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Parnassus Mid Cap Growth Institutional PFPRX

Medalist Rating as of | See Parnassus Investment Hub
  • NAV / 1-Day Return 59.16  /  −0.15 %
  • Total Assets 854.1 Mil
  • Adj. Expense Ratio
    0.680%
  • Expense Ratio 0.680%
  • Distribution Fee Level Low
  • Share Class Type Institutional
  • Category Mid-Cap Growth
  • Investment Style Mid Growth
  • Min. Initial Investment 100,000
  • Status Open
  • TTM Yield
  • Turnover 47%

USD | NAV as of May 22, 2024 | 1-Day Return as of May 22, 2024, 10:19 PM GMT+0

Morningstar’s Analysis PFPRX

Will PFPRX outperform in future?

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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 PFPRX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 35.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Guidewire Software Inc

4.53 36.7 Mil
Technology

Equifax Inc

4.02 32.5 Mil
Industrials

Teradyne Inc

3.97 32.1 Mil
Technology

CoStar Group Inc

3.94 31.9 Mil
Real Estate

Agilent Technologies Inc

3.65 29.5 Mil
Healthcare

Trane Technologies PLC Class A

3.52 28.5 Mil
Industrials

Ross Stores Inc

3.07 24.8 Mil
Consumer Cyclical

KLA Corp

3.05 24.7 Mil
Technology

IDEXX Laboratories Inc

2.99 24.1 Mil
Healthcare

Mettler-Toledo International Inc

2.71 21.9 Mil
Healthcare