The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
Parnassus Growth Equity Fund (Investor Shares) posted a net return of 4.44% in the third quarter of 2026, significantly outperforming the Russell 1000 Growth Index benchmark return of 0.92%. For the year-to-date period, the strategy delivered a net return of 10.88% against 6.30% for the benchmark index. Relative outperformance was primarily driven by stock selection in Health Care and Information Technology, partially offset by an underweight posture in Energy and holdings in Materials. The strategy closed the quarter with an active underweight in Information Technology (46.3% of total net assets versus 56.5% for the benchmark), active overweights in Health Care (13.0% vs. 5.4%), Materials, and Financials, zero allocation to Energy, Real Estate, or Utilities, and a cash reserve of 0.4%. The investment team operates against a macroeconomic regime characterized by persistent inflation, elevated interest rates following Federal Reserve monetary tightening, geopolitical friction from the Iran conflict disrupting global energy supplies, and shifting trade tariff policies. While acknowledging that short-term equity markets have been driven by narrative-fueled momentum rather than fundamentals—punishing earnings misses and software business models vulnerable to artificial intelligence disruption—the managers maintain that structural enterprise investment in artificial intelligence compute and cross-sector productivity gains will support durable equity appreciation. Portfolio activity was exceptionally restrained during the quarter, with zero position initiations or complete exits executed, other than the immediate liquidation of shares received from the Mobility Global spin-off via S&P Global. Capital allocation remained anchored in high-conviction holdings across healthcare technology leaders such as Twist Bioscience and Natera, alongside infrastructure bottleneck providers including GE Vernova and Comfort Systems USA. Top portfolio weightings remain anchored by mega-cap technology leaders NVIDIA (11.3%), Alphabet (10.5%), and Meta Platforms (4.9%).
The strategy pursues strong long-term returns by owning a concentrated portfolio of innovative, high-quality U.S. large cap companies that are well positioned to benefit from long-term secular trends.
The investment team maintains cautious optimism amid an intensifying set of macroeconomic crosscurrents, asserting that the structural foundation for equity appreciation remains solid due to the multiyear artificial intelligence investment cycle, cross-industry productivity innovations, and a resilient underlying economy. While acknowledging that headline risks from interest rates, inflation, and geopolitical turmoil have made market reactions unforgiving, the managers plan to remain nimble and leverage volatility to selectively establish positions in companies possessing durable moats, pricing power, and expanding end markets.
Moderate Conviction Bullish
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