The largest contributor to performance this period was enterprise software company Oracle (ORCL, Financial). Oracle appreciated 28.7% in price, adding 0.8% to the Fund’s total return. The market’s narrative around Oracle has shifted from a safe harbor amid weaker enterprise IT spending to a longer-term growth story. The company has successfully begun to reaccelerate top-line growth by transitioning customers from on-premise to cloudbased services. This growth renaissance should prove more durable than the market believes-driven largely by Oracle’s Cloud Infrastructure business that can keep growing rapidly and take share in the global public cloud market.
From the Parnassus Value Equity Fund (Trades, Portfolio)'s second-quarter commentary.
