2024-07-17 09:50:00 ET
Summary
- The Fund (Investor Shares) returned -5.80% (net of fees) for the quarter, underperforming the Russell Midcap Index’s -3.35% return.
- The portfolio’s underperformance was primarily driven by stock selection. The Health Care and Industrials sectors were the biggest detractors, due in part to our overweight positioning in life sciences tools and freight transportation stocks.
- We shifted the portfolio position in the Consumer Staples sector from a modest underweight to a significant underweight during the quarter and increased the overweight position in the Information Technology sector.
- The portfolio’s high-quality holdings should help protect against potential market downturns and take advantage of growth opportunities as cyclical pressures ease and long-term secular trends prevail.
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Parnassus Mid Cap Fund Q2 2024 Investment Commentary