Parnassus: Will the magnificent 493 please stand up?

Parnassus: Will the magnificent 493 please stand up?

By Todd Ahlsten, chief investment officer of Parnassus Investments The S&P 500 has had a remarkable run for the past two years, delivering more than 20% returns annually. A closer look reveals a defining characteristic – the narrow market breadth, meaning that a small number of stocks have driven most of the performance. In this case, a small number of tech mega caps drove the charge, with seven stocks accounting for 53% of the S&P 500’s returns…