AVTR - Parnassus Mid Cap Fund Q1 2024 Investment Commentary
2024-05-26 09:55:00 ET
Summary
- Parnassus Investments is a fundamental, bottoms-up investment firm offering responsible investment funds to the public. Parnassus Investments integrates comprehensive ESG evaluations with fundamental financial analysis to select investments.
- The Fund (Investor Shares) returned 8.35% for the quarter, modestly underperforming the Russell Midcap Index’s 8.60% return.
- Portfolio performance was primarily driven by stock selection within Industrials and Utilities, partially offset by positive stock selection in Communication Services.
- The portfolio position in Financials shifted from a slight underweight to an overweight during the quarter. A neutral position in Industrials also shifted to an overweight.
- Our outlook is constructed with both high-quality defensive and offensive holdings. This approach should help us hedge against potential market turndowns and take advantage of growth opportunities.
Parnassus Mid Cap Fund
| Fund Facts |
| Investor Shares |
| Institutional Shares |
| Ticker |
| Net Expense Ratio1 |
| 0.96% |
| 0.75% |
| Gross Expense Ratio |
| 0.97% |
| 0.76% |
| Inception Date |
| 04/29/2005 |
| 04/30/2015 |
| Benchmark |
| Russell Midcap Index |
| Asset Class |
| U.S. mid cap blend |
| Objective |
| Capital appreciation |