Strong Results Lifted CBRE Group (CBRE) in Q3

Parnassus Investments, an investment management company, released the “Parnassus Value 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 7.28% (net of fees) underperforming the Russell 1000 Value Index’s 9.43% return. The Information Technology sector was the largest detractor, due to both stock selection and an overweight position. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Value Equity Fund highlighted stocks like CBRE Group, Inc. (NYSE:CBRE), in the third quarter 2024 investor letter. CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate services and investment company. The one-month return of CBRE Group, Inc. (NYSE:CBRE) was 4.37%, and its shares gained 52.56% of their value over the last 52 weeks. On December 16, 2024, CBRE Group, Inc. (NYSE:CBRE) stock closed at $137.93 per share with a market capitalization of $42.209 billion.

Parnassus Value Equity Fund stated the following regarding CBRE Group, Inc. (NYSE:CBRE) in its Q3 2024 investor letter:

“CBRE Group, Inc. (NYSE:CBRE), a commercial real estate services provider, gained on the prospect that lower interest rates will likely lead to greater real estate transactions. The company reported strong second-quarter financial results, including double-digit growth in its global workplace solutions business.”

A downtown skyline, highlighting a successful real estate services company.

CBRE Group, Inc. (NYSE:CBRE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of the third quarter which was 54 in the previous quarter. While we acknowledge the potential of CBRE Group, Inc. (NYSE:CBRE) 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 CBRE Group, Inc. (NYSE:CBRE) and shared the list of best real estate and realty stocks to buy according to hedge funds. 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.