Parnassus Investments, an investment management company, released the “Parnassus Growth 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 3.29% (net of fees) outperforming the Russell 1000 Growth Index’s 3.19% gain. Stock selection in the Health Care sector primarily drove the portfolio’s outperformance. Also, overweight position and stock selection in the Financials sector buoyed the gains. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Growth Equity Fund highlighted stocks like Intuit Inc. (NASDAQ:INTU), in the third quarter 2024 investor letter. Intuit Inc. (NASDAQ:INTU) offers financial management and compliance products and services. The one-month return of Intuit Inc. (NASDAQ:INTU) was -8.38%, and its shares gained 6.04% of their value over the last 52 weeks. On December 10, 2024, Intuit Inc. (NASDAQ:INTU) stock closed at $647.07 per share with a market capitalization of $181.13 billion.

Parnassus Growth Equity Fund stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q3 2024 investor letter:

"Intuit Inc. (NASDAQ:INTU) shares fell despite the financial software company posting strong quarterly results. The company’s pricing-dependent long-term guidance concerned investors. However, we continue to believe Intuit’s customer growth and relevant platform will sustain its wide moat and long growth runway."

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Intuit Inc. (NASDAQ:INTU) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 87 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of the third quarter which was 82 in the previous quarter. In the fiscal first quarter of 2025, Intuit Inc. (NASDAQ:INTU) delivered $3.3 billion in revenues, up 10% year-over-year. While we acknowledge the potential of Intuit Inc. (NASDAQ:INTU) 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 Intuit Inc. (NASDAQ:INTU) and shared the list of Wells Fargo’s top technology stocks that can beat the flagship S&P index over the next 12 months. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.