Parnassus Investments, an investment management firm that focuses on owning a concentrated portfolio of U.S. large cap stocks, released its Parnassus Value Equity Fund second-quarter 2025 investor letter. The full letter is available for download here. For the second quarter of 2025, the fund reported a net return of 7.24%, outperforming its benchmark, the Russell 1000 Value Index, which returned 3.79% for the same period. The fund’s top 5 holdings are also listed in the letter, showing the firm’s main investment positions heading into 2025.

One of the companies mentioned in the letter is Linde plc (NASDAQ:LIN). Linde plc (NASDAQ:LIN) is an industrial gas company in the United States, China, Germany, the United Kingdom, Australia, Mexico, Brazil, and internationally. Over the past month, Linde plc (NASDAQ:LIN) rose by 2.95%, and its shares gained 4.89% of their value over the last 12 months. On August 12, 2025, Linde plc (NASDAQ:LIN) shares closed at $473.23, with a market capitalization of $221.902 billion.

Here is what they have to say about Linde plc (NASDAQ:LIN) in their investor letter:

"Linde plc (NASDAQ:LIN) operates in a concentrated industrial gas market with high switching costs and capital intensity, which creates durable competitive advantages and earnings resilience. Linde’s relevancy is further enhanced by its strategic positioning in clean energy, which is expected to grow due to ongoing projects worldwide. CEO Sanjiv Lamba’s experienced leadership and disciplined capital allocation across growth capital expenditure, dividends and buybacks reinforce confidence in execution."Materials Dividends Spotlight: Linde’s (LIN) Consistent Payout and Global Reach

A scientist in a lab coat inspecting a cylinder filled with industrial gas.

Linde plc (NASDAQ:LIN) is not included in our list of the 30 most popular stocks among hedge funds. According to our data,

75 hedge fund portfolios held positions in Linde plc (NASDAQ:LIN) at the end of the first quarter of 2025, up from

70 in the previous quarter. LIN surpassed earnings expectations, delivering an EPS of $4.09 compared to the projected $4.03. While we acknowledge the potential of LIN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Linde plc (NASDAQ:LIN) and Bernstein SocGen Group’s views on the company. In addition, please check out our hedge fund investor letters Q2 2025 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.