable boxes and modern televisions, representing the company’s video services.
Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Charter Communications, Inc. (NASDAQ:CHTR) at the end of the third quarter which was 48 in the previous quarter. While we acknowledge the potential of Charter Communications, Inc. (NASDAQ:CHTR) 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 Charter Communications, Inc. (NASDAQ:CHTR) and shared the list of best affordable stocks to buy. 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.