Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Parnassus Mid Cap Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Parnassus Mid Cap Growth delivered 20.04% in Q2 2026, crushing the benchmark by 549 basis points on AI-driven semiconductor strength. The managers repositioned toward idiosyncratic growth stories, adding AI infrastructure plays while exiting disruption-vulnerable software names."
Parnassus Mid Cap Growth Fund delivered exceptional performance in Q2 2026, returning 20.04% versus the Russell Midcap Growth Index's 14.55%, driven primarily by Information Technology holdings benefiting from the AI infrastructure build-out. Semiconductor positions including Sandisk, KLA, and Teradyne led returns as sustained AI spending fueled demand for memory, process equipment, and testing solutions. The managers repositioned the portfolio during the quarter toward companies with strong idiosyncratic growth drivers, adding AI infrastructure beneficiaries while exiting positions facing AI disruption risk or weakening fundamentals. Key additions included Astera Labs, Snowflake, and three biotechnology companies, while exits included Procore Technologies, BILL Holdings, and Sherwin-Williams. The portfolio maintains significant overweights in Information Technology (31.2%) and Industrials (28.2%). Looking forward, the managers remain constructive on AI as a market driver while monitoring mixed macro signals including trade tensions and inflation pressures. They expect economic growth to potentially broaden beyond AI in the second half of 2026, creating opportunities in companies with pricing power, product innovation, and market share gains. The disciplined long-term approach focuses on investing where market sentiment diverges from underlying fundamentals.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
