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 Core Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Parnassus Core Equity outperformed in Q2 2026 with a 16.83% return, driven by semiconductor and AI infrastructure holdings. The fund balances 40% offensive AI positions with 60% defensive quality compounders, adding exposure to electrical infrastructure and food delivery while exiting competitive healthcare and software names."
Parnassus Core Equity Fund returned 16.83% net in Q2 2026, outperforming the S&P 500's 15.20%, driven by holdings in Information Technology and Communication Services sectors and lack of Energy exposure. The fund maintains a balanced portfolio with 40% offensive positions in AI infrastructure winners and 60% defensive positions in resilient compounders. Top contributors included semiconductor equipment and chip makers Applied Materials, AMD, and KLA, benefiting from continued AI infrastructure demand. New positions in DoorDash, GE Vernova, and Hubbell provide exposure to food delivery recovery and electrical infrastructure tied to AI-driven power demand. The fund exited Boston Scientific, Salesforce, and Verisk Analytics to reallocate toward higher-conviction opportunities. Management remains constructively bullish on U.S. equities while acknowledging market concentration at levels not seen since 1999. They view AI as more disruptive than the dot-com bubble and continue positioning for foundational infrastructure ownership. The team stays selective and valuation-sensitive, focused on upgrading portfolio quality through active stock selection while seeking competitively advantaged businesses at attractive valuations.
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.
