| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 23.32% | -9.63% | -9.63% |
Parnassus Growth Equity Fund returned -9.63% in Q1 2026, slightly outperforming the Russell 1000 Growth Index. The quarter was marked by significant market volatility driven by AI disruption fears and the Iran conflict, which pushed energy prices higher. Semiconductor equipment companies like Applied Materials and ASML benefited from sustained AI infrastructure demand, while software companies faced broad sell-offs due to disruption concerns. The fund actively repositioned during the quarter, closing six positions and adding six new ones, including Meta Platforms, Oracle, and Shopify. The managers exited software names like Atlassian and Workday while maintaining selective exposure to companies with minimal AI risk. Despite geopolitical tensions, the team maintains a constructive view on growth equities, emphasizing the accelerating AI investment cycle as a structural force. The portfolio remains balanced between offense and defense, with largest overweights in Health Care and Materials. The managers continue to seek opportunities in innovative, competitively advantaged businesses at attractive valuations for long-term returns.
Parnassus Growth Equity Fund maintains a concentrated portfolio of innovative, high-quality U.S. large cap companies positioned to benefit from long-term secular trends, particularly AI infrastructure build-out, while navigating software disruption concerns through active portfolio repositioning.
Constructive view on growth equities remains unchanged despite geopolitical tensions. The AI investment cycle continues to accelerate as a structural force shaping the global economy. Recent software sell-off reflects legitimate disruption concerns, though outcomes will vary across sectors. Geopolitical uncertainty is creating greater dispersion and opportunity for active management. Focus remains on consistent execution and investing in innovative, competitively advantaged businesses at attractive valuations.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 17 2026 | 2026 Q1 | AMAT, APPF, ARES, ASML, BSX, CRM, EW, GEV, LIN, MDLN, META, ORCL, SHOP, TEAM, TSM, VIK | AI, energy, growth, Iran, semiconductors, software, technology |
META EW SHOP MDLN ORCL VIK |
Parnassus Growth Equity navigated Q1 2026 volatility by actively repositioning around AI themes, benefiting from semiconductor infrastructure demand while managing software disruption risks. The fund outperformed slightly despite broad growth stock weakness, adding quality names like Meta and Oracle while exiting higher-risk software positions. Management maintains constructive outlook on AI-driven secular trends. |
| Jan 18 2026 | 2025 Q4 | - | - |
NTRA AMAT LLY |
|
| Oct 14 2025 | 2025 Q3 | AAPL, AMZN, APPF, ASML, AVGO, BRO, CMG, CRM, DE, GOOGL, INSM, INTU, LLY, MELI, MSFT, NVDA, PODD, SARO, TSLA, TSM, V | aerospace, AI, growth, healthcare, large cap, Quality, semiconductors, technology |
SARO US PODD US |
Parnassus Growth Equity underperformed in Q3 due to underweights in Apple and Tesla but maintains balanced positioning between AI beneficiaries and defensive quality businesses. Added aerospace supplier StandardAero and medical device maker Insulet while trimming positions. Managers remain constructively bullish on markets despite monitoring inflation, AI monetization, and power demand risks. |
| Jun 30 2025 | 2025 Q2 | AAPL, ABNB, AMZN, APPF, AVGO, BRO, GE, GOOGL, INSM, INTU, LLY, MSFT, NET, NVDA, SN, TMO, TSM, V, VRTX | AI, growth, healthcare, large cap, semiconductors, technology, Trade Policy | INSM | Parnassus Growth Equity outperformed in Q2 2025 with 18.97% returns driven by AI beneficiaries and technology holdings. The fund reduced Consumer Discretionary exposure, redeploying capital toward undervalued areas less sensitive to macroeconomic factors. Despite trade policy uncertainty, managers remain bullish on U.S. large cap growth opportunities, particularly in AI infrastructure and technology innovation. |
| Apr 14 2025 | 2025 Q1 | ADBE, ADYEY, APPF, ASML, AVGO, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX | AI, Defensive, financials, growth, healthcare, semiconductors, technology, volatility |
GEV SNPS BRO SN APPF ASML |
Parnassus Growth Equity outperformed in a volatile quarter driven by Consumer Discretionary positioning and defensive stock selection. While AI and semiconductor stocks faced pressure from policy uncertainty, the fund opportunistically added quality names like Synopsys and ASML. Maintaining balanced positioning with selective risk-taking through high-quality companies positioned for long-term secular trends. |
| Dec 31 2024 | 2024 Q4 | AKAM, AMAT, AMD, AVGO, BSX, CRM, DASH, DDOG, EFX, FERG, INTU, LVMUY, MELI, MSFT, NET, NTRA, NVDA, PCOR, TMO, TSM | AI, growth, healthcare, large cap, semiconductors, technology |
