Parnassus Mid Cap Growth Fund - Institutional PFPRX

Parnassus announced that Robert Klaber, a comanager on Parnassus Mid Cap Growth, stepped off the fund on June 11 and will depart the firm at the end of the month. Klaber had spent more than 14 years at the firm and had managed the strategy for more than 10 years alongside lead manager Ian Sexsmith. Sexsmith, who has steered the strategy since 2013, remains and provides stability. The firm also added Shivani Vohra as a comanager. Vohra has comanaged Parnassus Growth Equity, the firm’s large-cap growth strategy, since its late 2022 inception, so this mid-growth charge is well within her wheelhouse. While Klaber’s departure on short notice is disappointing, Vohra’s addition, Sexsmith’s leadership, and the broader support of the Parnassus team ensure that the strategy’s resources are still in good shape. Accordingly, the strategy’s Above Average People rating and Morningstar Medalist Ratings remain intact.