Here’s Why This Fund Sold Brown & Brown (BRO)
Parnassus Investments disclosed in its second-quarter 2026 investor letter the sale of Brown & Brown, Inc. (NYSE:BRO) during the quarter. Despite acknowledging Brown & Brown, Inc. as a high-quality business, the investment management company expressed concerns about near-term risks due to an industry downturn, the integration of a substantial acquisition, and a perceived gap in AI capabilities compared to larger competitors.
The firm's decision to divest Brown & Brown, Inc. was based on a belief that certain AI stocks present greater upside potential while carrying less downside risk.
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