Parnassus Value Equity Fund (Investor Shares) returned -1.56% (net of fees) for the quarter, underperforming the Russell 1000 Value Index's 2.10%.
The Fund's performance was adversely affected by our lack of exposure to the Energy sector, along with our holdings in the Health Care and Real Estate sectors. Performance was supported by our holdings in the Industrials, Communication Services and Information Technology sectors.
Despite the increased volatility in the first quarter, we continue to maintain a quality-oriented portfolio with balanced exposure across defensive value and secular themes.
Markets have repeatedly rewarded investors who maintained a disciplined approach and long-term orientation through periods of uncertainty. We believe our quality-anchored portfolio will prove resilient through this current period of volatility.
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Market Review
The Russell 1000 Value Index added to 2025's strong return with a modest gain in the first quarter, outperforming its growth peer, as geopolitical uncertainty put downward pressure on multiple expansion. Equity markets reversed course in
