Parnassus Investments, an investment management company, released the “Parnassus Core Equity Fund” third quarter 2024 investor letter. A copy of the investor letter can be downloaded here. U.S equities rose in the third quarter and the Fund (Investor Shares) appreciated 5.50% (net of fees) in the quarter underperforming the S&P 500 Index’s 5.89% return. The favorable stock selection in the Materials and Financials sector contributed to the fund’s performance in the quarter while stock selection in the Information Technology and Industrials sectors detracted. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Core Equity Fund highlighted stocks like Stryker Corporation (NYSE:SYK) in the Q3 2024 investor letter. Headquartered in Portage, Michigan, Stryker Corporation (NYSE:SYK) is a medical technology company. On December 16, 2024, Stryker Corporation (NYSE:SYK) stock closed at $372.70 per share. One-month return of Stryker Corporation (NYSE:SYK) was -4.11%, and its shares gained 27.65% of their value over the last 52 weeks. Stryker Corporation (NYSE:SYK) has a market capitalization of $142.08 billion.
Parnassus Core Equity Fund stated the following regarding Stryker Corporation (NYSE:SYK) in its Q3 2024 investor letter:
“We view Stryker Corporation (NYSE:SYK) as a best-in-class medical technology provider. It is a leader in most of its end markets and has a broad product offering, which has helped it achieve significant revenue and market share growth compared to its competitors. Stryker is particularly dominant in orthopedics, and we are optimistic about upcoming product launches, including the expansion of its Mako robotic assisted surgery arm. The company also has one of the top industry CEOs with a strong track record of leading successful innovations and mergers and acquisitions to help the company grow.”
Stryker Corporation (NYSE:SYK) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 55 hedge fund portfolios held Stryker Corporation (NYSE:SYK) at the end of the third quarter which was 53 in the previous quarter. In the third quarter, Stryker Corporation’s (NYSE:SYK) organic sales growth was 11.5% compared to 9.2% in Q3 2023. While we acknowledge the potential of Stryker Corporation (NYSE:SYK) 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 Stryker Corporation (NYSE:SYK) and shared Mar Vista Strategic Growth Strategy’s views on the company. 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.