BALL - Parnassus Core Equity Fund Q2 2024 Investment Commentary

2024-07-25 07:35:00 ET

Summary

• Parnassus Core Equity Fund (Investor Shares) returned 1.86% (net of fees) for the quarter, underperforming the S&P 500 Index’s 4.28%.
• The underperformance was primarily driven by negative stock selection in the Information Technology sector, offset somewhat by its favorable overweight position.
• We increased our underweight position in the Health Care sector as we sold Roche. We also decreased our overweight position in the Financials sector by trimming Bank of America and other positions.
• We continue to take a balanced approach to positioning the portfolio in neither an overly offensive or defensive way given the market environment, and to focus on high-quality businesses with strong growth potential.

Parnassus Core Equity Fund

The strategy pursues strong long-term returns by owning a concentrated portfolio of high-quality U.S. large cap businesses that are available at attractive prices due to cyclical concerns or under appreciation of earnings potential....

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