Parnassus Launches First ESG ETFs Amid Tough Market Conditions

Parnassus, a major asset manager, has introduced its first exchange-traded funds focused on environmental, social, and governance (ESG) criteria during a challenging phase for such strategies. Despite the difficult market, Parnassus remains committed to high-quality investments that consider long-term environmental and social impacts, with its mutual funds still seeing gains.

Parnassus, one of the premier asset managers emphasizing environmental, social, and governance (ESG) criteria, has embarked on launching its inaugural exchange-traded funds in a challenging market landscape.

Despite the faltering performance of U.S. ESG funds compared to broader indices, with a mere 11% gain against the S&P 500's 27.6%, Parnassus introduces its newest offerings as the number of ESG funds dwindles.

Benjamin Allen, CEO of Parnassus, asserts that the firm remains resilient and continues to concentrate on top-tier companies attentive to the broader impact of their choices. The dedicated funds, as Allen notes, have registered notable gains, aligning with the company's long-term investment ethos.

(With inputs from agencies.)