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Parnassus Mid Cap Institutional PFPMX

Medalist Rating as of | See Parnassus Investment Hub
  • NAV / 1-Day Return 38.51  /  +0.42 %
  • Total Assets 3.1 Bil
  • Adj. Expense Ratio
    0.750%
  • Expense Ratio 0.750%
  • Distribution Fee Level Below Average
  • Share Class Type Institutional
  • Category Mid-Cap Blend
  • Investment Style Mid Blend
  • Min. Initial Investment 100,000
  • Status Open
  • TTM Yield 0.54%
  • Turnover 42%

USD | NAV as of May 24, 2024 | 1-Day Return as of May 24, 2024, 10:16 PM GMT+0

Morningstar’s Analysis PFPMX

Will PFPMX outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Parnassus Removes Exclusionary Language From Prospectuses; Ratings Unchanged

null Stephen Welch

Stephen Welch

Analyst Note

Parnassus has removed language from its funds’ statutory documents pertaining to the use of exclusionary screens. The funds have used such screens for a long time, but doing away with them won’t materially impact how they are run. As the firm’s environmental, social, and governance tools have evolved, Parnassus feels exclusionary screens no longer encapsulate its entire analysis of firms’ sustainability. The exclusions weren’t too restrictive anyway. They affected roughly 80 companies that will now be on a cautionary list, which means a manager may dig deeper into one of them for a potential investment. This does not mean the firm will suddenly invest, for example, in tobacco companies, but it could invest in a company that potentially derives more than 10% of revenue from a previously excluded industry as long as it’s not a core risk for the business (10% was the previous threshold for exclusion). For example, this could include an investment in an oil-services company that is actively working to decarbonize and/or working on measurement and diagnostics. The firm will still scrutinize reputational and material ESG risks for all potential investments. As such, the removal of exclusionary screens is a relatively minor adjustment and does not change the Parnassus funds’ Morningstar Medalist Ratings.

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Portfolio Holdings PFPMX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 31.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Cboe Global Markets Inc

3.58 121.2 Mil
Financial Services

Fidelity National Information Services Inc

3.45 116.9 Mil
Technology

JB Hunt Transport Services Inc

3.44 116.4 Mil
Industrials

Roper Technologies Inc

3.20 108.2 Mil
Technology

Hologic Inc

3.10 104.8 Mil
Healthcare

TransUnion

3.02 102.2 Mil
Industrials

Republic Services Inc

3.00 101.6 Mil
Industrials

Guidewire Software Inc

2.92 98.8 Mil
Technology

IQVIA Holdings Inc

2.69 91.1 Mil
Healthcare

Allstate Corp

2.64 89.5 Mil
Financial Services