Parnassus Dumps Salesforce, Bets on GE Vernova for AI Power Demand

Parnassus Investments' Core Equity Fund outperformed the S&P 500 in the second quarter of 2026, returning 16.83%. The fund's manager made strategic changes to the portfolio, including selling its entire position in Salesforce, Inc.

The decision to exit Salesforce was based on declining conviction in horizontal application software due to increased competition, weaker pricing dynamics, and less attractive valuations.

In contrast, Parnassus invested in GE Vernova, a company that provides power generation, electrification, and grid solutions. The fund's manager cited the significant selloff in GE Vernova as a compelling valuation opportunity.