| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.6% | -1.56% | -1.56% |
The Parnassus Value Equity Fund returned -1.56% in Q1 2026, underperforming the Russell 1000 Value Index's 2.10% gain. Performance was hurt by lack of Energy sector exposure and holdings in Health Care and Real Estate, while Industrials, Communication Services and Information Technology holdings contributed positively. The fund maintains a quality-oriented portfolio with balanced exposure across defensive value and secular themes, with largest overweights in Financials, Information Technology and Health Care. During the quarter, the fund sold positions in Novo Nordisk and Danaher, redeploying proceeds into Boston Scientific. Value stocks continued outperforming growth amid market uncertainty driven by geopolitical tensions, AI disruption fears, and persistent inflation. The managers believe their quality-anchored portfolio will prove resilient through current volatility, as fundamental tailwinds supporting long-term upside in portfolio companies remain intact despite near-term market pressures.
Parnassus Value Equity Fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap quality companies that are temporarily out of favor but positioned to benefit from long-term thematic tailwinds.
The fund expects their quality-anchored portfolio to prove resilient if geopolitical risks broaden into bigger headwinds for the global economy. They believe fundamental tailwinds underpinning long-term upside in portfolio companies remain intact despite near-term market volatility. The current environment offers opportunity for value investors with a quality focus and long-term investment horizon.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 17 2026 | 2026 Q1 | AMAT, BSX, CBRE, DE, DHR, FDX, MA, MSFT, NVO, SPGI, V, VZ, WDC | financials, Geopolitical, healthcare, large cap, Quality, technology, value | - | Parnassus Value Equity Fund underperformed in Q1 2026 due to Energy sector avoidance and select Health Care holdings. The fund maintains quality-focused positioning across defensive value and secular themes, with overweights in Financials and Technology. Value continued outperforming growth amid geopolitical uncertainty and AI disruption fears, supporting the fund's long-term quality-anchored approach. |
| Jan 18 2026 | 2025 Q4 | A, AMD, BAC, BALL, BK, CBRE, CMCSA, CMI, CMS, DE, GOOGL, GPN, HD, JPM, MA, MSFT, MU, NICE, NVO, ORCL, REGN, SCHW, SPGI, SYY, WDC, WM | AI, financials, healthcare, large cap, Quality, technology, value |
WDC HD WM |
Parnassus Value Equity outperformed in Q4 and 2025, driven by AI-benefiting holdings across Technology and Industrials. The manager maintains quality-focused positioning with overweights in Financials and Health Care while taking profits in long-term IT winners. Expects continued value outperformance given elevated growth valuations and broadening AI adoption across industries beyond technology. |
| Oct 15 2025 | 2025 Q3 | ABNB, ABT, BAC, BALL, BK, CBRE, CMI, DE, DHI, GOOGL, HD, JPM, MA, NICE, NVO, ORCL, SPGI, SYK, TSM, WDC | AI, financials, healthcare, large cap, Quality, technology, value | - | Parnassus Value Equity outperformed in Q3 2025 driven by AI-benefiting IT holdings, while rebalancing toward healthcare and home improvement. The manager believes elevated market valuations and declining rates favor value stocks over growth, maintaining quality-focused positioning across defensive and cyclical sectors with confidence in long-term outperformance through disciplined valuation approach. |
| Jun 30 2025 | 2025 Q2 | A, AVGO, AZN, BAX, DHR, GILD, GPN, LIN, MSFT, MU, ORCL, PFE, PGR, REGN, SPG, TMO, TSM, UNH, WMT, WTW | AI, healthcare, Quality, tariffs, technology, value |
WMT TMO LIN REGN WTW DHR |
Parnassus Value Equity Fund outperformed significantly in Q2 2025, driven by AI-related technology holdings despite initial tariff-induced volatility. The manager leveraged market uncertainty to rotate into quality healthcare and materials names at attractive valuations while maintaining balanced sector positioning. The portfolio consists of temporarily out-of-favor large cap stocks positioned for long-term resilience and upside. |
| Apr 14 2025 | 2025 Q1 | A, ALGN, AMD, AMZN, AVGO, BAC, BIO, CI, DE, GILD, GOOGL, JPM, MA, PGR, ROST, SPG, SPGI, SYY, V, VZ | financials, healthcare, large cap, moats, Quality, technology, uncertainty, value |
AMD JPM |
Parnassus Value underperformed in Q1 as tech holdings declined amid AI spending concerns and tariff uncertainty. The fund is rotating from defensive outperformers into quality franchises like JP Morgan and AMD at attractive valuations. With 90% in moat companies, they view current volatility as creating opportunities for patient capital in secular growth themes. |
