I've been looking for a LCV fund to offset my growth tilt. I've been hesitant to consider Parnassus Endeavor because of its relatively high SD, mood swings and lean toward LCB.
Since Billy Hwan took over sole PM this year, i decided to look at it again. And i was pleasantly surprised to see such a transformation, even though the relative value "approach" is still in tact. I've been reading articles and listened to the quarterly report and was impressed with the "new" direction.
Mr. Hwan stated he is toning down the volatility and risk, has marginally increasing the number of holdings and thus reducing the top 10% of holdings from 60% to 32%. He has significantly reduced or eliminated several holdings of Mr. Dodson's. He also wants to lower the BETA closer to the index, etc.
From what i can tell, Mr. Hwan is on target.
Any thoughts going forward with Mr. Hwan and the transformation of Parnassus Endeavor?