The Parnassus Growth Equity Fund added a position in Twist Bioscience and sold its entire stake in Old Dominion Freight Line during the second quarter of 2026 [1, 2].
These shifts signal a strategic pivot toward high-growth biotechnology and artificial intelligence. By rebalancing its portfolio, the fund aims to capitalize on the intersection of AI-supported drug discovery and next-generation sequencing [1, 2].
The decision to enter Twist Bioscience reflects a broader effort to capture long-term health-care trends [1, 2]. The fund is prioritizing companies that provide the foundational infrastructure for synthetic DNA and genomic research, a sector increasingly influenced by machine learning and AI integration [1, 2].
Simultaneously, the divestment of Old Dominion Freight Line indicates a move away from certain transportation and logistics holdings to make room for these science-driven assets [1, 2]. This rebalancing occurs as the fund manages its exposure to various market sectors amid shifting economic conditions.
Broader performance data for the firm's related vehicles shows a competitive quarter. The Parnassus Core Select ETF reported a return of 14.98% [3] for the second quarter of 2026. This performance closely trailed the S&P 500 Index, which returned 15.20% [4] during the same period.
The scale of the firm's operations remains significant, with the Parnassus Core Equity Fund holding assets of almost $23 billion [5].
“The fund added Twist Bioscience and divested from Old Dominion Freight Line.”
The transition from a logistics heavyweight like Old Dominion to a biotech innovator like Twist Bioscience suggests that Parnassus is betting on a 'convergence' trade. The fund is moving away from traditional industrial growth and toward the synergy of AI and genomics, reflecting a belief that the next wave of equity returns will be driven by the digitization of biological data and accelerated pharmaceutical development.