| Dec 31 2024 | 2024 Q4 | ABNB, ALGN, AMAT, AMZN, AVGO, AZN, BALL, BAX, BIIB, BK, DHI, GOOGL, GPN, INTC, MU, NICE, ORCL, PGR, SCHW, TSM | AI, financials, healthcare, large cap, semiconductors, technology, value |
ABNB AZN NVO AMAT V |
Parnassus Value Equity outperformed in Q4 despite a -1.48% return, driven by AI beneficiaries Broadcom and Oracle. The fund added semiconductor equipment leader Applied Materials and other quality names at attractive valuations. Managers see potential for value stock outperformance as investor sentiment shifts toward economically sensitive sectors, while remaining positioned for volatility. |
| Oct 28 2024 | 2024 Q3 | AMZN, AXP, BAC, BALL, BIIB, BK, CBRE, CHTR, DE, DHI, GOOGL, INTC, MU, ORCL, PGR, SCHW, SPGI, SYY, UNH, VZ | financials, healthcare, large cap, rates, technology, value |
UNH AMZN |
Parnassus Value Equity Fund underperformed in Q3 due to Technology sector headwinds but added quality names UnitedHealth and Amazon at discounted valuations. The Fed's dovish pivot should broaden market participation beyond megacaps, particularly benefiting interest rate-sensitive value stocks. The fund maintains disciplined focus on resilient businesses despite elevated valuations and economic uncertainties. |
| Jul 12 2024 | 2024 Q2 | ALGN, AVGO, BAC, BALL, BAX, BEP, BK, CMCSA, CSCO, GOOGL, GPN, INTC, MSFT, MU, NICE, ORCL, SPGI, SYY, TSM, VZ | AI, financials, healthcare, large cap, semiconductors, technology, value | - | Parnassus Value Equity Fund underperformed in Q2 due to Healthcare stock selection but maintains conviction in its concentrated large cap value strategy. The fund is positioned for AI upside through Technology holdings while maintaining defensive characteristics. Managers expect increased market uncertainty to create more bargain opportunities in quality companies trading below fair value. |
| Apr 27 2024 | 2024 Q1 | BAC, BALL, BEPC, BIIB, BMRN, CHTR, CMI, DOX, FIS, GILD, INTC, MU, NICE, ORCL, PFE, PGR, SPGI, SYY, VZ, WDC | AI, financials, large cap, semiconductors, technology, value | - | Parnassus Value Equity outperformed in Q1 2024 on strong tech and communication services stock selection, led by Micron's AI-driven memory surge and Progressive's premium growth. The Fund is positioned for broadening market gains beyond 2023's concentration, with overweights in Financials and new positions in turnaround stories like Pfizer and AI-enabled software leader NICE. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI megatrend remained intact during the quarter but caused sharp sell-offs in asset-light businesses like software due to fears of disruption. The fund sees AI as net additive to companies like CBRE given their data advantages, and believes Visa and Mastercard are net beneficiaries through exposure to agentic commerce. |
Artificial Intelligence Disruption Software Data Commerce |
ValueValue stocks continued outperformance during the first quarter with the Russell 1000 Value Index significantly outperforming growth over the last six months. The renewed period of market uncertainty favors stocks with reasonable valuations over those embedding high market expectations. |
Value Investing Outperformance Valuations Growth | |
QualityThe fund maintains a quality-oriented portfolio with balanced exposure across defensive value and secular themes. They focus on quality businesses at attractive valuations and invest behind leaders with demonstrated experience navigating uncertainty. |
Quality Companies Defensive Management Resilience | |
SemiconductorsApplied Materials benefited from higher demand from foundry customers tied to AI infrastructure buildout as hyperscalers increased spending to support accelerating compute needs. Taiwan Semiconductor is among the fund's top ten holdings. |
Foundries Infrastructure Equipment Manufacturing | |
| 2025 Q4 |
AutomationAutomation has become a strategic necessity for supply-chain retooling and industrial investment as manufacturers turn to automation to support re-shoring while maintaining productivity. FANUC exemplifies this trend as a global leader in industrial automation whose technology underpins manufacturing across industries. |
Industrial Manufacturing Robotics Supply Chain Re-shoring |
Critical MineralsMaterials have re-emerged as strategically important rather than purely cyclical, driven by supply-chain re-engineering and infrastructure investment. Holdings like Pan American Silver and Southern Copper provide exposure to critical inputs underpinning electrification and industrial renewal. |
