Parnassus Growth Equity Fund Exits Position in Insmed (INSM) After Investment Thesis Realized
The Parnassus Growth Equity Fund exited its position in biotechnology company Insmed (NASDAQ: INSM) during the second quarter of 2026, as outlined in its investor letter. The fund cited that the investment thesis had largely played out following positive data from TPIP and upward revisions to Brinsupri sales forecasts before underperformance occurred due to weaker-than-expected drug sales. The Fund reported a strong quarterly return of 17.49% net of fees, outperforming its benchmark index by nearly one percentage point. The firm remains optimistic about U.S. equities and is focusing on disruptive growth opportunities through active stock selection. Insmed's shares closed at $119.92 per share as of September 15, 2026, with a market cap of $26.19 billion. The decision to exit was followed by redeploying capital into Twist Bioscience for greater growth potential.
Tickers: $INSM
Topics: biotechnology equity fund portfolio change