DDOG DASH TEAM EXAS VRTX |
Parnassus Growth Equity underperformed in Q4 due to Consumer Discretionary positioning but delivered strong 26.85% annual returns. The fund actively repositioned toward biotechnology and cloud infrastructure while maintaining AI exposure through semiconductor leaders. Management expects fiscal policy and AI scaling to drive 2025 performance, maintaining balanced positioning amid political uncertainty. |
| Oct 28 2024 | 2024 Q3 | AAPL, ABNB, ADYEY, AKAM, AMAT, AMZN, CHTR, CMG, CSGP, DHR, GOOGL, INTU, MAR, MELI, MSCI, MSFT, NVDA, PCOR, SHW, V | consumer, Esg, financials, growth, healthcare, large cap, Quality, technology |
CMG MELI CSGP |
Parnassus Growth Equity outperformed in Q3 through strong Health Care and Financials stock selection. The fund opportunistically added quality names like Chipotle and MercadoLibre during consumer weakness fears. Despite elevated market expectations posing volatility risks, favorable conditions from Fed easing and resilient consumers support the concentrated portfolio of innovative large cap companies positioned for secular growth trends. |
| Jul 12 2024 | 2024 Q2 | AAPL, ADYEN.AS, AMAT, AMZN, AVGO, AZN, CRM, GOOGL, INTU, LLY, MSCI, MSFT, NTRA, NVDA, ODFL, PANW, PCOR, TSM, V, WDAY | AI, financials, growth, healthcare, large cap, semiconductors, technology | - | Parnassus Growth Equity underperformed in Q2 due to AI-driven market concentration, with stock selection in tech weighing on results. The fund benefited from AI exposure through Alphabet, Taiwan Semi, and Applied Materials but was hurt by underweights in Apple and NVIDIA. Managers added MSCI and Workday while maintaining balanced positioning despite elevated valuations. |
| Apr 27 2024 | 2024 Q1 | AAPL, ADYEY, AKAM, AMAT, AMZN, AVGO, CHTR, CP, CRM, GOOGL, INTU, ISRG, LLY, MSFT, NTRA, NVDA, PTC, SPGI, TSM, V, VRTX, YUM | AI, growth, healthcare, large cap, semiconductors, technology | - | Parnassus Growth Equity outperformed in Q1 2024 with 12.91% returns, driven by strong tech stock selection and beneficial Apple underweight. Added healthcare exposure through Natera and Intuitive Surgical while maintaining AI semiconductor positions. Taking balanced approach amid soft landing confidence, focusing on long-term secular growth trends in technology and healthcare innovation. |
| Jan 30 2024 | 2023 Q4 | AAPL, ADBE, ADYEY, AMZN, CRM, DE, EFX, GOOGL, HSY, INTU, LIN, LLY, MSFT, NVDA, PLNT, SBAC, SHW, TMO, ULTA, V | AI, growth, inflation, large cap, rates, software, technology |
ADBE ADYEY CRM ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO |
Parnassus Growth Equity outperformed in 2023 despite underweighting AI-driven mega-caps, delivering 44.92% returns through selective stock picking in enterprise software and semiconductors. The fund capitalized on valuation dislocations in quality names like Adobe and Adyen while avoiding interest rate-sensitive sectors. Managers remain disciplined, positioning for economic softening while maintaining conviction in high-quality growth companies. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI infrastructure build-out continues to drive demand for semiconductors and equipment, with hyperscalers increasing capital spending. However, AI disruption concerns led to broad software sell-offs as investors fear traditional SaaS models could be disrupted. The fund repositioned software exposure, exiting some names while adding others positioned to benefit from AI adoption. |
Infrastructure Disruption Software Semiconductors Capital Spending |
SemiconductorsSemiconductor equipment and chip manufacturers benefited from sustained AI infrastructure demand. Applied Materials and ASML gained on equipment demand, while TSMC's central role in AI chip production drove investor confidence. The sector remains supported by accelerating compute needs and next-generation AI chip production requirements. |
Equipment Manufacturing AI Chips Infrastructure | |
EnergyEnergy sector outperformed significantly due to the Iran conflict constraining global oil supply and pushing prices higher. GE Vernova benefited from surging electricity needs tied to data center build-out. Rising energy prices create potential inflation concerns if the conflict is prolonged. |
Oil Conflict Data Centers Electricity | |
Data CentersData center build-out accelerated amid AI infrastructure growth, driving demand for energy equipment and industrial gases. Companies like GE Vernova and Linde benefited from this trend as hyperscalers expanded capacity to support AI compute needs. |
Infrastructure AI Energy Build-out | |
| 2025 Q4 |
ValuePortfolio trading at 10x earnings with projected 20%+ annual growth over next five years, significantly cheaper than market indices. Manager emphasizes attractive valuations relative to historical ranges and growth expectations. |
