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

GuruFocus Research
·3-min read

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.

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

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:

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  • The most significant addition was PTC Inc (NASDAQ:PTC), 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 (NASDAQ:TEAM), 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 (NASDAQ:TER), 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 (NYSE:SQ), 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 (NASDAQ:VRSK) 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 (NYSE:NTR) 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 (NYSE:GWRE), 3.88% in CoStar Group Inc (NASDAQ:CSGP), 3.7% in Equifax Inc (NYSE:EFX), 3.62% in Agilent Technologies Inc (NYSE:A), and 3.58% in Teradyne Inc (NASDAQ:TER). The holdings are mainly concentrated in seven industries: Technology, Industrials, Healthcare, Consumer Cyclical, Financial Services, Real Estate, and Basic Materials.

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

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.