TSM - Parnassus Value Equity Fund Q2 2024 Investment Commentary

2024-07-15 12:05:00 ET

Summary

• Parnassus Value Equity Fund (Investor Shares) returned -3.81% (net of fees) for the quarter, underperforming the Russell 1000 Value Index’s -2.17%.
• Stock selection in the Health Care sector drove most of the underperformance. Selection in the Consumer Staples and Industrials sectors detracted to a lesser degree.
• We sold Cisco Systems and bought Broadcom for more attractive networking exposure, while adding to our existing cable positions.
• Our artificial intelligence–related (AI-related) investments in Information Technology are complemented by holdings that should benefit if performance across other sectors improves.
• If investor uncertainty around interest rates and the political landscape heightens, we anticipate finding more bargain opportunities.

Parnassus Value Equity Fund

The strategy pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are poised to rise but are temporarily out of favor relative to their history or peers....

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