Valuation P/E Multiples Discount Intrinsic Value |
DrawdownsExperienced ninth drawdown greater than 20% in fund history, with 22% decline from January to November 2025. Historical analysis shows strong recovery patterns with average 'bounceback' significantly outperforming in subsequent two years. |
Volatility Recovery Performance Historical | |
Market StructureFundamental investors now account for less than 10% of NYSE volume compared to 80% when fund began. Shift from active to passive strategies, social media gamification, and pod shop dominance has changed market dynamics requiring portfolio construction refinements. |
Passive Investing Trading Volume Market Dynamics | |
| 2025 Q3 |
AIThe fund continues to selectively participate in AI secular trends through investing in AI beneficiaries including hyperscalers, semiconductors and software. The AI buildout continues to exceed expectations, led by U.S. companies that have invested the money and scaled the technology to drive this massive infrastructure transformation. However, there is risk that AI investments could become overheated before monetization gains momentum. |
Hyperscalers Infrastructure Semiconductors Software Monetization |
SemiconductorsTaiwan Semiconductor Manufacturing Company shares rose as demand for AI-related chips remained robust, with the company continuing to earn investor confidence from its critical role as the world's leading advanced semiconductor manufacturer. ASML Holding benefited from exuberance around AI-related capital expenditure as a leading supplier of hardware, software and services to the semiconductor industry. |
AI Chips Manufacturing Equipment Capital Expenditure | |
HealthcareThe portfolio maintains its largest overweight in Health Care, gravitating toward higher-quality businesses with strong growth trajectories in areas such as medical technology and biopharmaceuticals. Insmed saw shares jump after FDA approval of its drug brensocatib to treat non-cystic fibrosis bronchiectasis. The fund added Insulet, a medical device company with distinct competitive advantages in tubeless insulin pump technology. |
Medical Devices Biopharmaceuticals FDA Approval Insulin Pumps | |
AerospaceThe fund added StandardAero, which operates in the aerospace aftermarket and maintenance, repair and overhaul space. StandardAero is well-positioned to benefit from trends in airline fleet replacement and growth in aerospace demand, with scale and reputation providing clear advantages given the industry's high barriers to entry. |
Aftermarket MRO Fleet Replacement Barriers to Entry | |
| 2025 Q2 |
AIAI investments continue to drive growth with increased energy demand from AI technologies benefiting utilities and power infrastructure companies. The fund maintains exposure to AI beneficiaries including hyperscalers, semiconductors and software companies building the computing foundation of the future. |
Artificial Intelligence Hyperscalers Computing Infrastructure Energy Demand Technology Investment |
SemiconductorsSemiconductor companies like Broadcom and Taiwan Semiconductor benefited from investor enthusiasm toward AI infrastructure providers. The portfolio maintains exposure to chip manufacturers positioned for continued AI innovation and computing demand. |
Chip Manufacturing AI Chips Computing Infrastructure Technology Hardware | |
Trade PolicyTrade policy uncertainty created market volatility with tariff concerns affecting companies like Apple and ThermoFisher. The administration's erratic approach to trade policy prompted recession concerns early in the quarter before a pause on tariffs drove recovery. |
Tariffs Trade Tensions Policy Uncertainty Economic Impact | |
| 2025 Q1 |
AIThe fund maintains optimism about long-term opportunities in AI beneficiaries, including infrastructure providers, hyperscalers and software companies building the computing foundation of the future. However, AI-related stocks faced pressure during the quarter as investors grew pessimistic about the current cycle for chip makers and companies with revenue closely tied to AI infrastructure spending. |
Infrastructure Hyperscalers Computing Semiconductors Software |
SemiconductorsSemiconductor stocks experienced significant declines during the quarter as investors grew more pessimistic about the current cycle for chip makers. The fund added positions in Synopsys and ASML, viewing the semiconductor design market as consolidated with high switching costs and expecting growth as design complexity increases with AI accelerators. |
Chip Makers Design Equipment Foundries Memory | |
