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Summary
- Parnassus Growth Equity Fund (Investor Shares) returned 3.93% (net of fees) during the quarter, outperforming the Russell 1000 Growth Index’s 1.12%.
- Our overweight to Health Care and holdings in the sector lifted relative returns, as did holdings in Information Technology.
- In contrast, holdings in Consumer Discretionary and Materials held back relative performance.
- We are maintaining a balance between offensive positi…
Summary
- Parnassus Growth Equity Fund (Investor Shares) returned 3.93% (net of fees) during the quarter, outperforming the Russell 1000 Growth Index’s 1.12%.
- Our overweight to Health Care and holdings in the sector lifted relative returns, as did holdings in Information Technology.
- In contrast, holdings in Consumer Discretionary and Materials held back relative performance.
- We are maintaining a balance between offensive positions in beneficiaries of secular trends and defensive positions with resilient characteristics.
- We expect the market to broaden, which should favor our active approach to selecting high-quality companies in the pursuit of strong long-term returns.
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Market Review
Growth equities posted modest gains in the fourth quarter, with returns varying significantly across sectors in the Russell 1000 Growth Index. The sector divergence reflected a rotation away from mega-cap technology stocks into more cyclical
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