Silver Copper Mining Electrification Infrastructure | |
AIAI infrastructure and technology continued to drive market performance, with the Magnificent Seven accounting for roughly half of S&P 500 returns. However, the scale of investment is creating opportunities beyond the largest companies in industrial, materials, and infrastructure-related businesses. |
Technology Infrastructure Data Centers Semiconductors Investment | |
OnshoringSupply chains are being re-engineered around strategic alignment and political reliability rather than pure efficiency. This shift toward re-shoring and friend-shoring is driving sustained demand for automation, critical materials, and industrial investment. |
Supply Chain Manufacturing Trade Policy Strategic Resilience | |
Industrial PolicyGovernments and corporations are prioritizing supply-chain resilience across technology, manufacturing, energy infrastructure, and critical minerals. Industrial policy is increasingly shaping capital allocation and investment decisions in a more multipolar world. |
Government Policy Strategic Investment Geopolitics | |
| 2025 Q3 |
AIThe AI megatrend is fueling demand for high-capacity, cost-effective storage and driving positive sentiment toward IT holdings. Oracle continues to benefit from the AI megatrend with accelerating cloud growth, while Taiwan Semiconductor Manufacturing Company benefits from growing demand for AI chips. |
Artificial Intelligence Cloud Storage Semiconductors Data Centers |
ValueThe current market environment with stable economic growth, declining interest rates and high starting valuations favors value stocks to outperform. Reasonably valued stocks are expected to outperform those priced for higher earnings growth. |
Valuation Outperformance Quality Margin of Safety Risk-Adjusted Returns | |
Medical DevicesThe fund increased exposure to medical devices with purchases of Abbott and Stryker. Both companies have durable growth drivers underpinned by new product launches that will enable market share gains in attractive end markets. |
Healthcare Innovation Market Share Growth Devices | |
Home ImprovementThe fund transitioned from homebuilding to home improvement by selling D.R. Horton and purchasing Home Depot. A combination of home equity wealth accumulation, mortgage lock-in effects and aging housing stock create multiyear tailwinds for home improvement companies. |
Housing Renovation Mortgage Demographics Consumer Spending | |
| 2025 Q2 |
AIThe Fund's outperformance was primarily driven by artificial intelligence-related portfolio holdings in the Information Technology sector. AI-related companies like Broadcom, Oracle, Microsoft, Micron Technology, and Taiwan Semiconductor benefited from the ongoing AI megatrend and boom in AI investment. The portfolio maintains exposure to semiconductor makers and cloud providers as key beneficiaries of AI investment and cloud adoption. |
Semiconductors Cloud Data Centers Chip Designers Memory |
ValueThe 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. The macroeconomic uncertainty presents greater opportunity for value investors to purchase quality businesses at attractive valuations. The Fund leveraged market sell-offs to buy quality businesses at attractive prices. |
Quality Large Cap Concentrated Attractive Valuations Risk-Adjusted | |
Trade PolicyThe quarter began with a steep sell-off following President Trump's announcement of harsher-than-expected tariffs on April 2, but stocks recovered on progress in international trade negotiations. The impact of even a baseline level of tariffs on inflation remains unclear and could influence Federal Reserve actions. Sustained uncertainty on trade policy could impact business investment and retail tenants. |
Tariffs Trade Negotiations Inflation Business Investment Retail | |
| 2025 Q1 |
AIThe fund maintains exposure to AI adoption through cloud and semiconductor companies despite near-term softness. They added Advanced Micro Devices to capitalize on AI accelerator opportunities and the adoption of accelerated computing as AMD's competitive GPUs and CPUs continue to take market share. |
Semiconductors Cloud GPUs Accelerated Computing Data Centers |
CloudInformation Technology overweight is tied to cloud adoption where they continue to expect secular growth despite near-term softness. The fund views cloud infrastructure as a key secular growth theme for opportunistic investment when bargains arise due to temporary sentiment reversals. |
Infrastructure SaaS Data Centers Enterprise Software Secular Growth | |