Medical DevicesBoston Scientific was a top contributor, reporting exceptionally strong growth led by its Watchman heart implant franchise and recently launched Farapulse franchise for atrial fibrillation treatment. The company's robust growth trajectory is expected to continue given the potential market for these innovative treatments. |
Cardiovascular Implants Innovation Growth Treatment | |
PaymentsVisa was the top quarterly contributor, benefiting from being relatively resilient in a defensive market environment. The company reported quarterly earnings that topped consensus expectations and issued optimistic guidance, with domestic debit card exposure providing stability through grocery-related transactions. |
Processing Debit Cards Resilience Domestic Stability | |
| 2024 Q4 |
AIAI remained a dominant theme throughout 2024, with companies positioned to capitalize on artificial intelligence driving significant returns. The fund benefits from investments in companies like Broadcom designing AI server processors and NVIDIA leading the market for AI-required chips. AI integration across customer relationship management and cloud computing platforms continues to drive robust growth. |
Artificial Intelligence Machine Learning AI Chips AI Applications AI Infrastructure |
SemiconductorsSemiconductor investments were central to performance with mixed results. Taiwan Semiconductor's leading position in AI chip production boosted investor sentiment, while Broadcom gained on AI chip sales strength. However, Applied Materials faced pressure from industry peer booking slowdowns, and AMD declined amid processor demand uncertainty and NVIDIA competition. |
Chip Manufacturing AI Chips Foundries Semiconductor Equipment Memory | |
CloudCloud computing investments showed strong performance with Microsoft's Azure business driving significant growth through AI tools integration. Salesforce exceeded expectations as AI technology integration across its platform drove robust new deal growth. The fund added Datadog, a dominant cloud monitoring platform, expecting outsized growth from category leadership. |
Cloud Infrastructure SaaS Cloud Monitoring Cloud Services Enterprise Software | |
BiotechnologyHealthcare and biotechnology positioning was actively managed during the quarter. The fund re-entered Vertex Pharmaceuticals after the company's promising acquisition and diabetes pipeline advancement. Exact Sciences was added as a cancer diagnostic company approaching profitability with leadership in non-invasive colorectal cancer tests. |
Cancer Diagnostics Genetic Testing Drug Development Medical Devices Healthcare Innovation | |
| 2024 Q3 |
PaymentsThe fund maintains exposure to payment processing companies like Adyen and Visa, with Adyen reporting solid quarterly results that exceeded expectations following a period of volatility. The fund continues to favor names with exposures to payment processing among other end markets in the Financials sector. |
Adyen Visa Processing FinTech Digital |
AINVIDIA remains a significant holding despite negative quarterly returns, with the semiconductor company releasing robust quarterly sales figures and encouraging guidance. Apple's new iPhone 16 lineup features advanced generative artificial intelligence capabilities, reflecting the ongoing AI integration across technology platforms. |
NVIDIA Semiconductors Generative Processing Intelligence | |
E-commerceThe fund initiated a position in MercadoLibre, which benefits from the ongoing transition from offline to online shopping and growing adoption of digital financial services in Latin America. The company is well positioned with strong brand, robust logistics network, and dominant market share. |
MercadoLibre Online Digital Logistics Marketplace | |
TravelThe fund maintains thematic exposure to travel through Airbnb while selling Marriott International due to concerns about demand normalization and potential consumer weakness. Charter Communications benefited from optimism around Federal Reserve rate cuts spurring home renovations. |
Airbnb Hotels Demand Consumer Lodging | |
| 2024 Q2 |
AIAI-related narratives drove extreme market concentration with companies benefiting from soaring AI investment generating disproportionate returns. The fund's top contributors included companies benefiting from the surge in AI investment like Alphabet, Taiwan Semiconductor, and Applied Materials. Investor enthusiasm for companies expected to benefit from AI continued to drive performance. |
Artificial Intelligence AI Investment Technology Semiconductors Cloud |
SemiconductorsTaiwan Semiconductor's leading position in AI chip production boosted investor sentiment, with announcements by large technology companies to expand AI investments signaling insatiable demand for TSMC's chips. Applied Materials benefited from accelerated industry spend due to AI and share gains as the world's largest supplier of wafer fabrication technologies. |
