Parnassus Core Select ETF returned -6.78% (NAV) during the quarter, underperforming the S&P 500 Index's -4.33%.
Our holdings in the Health Care sector hurt performance, along with a lack of exposure to the Energy and Consumer Staples sectors.
We have not made any event-driven positioning shifts in response to recent developments as we continue to pursue downside mitigation while remaining open to compelling opportunities.
We remain committed to our disciplined investment process, seeking increasingly relevant, competitively advantaged businesses at attractive valuations with the goal of creating enduring value for our investors.
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Market Review
The S&P 500 Index faced a volatile first quarter, shaped by escalating geopolitical tensions and a spike in oil prices related to the conflict in Iran, which supported Energy and defense stocks. Despite the uncertainty, the macroeconomic
