Parnassus announced that the firm removed its long-held nuclear power exclusion for firm holdings as of May 1, 2023. To support the transition to a low-carbon economy, the firm felt it necessary to remove its nuclear power exclusion. It will still emphasize reputational and material ESG risk assessments of its potential investments. This expands the firm's universe by roughly 20 companies, mainly utilities. There are no other changes to the firm's investment approach, and we do not expect this change to materially impact the portfolio characteristics or holdings. It does not change Parnassus funds' Morningstar Medalist Ratings.
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