Parnassus Core Select ETF returned 2.58% (net of fees) during the quarter, underperforming the S&P 500 Index's 2.66%. Parnassus Core Select ETF continues to maintain an overweight in defensive holdings to address ongoing volatility and uncertainty, while taking offensive positions in areas where our convictions are highest. Alphabet posted strong performance in the quarter as resilient revenues for its search business, improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy lifted investor sentiment.
On Thursday, Parnassus Investments made its debut in the world of ETFs with the launch of two equity funds. The actively managed ETFs aim to offer capital appreciation.