Chip Production AI Chips Wafer Fabrication Semiconductor Equipment TSMC | |
| 2024 Q1 |
AIAI-related momentum and optimism continued from 2023 into Q1 2024, particularly within semiconductors. The fund benefits from AI exposure through holdings like NVIDIA, Taiwan Semiconductor, and Broadcom, which are positioned to benefit from soaring demand for AI capabilities and chip production. |
Semiconductors Chips Computing Technology Growth |
SemiconductorsStrong performance in semiconductor holdings driven by AI demand and cyclical recovery. NVIDIA continued momentum with strong Q4 results and upgraded guidance. Taiwan Semiconductor advanced on its leading AI chip production position. Applied Materials gained from increased semiconductor capital equipment investment. |
AI Chips Manufacturing Equipment Cyclical | |
HealthcareIncreased healthcare exposure through additions of Natera and Intuitive Surgical while selling Vertex. Focus on high-quality compounders across medical devices, biopharma, life science tools and genetic testing. Natera showed impressive revenue growth and raised 2024 guidance. |
Medical Devices Biotechnology Genetics Innovation Growth | |
| 2023 Q4 |
AIThe market rally was driven by exceptional earnings growth and positive investor sentiment surrounding artificial intelligence prospects, particularly among the Magnificent Seven technology stocks. Adobe's AI opportunity through Firefly gained market appreciation after initial disruption concerns were resolved. |
Artificial Intelligence Technology Innovation Disruption Software |
SemiconductorsThe fund's relative preference for semiconductor stocks helped mitigate the impact of underweighting the Magnificent Seven. NVIDIA was among the top holdings representing semiconductor exposure in the portfolio. |
Chips Technology Hardware Computing Electronics | |
Enterprise SoftwareThe fund maintained preference for enterprise software companies including Salesforce, Adobe, and Microsoft. These companies demonstrated strong execution and benefited from productivity improvements and AI integration opportunities. |
SaaS CRM Productivity Business Software Cloud | |
RatesThe Federal Reserve's aggressive 500+ basis point rate increase campaign marked the fastest increase in over 40 years. Looking ahead, rates are unlikely to fall to extremely low levels due to structural deficits, deglobalization, and resource scarcity. |
Interest Rates Federal Reserve Monetary Policy Financial Conditions Economic Policy | |
InflationInflation deceleration throughout 2023 helped set the stage for a soft landing scenario. The economy is likely to cyclically soften which would help ease inflation, especially in housing rent which represents about a third of CPI. |
Price Levels Economic Conditions Housing Consumer Prices Monetary Policy |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | META | Meta Platforms, Inc. | Internet Content & Information | Interactive Media & Services | Bull | NASDAQ | AI-driven Marketing, Communication Services, digital advertising, Equity, growth, large-cap, social media | Login |
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | EW | Edwards Lifesciences Corp. | Medical Devices | Health Care Equipment & Supplies | Bull | New York Stock Exchange | Cardiac Therapy, Equity, healthcare, innovation, large-cap, Medical devices, Transcatheter Valves | Login |
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | SHOP | Shopify Inc. | Software - Application | Software | Bull | New York Stock Exchange | AI-enabled Shopping, E-commerce Platform, Equity, international expansion, network effects, Software, technology | Login |
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | MDLN | Medline Industries Inc. | Medical Instruments & Supplies | Health Care Distributors | Bull | New York Stock Exchange | defensive, Equity, Healthcare Distribution, market share gains, Medical Supplies, Private-label, Scale Advantages | Login |
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | ORCL | Oracle Corporation | Software - Infrastructure | Software | Bull | New York Stock Exchange | AI training, business transformation, cloud infrastructure, Database Software, Enterprise software, Equity, technology | Login |
| Apr 17, 2026 | Fund Letters | Parnassus Growth Equity Fund | VIK | Viking Holdings Ltd. | Travel Services | Hotels, Restaurants & Leisure | Bull | New York Stock Exchange | Affluent Demographics, Consumer Discretionary, Equity, Luxury Cruising, operational efficiency, River Cruising, travel demand | Login |
| Jan 18, 2026 | Fund Letters | Andrew Choi | NTRA | Natera, Inc. | Health Care | Health Care Technology | Bull | NASDAQ | clinical adoption, Genetic Testing, healthcare innovation, Molecular Diagnostics, Reimbursement | Login |