PaymentsThe fund is redeploying capital into global market leaders with growing competitive moats, specifically mentioning Visa as an example. Payments represents one of their secular opportunity themes for opportunistic exposure when finding bargains. |
FinTech Digital Payments Transaction Processing Financial Services Moats | |
Managed CareHealth Care sector exposure includes managed care as a secular opportunity theme. Cigna Group benefited during the quarter as investors viewed it as safer given minimal federal government spending exposure and relatively low insurance risk compared to other health insurers. |
Healthcare Insurance Government Spending Risk Management Demographics | |
| 2024 Q4 |
AIThe fund benefited from AI-driven performance in holdings like Broadcom, which achieved record revenues from AI projects and custom chips for AI infrastructure. Oracle gained market share in cloud-based training of generative AI models through strategic partnerships. Applied Materials was added as a leading supplier of wafer fabrication equipment critical for AI semiconductor manufacturing. |
Artificial Intelligence AI Infrastructure Custom Chips Cloud Training Wafer Fabrication |
SemiconductorsThe portfolio maintains significant exposure to semiconductor companies including Broadcom, Taiwan Semiconductor, Applied Materials, and Micron Technology. The fund expects secular growth in high-performance computing applications despite near-term cyclical softness in PC and smartphone demand. Applied Materials was added for its scale and innovation in materials engineering as semiconductor manufacturing technology progresses. |
Semiconductor Equipment Memory Foundries High-Performance Computing Cyclical Recovery | |
ValueThe fund pursues a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. Recent additions like Visa were made at historically attractive valuations given business quality. The strategy focuses on opportunistically allocating capital to undervalued opportunities with durable competitive positions. |
Undervalued Out of Favor Attractive Valuations Opportunistic Allocation Competitive Positions | |
FinancialsThe fund maintains positions in select financial names that can benefit from stable to higher interest rates, including Charles Schwab, Bank of New York Mellon, and newly added Visa. Economic conditions have improved along with growth expectations given the favorable regulatory and tax regime suggested by the new administration. |
Interest Rates Regulatory Environment Payment Processing Banking Economic Conditions | |
| 2024 Q3 |
ValueThe fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. Recent additions of UnitedHealth Group and Amazon exemplify purchasing high-quality businesses at discounted valuations during temporary issues. |
Value Discounted Undervalued Concentrated Quality |
RatesThe Federal Reserve's dovish pivot and first interest rate cut in over two years is expected to broaden the stock market rally beyond select megacap constituents. Lower rates particularly benefit value stocks, which are typically more sensitive to interest rates, and should improve funding costs for financial institutions. |
Interest Rates Fed Monetary Policy Rate Cuts Financial Conditions | |
| 2024 Q2 |
AIThe fund maintains strategic investments in Information Technology that should benefit from AI advancements. AI-related storylines continued to drive investor focus during the quarter. The fund sees upside from AI infrastructure spend through holdings like Broadcom. |
Artificial Intelligence Infrastructure Technology Semiconductors Data Centers |
SemiconductorsThe fund holds positions in semiconductor companies including Micron Technology, Taiwan Semiconductor Manufacturing Company, and Broadcom. TSMC's leading position in AI chip production boosted investor sentiment, while Micron is well positioned to capitalize on AI-driven demand for greater memory. |
Memory DRAM NAND AI Chips Foundries | |
ValueThe fund pursues strong risk-adjusted returns by owning a concentrated portfolio of U.S. large cap stocks that are temporarily out of favor relative to their history or peers. The strategy focuses on undervalued stocks of quality companies that are likely to rise quickly if the market rally broadens. |
Undervalued Quality Concentrated Bargains Attractive Valuations | |
| 2024 Q1 |
AIThe artificial intelligence related momentum and optimism that characterized much of 2023's market activity continued in the quarter, especially within the Semiconductor industry. NICE is positioned to benefit as enterprises continue to embrace AI and cloud-based solutions for customer experience software. |
