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
During the third quarter of 2026, the Parnassus Value Equity Fund (Investor Shares) returned -1.38% net of fees, trailing the Russell 1000 Value Index's return of 2.61%. Year-to-date, the fund has advanced 14.42% net of fees versus 19.27% for the benchmark. Relative quarterly underperformance was primarily driven by positions in Information Technology and Health Care, which were partially counterbalanced by positive contributions in Financials. The fund maintained an active capital deployment posture with cash representing 1.3% of net assets, while selectively rebalancing exposures to align earnings growth potential with balanced risk. The macroeconomic environment was shaped by shifting crosscurrents, characterized by resilient GDP growth and solid corporate profits alongside rising inflationary pressures. Escalating conflict between the U.S. and Iran in the Strait of Hormuz drove energy prices higher, prompting the Federal Reserve to raise interest rates. Consequently, the 10-year Treasury yield climbed to 5.29%, heightening equity market volatility and compressing rate-sensitive segments. In response, the strategy prioritized companies possessing durable cash generation, robust balance sheets, and competitive moats capable of withstanding elevated capital costs. Portfolio activity was marked by disciplined capital reallocation across key holdings. The team initiated new long positions in Meta Platforms to capitalize on temporary AI capital expenditure headwinds, and The Williams Companies to capture secular energy infrastructure and data center power demand. Conversely, the fund fully exited its holding in Regeneron Pharmaceuticals due to patent expirations and pipeline headwinds, while also liquidating spin-off shares received from S&P Global and FedEx. High-conviction anchor positions continue to be led by Amazon (6.4%), Microsoft (5.8%), JPMorgan Chase (3.4%), and Alphabet (3.4%).
Deliver strong long-term risk-adjusted returns by investing in a concentrated portfolio of high-quality U.S. large-cap businesses that are temporarily out of favor relative to their history or peers.
The fund managers maintain a constructive stance on equities anchored in robust corporate earnings projections exceeding 20% for value benchmarks, which they expect will moderate prevailing valuation multiples. Nonetheless, they caution that sustained 5%-plus bond yields, geopolitical volatility in the Middle East, and policy uncertainty heading into midterm elections warrant vigilant monitoring of macro indicators. They anticipate that companies possessing wide competitive moats, durable pricing power, and prudent balance sheets will outperform as markets distinguish between resilient cash generators and capital-dependent businesses.
Moderate Conviction Bullish
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