Parnassus Investments, an investment management company, recently released the Q1 2024 investor letter for the Parnassus Value Equity Fund. The fund saw an appreciation of 10.17% in the first quarter, outperforming the Russell 1000 Value Index. Stock selection in the Information Technology and Communication Services sectors, along with an overweight in Financials and an underweight in Real Estate, contributed to the fund’s performance. The fund also highlighted Intel Corporation (NASDAQ: INTC) in their letter, emphasizing the company’s strong fourth-quarter results despite falling short of sales guidance in the first quarter. Intel Corporation is one of the largest semiconductor chipmakers globally.
The monthly return for Intel Corporation was 2.24%, with shares losing 7.88% of their value in the last 52 weeks. As of June 28, 2024, Intel Corporation’s stock price closed at $30.97 per share, with a market capitalization of $131.835 million. The fund acknowledged the potential of Intel Corporation as an investment but expressed a preference for AI stocks due to their promise of higher returns in a shorter time frame. Despite this, Intel Corporation remains a popular choice among hedge funds, with 77 hedge fund portfolios holding shares of the company at the end of the first quarter.
Ariel Global Fund also commented on Intel Corporation in their Q1 2024 Investor Letter, discussing the company’s disappointing near-term outlook. For more insights on Intel Corporation and other leading investors, readers can refer to Hedge Fund Investor Letters for Q1 2024. The article also mentions a separate piece on the best hardware stocks according to hedge funds.
In conclusion, Parnassus Value Equity Fund’s Q1 2024 investor letter highlighted the strong performance of the fund, particularly in the Information Technology and Communication Services sectors. Intel Corporation was a key focus, with the company’s solid fourth-quarter results generating interest despite challenges in sales guidance. Hedge funds continue to hold shares of Intel Corporation, indicating its popularity among investors. The fund recognizes the potential of Intel Corporation but also suggests exploring AI stocks for potentially higher returns. For more information on Intel Corporation and other hedge fund insights, readers are encouraged to explore additional resources provided by the fund.
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https://finance.yahoo.com/news/optimistic-growth-prospects-intel-corporation-113438771.html