Parnassus Mid Cap Growth Fund's Strategic Exits and New Positions Highlight Q1 2024 Moves

Fund formerly managed by Jerome Dodson releases quarterly portfolio update

Summary
  • The fund exited its position in Ansys and Synopsis.
  • It entered a new holding in PTC Inc.
  • The fund boosted its holdings in Teradyne and Block.
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Fund of Investment Guru Jerome Dodson (Trades, Portfolio) Makes Notable Changes, Including Exiting Ansys Inc with a -2.64% Impact

Jerome Dodson (Trades, Portfolio), a seasoned investor known for his value-driven approach and ethical investment philosophy, has revealed his fund's latest investment decisions in the N-PORT filing for the first quarter of 2024. As the Founder and President of Parnassus Investments, Dodson has a storied career in finance, including pioneering socially responsible investment strategies. His investment focus is on mid-cap companies with strong competitive advantages, ethical business practices, and solid growth potential, steering clear of highly leveraged firms and those in certain controversial industries.

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Summary of New Buys

Jerome Dodson (Trades, Portfolio)'s fund welcomed two new stocks to its portfolio in the first quarter of 2024, with the following details:

  • The most significant addition was PTC Inc (PTC, Financial), with 114,284 shares, accounting for 2.49% of the portfolio and a total value of $21.59 million.
  • The second largest addition to the portfolio was Atlassian Corp (TEAM, Financial), consisting of 38,793 shares, representing approximately 0.87% of the portfolio, with a total value of $7.57 million.

Key Position Increases

Jerome Dodson (Trades, Portfolio) also bolstered his fund's stakes in a total of six stocks, with the most noteworthy increases being:

  • The most notable increase was in Teradyne Inc (TER, Financial), with an additional 108,540 shares, bringing the total to 275,652 shares. This adjustment represents a significant 64.95% increase in share count, a 1.41% impact on the current portfolio, and a total value of $31.10 million.
  • The second largest increase was in Block Inc (SQ, Financial), with an additional 145,156 shares, bringing the total to 255,442. This adjustment represents a significant 131.62% increase in share count, with a total value of $21.61 million.

Summary of Sold Out Positions

Jerome Dodson (Trades, Portfolio)'s fund completely exited four holdings in the first quarter of 2024, as detailed below:

Key Position Reductions

Jerome Dodson (Trades, Portfolio) also reduced his fund's positions in five stocks. The most significant changes include:

  • Reduced Verisk Analytics Inc (VRSK, Financial) by 43,618 shares, resulting in a -44.25% decrease in shares and a -1.27% impact on the portfolio. The stock traded at an average price of $240.2 during the quarter and has returned -4.43% over the past three months and -6.29% year-to-date.
  • Reduced Nutrien Ltd (NTR, Financial) by 113,396 shares, resulting in a -50.65% reduction in shares and a -0.77% impact on the portfolio. The stock traded at an average price of $52.13 during the quarter and has returned 4.41% over the past three months and -1.98% year-to-date.

Portfolio Overview

At the close of the first quarter of 2024, Jerome Dodson (Trades, Portfolio)'s portfolio comprised 41 stocks, with top holdings including 4.47% in Guidewire Software Inc (GWRE, Financial), 3.88% in CoStar Group Inc (CSGP, Financial), 3.7% in Equifax Inc (EFX, Financial), 3.62% in Agilent Technologies Inc (A, Financial), and 3.58% in Teradyne Inc (TER, Financial). The holdings are mainly concentrated in seven industries: Technology, Industrials, Healthcare, Consumer Cyclical, Financial Services, Real Estate, and Basic Materials.

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Disclosures

I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.