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 Pfizer Inc. (NYSE:PFE), in the first quarter 2024 investor letter. Pfizer Inc. (NYSE:PFE) discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products. The one-month return of Pfizer Inc. (NYSE:PFE) was -4.54%, and its shares lost 23.66% of their value over the last 52 weeks. On June 28, 2024, Pfizer Inc. (NYSE:PFE) stock closed at $27.98 per share with a market capitalization of $158.551 billion.
Parnassus Value Equity Fund stated the following regarding Pfizer Inc. (NYSE:PFE) in its first quarter 2024 investor letter:
“During the quarter, we added new positions in Pfizer Inc. (NYSE:PFE), NICE and Charter Communications. We purchased Pfizer to capture the potential upside from any turnaround following the COVID-induced boom-bust cycle of the last few years. Pfizer’s stock price sank by more than 40% in 2023 as COVID-19 vaccine revenues rolled off, providing an attractive entry point for us. The company completed its acquisition of Seagen, which should strengthen Pfizer’s pipeline in antibody-drug conjugates (ADC). Pfizer also offers an attractive dividend yield.”
A medical technician wearing protective gloves and a mask mixing a biopharmaceutical solution.
Pfizer Inc. (NYSE:PFE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 77 hedge fund portfolios held Pfizer Inc. (NYSE:PFE) at the end of the first quarter which was 79 in the previous quarter. Pfizer Inc.’s (NYSE:PFE) total revenue for the quarter was $14.9 billion, 19% operational decline from Q1 2023. While we acknowledge the potential of Pfizer Inc. (NYSE:PFE) 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 Pfizer Inc. (NYSE:PFE) in another article and shared the list of best healthcare stocks to buy under $50. Diamond Hill Select Strategy added Pfizer Inc. (NYSE:PFE) to its portfolio in the first quarter 2024. 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.
