PRVS Overview

Investor Perspective: Investors should remember that established companies can still innovate and remain competitive over time.

Market Position: Krishna Chintalapalli, a portfolio manager, believes Mastercard and Visa are well-positioned as cash usage declines globally, despite competition from newer companies.

D.R. Horton Financial Performance: D.R. Horton reported a 1% decline in sales year-over-year to $7.61 billion, exceeding expectations, with earnings per share at $2.61. The company also noted a decrease in net sales orders and home closings, while maintaining strong liquidity with a cash balance of $3 billion.

Future Outlook: For fiscal year 2025, D.R. Horton anticipates revenues between $36 billion and $37.5 billion, projecting 90,000 to 92,000 homes closed. The company has increased its share repurchase outlook and plans to pay approximately $500 million in dividends.

Launch of New ETFs: Parnassus Investments has introduced two actively managed exchange-traded funds (ETFs), the Parnassus Core Select ETF and the Parnassus Value Select ETF, aimed at providing investors with access to high-conviction portfolios focused on long-term growth and value opportunities in U.S. large-cap stocks.

Investment Strategy and Benefits: The new ETFs emphasize selective exposure to quality companies, offering intraday trading flexibility, tax efficiency, and transparency, while maintaining Parnassus's commitment to sustainable investing and responsible wealth management.