| Jan 18, 2026 | Fund Letters | Andrew Choi | AMAT | Applied Materials, Inc. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Manufacturing Equipment, Semiconductor Capex, Technology Cycles | Login |
| Jan 18, 2026 | Fund Letters | Andrew Choi | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | GLP-1, Obesity drugs, Pharmaceutical Innovation, Pricing power | Login |
| Oct 14, 2025 | Fund Letters | Andrew Choi | PODD US | Insulet Corp. | Health Care | Medical Devices | Bull | NASDAQ | Devices, Diabetes, growth, healthcare, innovation, technology | Login |
| Oct 14, 2025 | Fund Letters | Andrew Choi | SARO US | StandardAero Inc. | Industrials | Aerospace & Defense | Bull | - | Aerospace, aftermarket, growth, Industrials, Maintenance, MRO, Value | Login |
| Jun 30, 2025 | Fund Letters | Parnassus Growth Equity Fund | INSM | Insmed Inc. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Commercial Launch, Lung Conditions, Phase 2, pipeline, Pulmonary Disorders, rare disease | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | BRO | Brown & Brown Inc. | Financials | Insurance | Bull | NYSE | Capital-light, Commission Revenue, defensive, high-margin, inflation hedge, insurance brokerage, M&A growth, risk management | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | APPF | AppFolio Inc. | Information Technology | Software | Bull | NASDAQ | commercial real estate, high switching costs, market share gains, Pricing power, Property Management Software, SaaS, sticky revenue, Upmarket Expansion | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | GEV | GE Vernova Inc. | Industrials | Electrical Equipment | Bull | NYSE | Decarbonization, energy equipment, Gas turbines, Grid modernization, Industrials, Power generation, spin-off, turnaround | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | ASML | ASML Holding NV | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Advanced Microchips, customer relationships, EUV technology, market leadership, photolithography, semiconductor equipment, technology innovation, Wide Moat | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | SNPS | Synopsys Inc. | Information Technology | Software | Bull | NASDAQ | AI accelerators, Ansys acquisition, custom chips, EDA software, electronic design automation, high switching costs, Intellectual Property, semiconductors | Login |
| Mar 31, 2025 | Fund Letters | Parnassus Growth Equity Fund | SN | SharkNinja Inc. | Consumer Discretionary | Household Durables | Bull | NYSE | Above-Industry Growth, brand strength, Consumer Discretionary, household appliances, international expansion, management execution, market share gains, product innovation | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Growth Equity Fund | DASH | DoorDash Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Consumer services, e-commerce, food delivery, Gig Economy, Logistics Platform, network effects | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Growth Equity Fund | TEAM | Atlassian Corp. | Information Technology | Application Software | Bull | NASDAQ | AI integration, collaboration software, Developer Tools, Enterprise software, Project Management, SaaS | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Growth Equity Fund | EXAS | Exact Sciences Corp. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, cancer diagnostics, Colorectal Screening, Healthcare Technology, Medical devices, Non-invasive Testing | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Growth Equity Fund | VRTX | Vertex Pharmaceuticals Inc. | Health Care | Biotechnology | Bull | NASDAQ | biotechnology, Cystic fibrosis, Diabetes, drug development, Precision-medicine, rare diseases | Login |
| Dec 31, 2024 | Fund Letters | Parnassus Growth Equity Fund | DDOG | Datadog Inc. | Information Technology | Systems Software | Bull | NASDAQ | cloud monitoring, growth, IT infrastructure, SaaS, Software, technology | Login |
| Sep 30, 2024 | Fund Letters | Parnassus Growth Equity Fund | CMG | Chipotle Mexican Grill Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | brand loyalty, Consumer Discretionary, Execution, Fast casual, healthy eating, Restaurants, store expansion | Login |
| Sep 30, 2024 | Fund Letters | Parnassus Growth Equity Fund | MELI | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | digital payments, Digital transformation, e-commerce, Fintech, Latin America, Logistics Network, market share | Login |
| Sep 30, 2024 | Fund Letters | Parnassus Growth Equity Fund | CSGP | CoStar Group Inc. | Real Estate | Real Estate Services | Bull | NASDAQ | commercial real estate, Data Analytics, market share gains, Marketplaces, Real Estate, Residential expansion, subscription model | Login |
