Parnassus Investments, an investment management company, released the “Parnassus Value Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) returned -3.81% (net of fees) underperforming the Russell 1000 Value Index’s -2.17% return. Stock selection in the Health Care sector drove most of the portfolio’s underperformance. The firm believes the Fund is well positioned for future returns with AI-related investments in Information Technology complemented by holdings that should benefit from...
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