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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Parnassus Value Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Parnassus Value Equity Fund delivered 17.86% in Q2 2026, outperforming on AI-driven semiconductor strength and zero Energy exposure. Managers trimmed winners and rotated into hyperscaler cloud platforms, seeing underappreciated AI infrastructure demand."
The Parnassus Value Equity Fund returned 17.86% net of fees in Q2 2026, outperforming the Russell 1000 Value Index's 13.87%, driven primarily by Information Technology holdings benefiting from AI infrastructure demand and lack of Energy exposure. Semiconductor positions including AMD, Applied Materials, Western Digital, Intel and TSMC were top contributors as hyperscalers boosted AI spending. The managers maintain a balanced, quality-anchored portfolio with highest convictions in undervalued companies having financial strength to withstand headwinds. This quarter they opportunistically reallocated capital, trimming semiconductors after strong returns while adding to hyperscaler cloud platforms like Amazon, Microsoft and Oracle where they see underappreciated AI infrastructure demand. They selectively reduced Financials exposure to lower macro sensitivity and rebalanced Health Care toward medical devices. A new Coca-Cola position enhances defensive exposure. The managers remain cautiously optimistic, supported by lower energy prices driving reduced inflation, potential accommodative fiscal policy, and continued AI investment, while staying vigilant about risks through their disciplined quality-focused approach emphasizing margin of safety.
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