Parnassus Mid Cap Growth Fund - Institutional PFPRX

Morningstar Medalist Rating
  • NAV / 1-Day Return $56.71  /  +1.43 %
  • Fund Size $788.7M
  • Adjusted Expense Ratio 0.680%
  • Net Expense Ratio 0.680%
  • Fee Level: Distribution Below Average
  • Share Class Type Institutional
  • Morningstar Category Mid-Cap Growth
  • Equity Style Box (Funds) Mid Growth
  • Minimum Initial Investment $100,000
  • Investment Status Open
  • TTM Yield 0.00%
  • Turnover Ratio 62%

Morningstar’s Analysis PFPRX

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Parnassus Mid Cap Growth Comanager to Depart; Ratings Unchanged

null Stephen Welch

Stephen Welch

Analyst Note

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.

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Portfolio Holdings PFPRX

  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 33.7
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Teradyne Inc

3.90 31M
Technology

Datadog Inc Class A

3.81 31M
Technology

Snowflake Inc Ordinary Shares

3.77 30M
Technology

Natera Inc

3.60 29M
Healthcare

Cloudflare Inc

3.46 28M
Technology

Rockwell Automation Inc

3.29 26M
Industrials

W.W. Grainger Inc

3.29 26M
Industrials

Monolithic Power Systems Inc

2.94 24M
Technology

Hilton Worldwide Holdings Inc

2.86 23M
Consumer Cyclical

Robinhood Markets Inc Class A

2.77 22M
Financial Services

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