PCOR - Parnassus Growth Equity Fund Q2 2024 Investment Commentary
2024-07-19 06:50:00 ET
Summary
- Parnassus Growth Equity Fund (Investor Shares) returned 3.74% (net of fees) for the quarter, underperforming the Russell 1000 Growth Index’s 8.33%.
- The underperformance was primarily driven by our stock selection in the Information Technology sector. An overweight position and stock selection in the Financials sector also detracted.
- We took advantage of recent sell-offs to add two new positions in Financials and Information Technology: MSCI and Workday, respectively. We offset these new holdings by trimming our existing positions and selling Palo Alto Networks within Information Technology.
- We continue to focus on taking a balanced approach to positioning the portfolio in neither an overly offensive ordefensive way given the market environment, and to focus on high-quality businesses with strong growth potential.