We added two companies in the real estate sector. We invested in AvalonBay (NYSE:AVB), an owner of upscale apartment buildings in supply-constrained high-growth markets. The company's high-quality portfolio generates durable same-store revenue growth, which is boosted by its industry-leading development pipeline. AvalonBay's downside should be protected by its conservative financial leverage and attractive dividend yield.
From Parnassus Fund's second-quarter 2019 commentary.
This article first appeared on GuruFocus.
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