LULU - Parnassus Mid Cap Growth Fund Q1 2024 Investment Commentary
2024-05-26 08:10:00 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 7.85% for the first quarter of 2024, underperforming the Russell Midcap Growth Index’s 9.50% return.
- Stock selection in the Consumer Discretionary and Health Care sectors hampered relative results, while stock selection in Information Technology contributed.
- The portfolio remains overweight in Information Technology and Consumer Discretionary, and shifted from a slight underweight to an overweight in Financials during the quarter.
- We believe the valuation of mid cap growth stocks should return to its historical premium to large cap growth, especially if inflation continues to decelerate and rate cuts limit the pressure on the economy.
Parnassus Mid Cap Growth Fund
| Fund Facts |
| Investor Shares |
| Institutional Shares |
| Ticker |
| (PARNX) |
| (PFPRX) |
| Net Expense Ratio1 |
| 0.80% |
| 0.68% |
| Gross Expense Ratio |
| 0.80% |
| 0.70% |
| Inception Date |
| 12/31/1984 |
| 04/30/2015 |
| Benchmark |
| Russell Midcap Growth Index |
| Asset Class |
| U.S. mid cap growth |
| Objective |
| Capital appreciation |