In the financials sector, after a period of recent underperformance, we invested in CME Group (NASDAQ:CME), the world’s largest derivatives exchange. CME is a wide-moat business that benefits from economic and market volatility. We also re-initiated a position in auto insurer Progressive. The company continues to do a remarkable job gaining market share through its data-driven approach to insurance pricing, yet the stock is trading at a discount to the market.
From Parnassus Fund's second-quarter 2019 commentary.
