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 Intel Corporation (NASDAQ:INTC), in the first 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 2.24%, and its shares lost 7.88% of their value over the last 52 weeks. On June 28, 2024, Intel Corporation (NASDAQ:INTC) stock closed at $30.97 per share with a market capitalization of $131.835 billion.
Parnassus Value Equity Fund stated the following regarding Intel Corporation (NASDAQ:INTC) in its first quarter 2024 investor letter:
“Intel Corporation (NASDAQ:INTC), one of the world’s largest semiconductor chipmakers, reported strong results for the fourth quarter, but its sales outlook for the first quarter fell short of expectations. While demand for the company’s central processing units may be temporarily weak, we believe the market for Intel’s personal computer and data center chips will continue to grow.”
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, 77 hedge fund portfolios held Intel Corporation (NASDAQ:INTC) at the end of the first quarter which was 86 in the previous quarter. The first-quarter revenue of Intel Corporation (NASDAQ:INTC) was $12.7 billion, an increase of 9% year-over-year. 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.
We discussed Intel Corporation (NASDAQ:INTC) in another article and shared the list of the best hardware stocks according to hedge funds. Ariel Global Fund commented about Intel Corporation (NASDAQ:INTC) in its first quarter 2024 investor letter. 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.
