Insights into the Fund's Latest Portfolio Adjustments and Key Stock Performances
Parnassus Value Equity Fund (Trades, Portfolio), managed by Parnassus Investments, recently disclosed its N-PORT filing for the second quarter of 2024. The fund, known for its commitment to fossil-fuel-free investments and positive workplace environments, focuses on acquiring undervalued, out-of-favor stocks with potential for significant returns. Managed by Billy Hwan after Jerome Dodson (Trades, Portfolio)'s retirement in 2020, the fund aims to outperform the S&P 500 by investing in quality U.S. large-cap companies that meet stringent ESG criteria.
New Additions to the Portfolio
The Parnassus Value Equity Fund (Trades, Portfolio) made a notable new addition in the second quarter of 2024:
- Broadcom Inc (AVGO, Financial) was the significant new entry with 33,578 shares, representing 1.1% of the portfolio and a total value of $53.91 million.
Significant Increases in Existing Positions
The fund also increased its stakes in several key stocks:
- NICE Ltd (NICE, Financial) saw an addition of 274,307 shares, bringing the total to 509,404 shares. This adjustment marks a 116.68% increase in share count and a 0.96% impact on the current portfolio, valued at $87.60 million.
- Pfizer Inc (PFE, Financial) increased by 1,047,972 shares, bringing the total to 4,233,811 shares. This represents a 32.89% increase in share count, with a total value of $118.46 million.
Complete Exits
The fund completely exited its position in:
- Cisco Systems Inc (CSCO, Financial), selling all 1,324,420 shares, which had a -1.27% impact on the portfolio.
Reductions in Key Holdings
Significant reductions were made in several holdings:
- Micron Technology Inc (MU, Financial) saw a reduction of 782,572 shares, a -43.56% decrease, impacting the portfolio by -1.76%. The stock traded at an average price of $126.02 during the quarter and has returned 11.65% over the past three months and 60.03% year-to-date.
- American Express Co (AXP, Financial) was reduced by 153,720 shares, a -29.38% decrease, impacting the portfolio by -0.67%. The stock traded at an average price of $231.59 during the quarter and has returned 10.15% over the past three months and 28.78% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Parnassus Value Equity Fund (Trades, Portfolio)'s portfolio included 44 stocks. The top holdings were 4.21% in Verizon Communications Inc (VZ, Financial), 3.52% in Bank of America Corp (BAC, Financial), 3.35% in Oracle Corp (ORCL, Financial), 3.03% in S&P Global Inc (SPGI, Financial), and 2.98% in Alphabet Inc (GOOGL, Financial). The holdings are predominantly concentrated in 10 of the 11 industries, including Financial Services, Technology, Healthcare, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