Artificial Intelligence Semiconductors Cloud Enterprise Software |
SemiconductorsMicron shares soared as price increases in memory and storage end markets improved profitability, remaining well-positioned to capitalize on surging demand for AI infrastructure. Western Digital results surpassed expectations and is favorably positioned to capitalize on long-term growth opportunities in data storage. |
Memory Storage Data Centers Chip Cycle | |
FinancialsGreater confidence in U.S. economic growth drove more demand for borrowing and improved the environment for lending, benefiting banks. The Fund maintains an overweight in Financials as positions in Capital Markets industries should do well if the market continues to rally and economic uncertainty resolves. |
Banks Lending Capital Markets Credit |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 18, 2026 | Fund Letters | Billy Hwan | WDC | Western Digital Corporation | Information Technology | Technology Hardware Storage & Peripherals | Bull | NASDAQ | AI, datacenters, Margins, Pricing, Storage | Login |
| Jan 18, 2026 | Fund Letters | Billy Hwan | HD | The Home Depot, Inc. | Consumer Discretionary | Home Improvement Retail | Bear | New York Stock Exchange | Cyclicality, Demand, home improvement, Housing, retail | Login |
| Jan 18, 2026 | Fund Letters | Billy Hwan | WM | Waste Management, Inc. | Industrials | Commercial Services & Supplies | Bull | New York Stock Exchange | Defensiveness, Pricing power, Recycling, synergies, waste | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | WMT | Walmart Inc. | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | advertising revenue, consumer staples, Digital transformation, e-commerce, marketplace services, Omnichannel, retail, Scale Advantages | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | TMO | ThermoFisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | biologics, biopharma, capital allocation, diversified portfolio, Genetic medicine, Life Sciences Tools, strategic acquisitions | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | LIN | Linde plc | Materials | Industrial Gases | Bull | NYSE | capital intensity, clean energy, Concentrated market, Cyclical Recovery, Decarbonization, high switching costs, Industrial Gases, Reshoring | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | REGN | Regeneron Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | Antibody platform, biotechnology, Dupixent, Intellectual Property, Label expansions, Oncology pipeline, R&D Capabilities, Respiratory treatments | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | WTW | Willis Towers Watson PLC | Financials | Insurance Brokers | Bull | NASDAQ | Client Retention, defensive characteristics, Fee-based Income, global scale, Insurance Broker, leadership changes, Merger Integration, organic growth | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Value Equity Fund | DHR | Danaher Corp. | Health Care | Life Sciences Tools & Services | Bull | NYSE | biologics, Biopharma workflows, diagnostics, Genetic medicine, Life Sciences Tools, market dominance, Regulatory Moats, Scale Advantages | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Value Equity Fund | AMD | Advanced Micro Devices Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Accelerated Computing, AI, CPUs, Gaming, GPUs, semiconductors, Servers, technology | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Value Equity Fund | JPM | JPMorgan Chase & Co. | Financials | Banks | Bull | NYSE | banking, Consumer Banking, credit cards, defensive, financial services, investment banking, scale | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Value Equity Fund | ABNB | Airbnb Inc. | Consumer Discretionary | Hotels, Restaurants & Leisure | Bull | NASDAQ | cash flow generation, Consumer Discretionary, Cyclical Recovery, online marketplace, platform, Scalability, Short-term rentals, Travel | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Value Equity Fund | AZN | AstraZeneca PLC | Health Care | Pharmaceuticals | Bull | NASDAQ | attractive valuation, CEO Turnaround, China Investigation, Diverse Portfolio, drug development, Global Demand, pharmaceuticals, R&D pipeline | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Value Equity Fund | NVO | Novo Nordisk | Health Care | Pharmaceuticals | Bull | NYSE | financial strength, GLP-1, Innovative Pipeline, Manufacturing Scale, market leadership, political uncertainty, Regulatory Concerns, weight-loss drugs | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Value Equity Fund | AMAT | Applied Materials Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Cyclical Recovery, Edge computing, Materials Engineering, Scale Advantages, semiconductor equipment, technology innovation, Wafer Fabrication | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Value Equity Fund | V | Visa Inc. | Financials | Financial Services | Bull | NYSE | attractive valuation, Cash Displacement, digital payments, Global Merchant Network, High Quality Business, market leadership, network effects, transaction fees | Login |
