Summary

• Parnassus International Equity Fund (Investor Shares) returned -4.94% (net of fees) during the quarter, faring worse than the MSCI EAFE Index's -1.24% return (net of fees).
• The MSCI EAFE Index ended the first quarter with a modest loss as international equities experienced a sharp midperiod reversal.
• By country, our holdings in Japan and the United Kingdom hurt performance, while our holdings in Germany and Spain provided a relative boost.

Market Review

The MSCI EAFE Index ended the first quarter with a modest loss as international equities experienced a sharp midperiod reversal. Strong early gains were more than offset by later declines as the conflict

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