Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter, the Fund (Investor Shares) returned 8.55% (net of fees) outperforming the Russell Midcap Index’s 6.54% return. Stock selection in Health Care sector drove the outperformance of the portfolio while stock selection within Real Estate detracted. The Fund’s focus on quality characteristics has benefited from reduced cyclical pressures and company-specific opportunities. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Parnassus Mid Cap Fund highlighted stocks like J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), in the third quarter 2024 investor letter. J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) offers surface transportation, delivery, and logistic services in the United States. The one-month return of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) was -0.66%, and its shares lost 10.42% of their value over the last 52 weeks. On December 12, 2024, J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) stock closed at $181.15 per share with a market capitalization of $18.352 billion.
Parnassus Mid Cap Fund stated the following regarding J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) in its Q3 2024 investor letter:
“We welcomed J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) to the portfolio during the quarter. The largest intermodal transportation provider in the country, J.B. Hunt is well positioned to benefit when freight volumes improve. J.B. Hunt is the largest provider of intermodal trucking services in the country. Freight volumes have been in an extended downturn, and we believe that freight volumes are poised to inflect higher and that J.B Hunt’s margins should recover sharply.”
A truck on a highway, its exhausts billowing in the air.
J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) at the end of the third quarter which was 32 in the previous quarter. While we acknowledge the potential of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) 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.