| Sep 30, 2024 | Fund Letters | Parnassus Value Equity Fund | UNH | UnitedHealth Group Inc. | Health Care | Health Care Plans | Bull | NYSE | Aging Population, Health Care Plans, Healthcare Analytics, managed care, secular tailwinds, Value, vertical integration | Login |
| Sep 30, 2024 | Fund Letters | Parnassus Value Equity Fund | AMZN | Amazon.com Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | AWS, Cloud computing, Consumer Discretionary, e-commerce, hyperscale, margin expansion, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| DE | Deere advanced on expectations for an agricultural cycle recovery and continued adoption of precision agriculture technologies, with investors viewing the agricultural equipment business as both durable and future proofed. |
| VZ | Verizon Communications shares climbed as the company benefited from a change in strategy under a new CEO to prioritize subscriber retention, while investors shifted into more defensive stocks over the period due to market volatility. |
| WDC | Western Digital, a leading data storage products maker, advanced after the company's strong quarterly results, which highlighted robust demand from data center spending. |
| AMAT | Applied Materials, which supplies semiconductor manufacturing equipment, benefited from higher demand from foundry customers tied to AI infrastructure buildout, as hyperscalers increased spending to support accelerating compute needs. |
| FDX | FedEx shares advanced as the company executed meaningful cost reductions under its DRIVE program ahead of the planned spin-off of FedEx Freight, which is targeted for completion in June 2026. |
| CBRE | CBRE Group shares declined on higher financing costs for the commercial real estate sector and fears that AI could disrupt the company's traditional commercial real estate brokerage business model. We believe AI will be net additive to CBRE's moat given its vast data advantage. |
| MSFT | Microsoft shares ended lower amid continued investor fears around the potential return on its elevated AI-related capital expenditures, despite the company reporting healthy financial results. |
| SPGI | S&P Global underperformed as uncertainty around the theoretical ease of replacing financial data providers with AI tools weighed on sentiment. We expect the company to remain an important player in its debt rating, data and risk management market segments. |
| MA | Mastercard shares declined despite management's strong 2026 earnings outlook, as investors weighed regulatory concerns, potential disruption from AI-enabled payments and rising macro uncertainty. |
| V | Visa shares fell alongside Mastercard despite management's strong 2026 earnings outlook, as litigation-related overhangs, regulatory concerns and a more cautious macro backdrop weighed on investor sentiment. Still, we believe both Visa and Mastercard are net beneficiaries of AI, with their exposure to agentic commerce. |
| BSX | Boston Scientific has a durable core business supported by recurring procedure volumes, while newer growth drivers like Watchman and Farapulse provide upside as adoption expands. In our view, the market has underappreciated the sustainability of Boston Scientific's growth and innovation pipeline, allowing us to invest in a resilient, well-managed business at a valuation that offers both downside support and long-term return potential. |
| NVO | A series of unfavorable clinical developments, alongside a more competitive and pricing-constrained landscape, reduced our confidence in Novo Nordisk's ability to sustain its prior growth and market leadership. While the stock price had already reflected some of these challenges, we believed the risk/reward opportunity is less attractive and chose to reallocate capital toward existing positions where our conviction is higher. |
| DHR | We exited our Danaher position, as we chose to redeploy capital into other opportunities where we see more compelling return potential, while maintaining the portfolio's overall quality and resilience. |
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