| Dec 31, 2023 | Fund Letters | Parnassus Growth Equity Fund | ADBE | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI technology, Creative Tools, Design Software, digital media, Firefly, growth, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Parnassus Growth Equity Fund | ADYEY | Adyen N.V. | Information Technology | Data Processing & Outsourced Services | Bull | NASDAQ | digital commerce, Fintech, Global Platform, growth, payment processing, Payments, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Parnassus Growth Equity Fund | CRM | Salesforce, Inc. | Information Technology | Application Software | Bull | NYSE | Cloud computing, CRM Software, Enterprise software, growth, productivity, recurring revenue, SaaS | Login |
| Dec 31, 2023 | Fund Letters | Parnassus Growth Equity Fund | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Thermo Fisher Scientific Inc. | Health Care | Life Sciences Tools & Services | Bull | NYSE | Biotech Tools, Cyclical, Drug Discovery, Healthcare Technology, Laboratory Equipment, life sciences, R&D Services | Login |
| TICKER | COMMENTARY |
|---|---|
| AMAT | Applied Materials, which supplies semiconductor manufacturing equipment, benefited from sustained demand tied to AI infrastructure build-out, as hyperscalers increased capital spending to support accelerating compute needs. |
| ASML | ASML Holding, a supplier of equipment for producing advanced microchips, gained on the strength of demand for advanced lithography, reinforcing its essential role in next-generation AI chip production. |
| GEV | GE Vernova, a leading global energy equipment manufacturer, benefited from surging electricity needs tied to data center build-out amid the continuing growth in AI-related infrastructure. |
| TSM | Taiwan Semiconductor Manufacturing Co.'s (TSMC) central role in AI chip production continued to bolster investor confidence and drive stock gains, as company management announced higher-than-anticipated capital expenditure guidance. |
| LIN | Linde, a multinational provider of industrial gases, gained as investors favored companies with durable, hard-to-disrupt business models tied to both the global economy and semiconductor manufacturing. |
| BSX | Boston Scientific, a medical device company, declined on concerns about increased competition and slowing market growth for its atrial fibrillation product, Farapulse, and mixed reaction to overall positive clinical data, though we believe its long-term growth prospects remain intact. |
| APPF | AppFolio, a provider of cloud-based software for property management, declined amid a broad sell-off within software driven by fears that AI could disrupt traditional software-as-a-service business models. |
| TEAM | Atlassian fell along with its software peers as investors believed its emphasis on developer-focused tools presents a risk of AI disruption. We exited the position during the quarter, due to AI disruption concerns and its high valuation. Atlassian has become increasingly driven by AI-related debate rather than underlying fundamentals, leading to higher volatility and a wider range of outcomes. We felt the risk/reward opportunity had become less compelling. |
| ARES | Ares Management, an alternative asset manager with a large franchise in private credit, underperformed due to retail redemptions, worries about loans to software private equity buyouts and rising default risk in direct lending. |
| CRM | Salesforce stock fell sharply as investor sentiment on software companies broadly weakened amid AI disruption concerns, despite the company's favorable sales figures and margin growth. We view Salesforce as well positioned to capture AI upside given its specialized products and integrated products trading at an attractive valuation. |
| META | Meta has a strong competitive position and long-term relevance in digital advertising. Its family of apps reaches billions of people and offers powerful targeting tools, making it a key partner for advertisers as ad spending and AI-driven marketing continue to move online. We also value Meta's track record of innovation. We are actively monitoring its social and data privacy risks and believe the company has made progress on strengthening its policies and enforcement. |
| EW | Edwards Lifesciences develops innovative cardiac devices that reduce patient recovery times and enhance patient outcomes. We believe the market is underestimating the durability of Edwards' transcatheter aortic valve replacement franchise and the opportunity for its transcatheter mitral and tricuspid therapies. |
| SHOP | Shopify has evolved from a small to midsize business tool into a unified commerce platform, increasingly winning larger, more complex customers while continuing to gain share internationally. Its integrated ecosystem across storefronts, payments, point of sale and merchant services creates strong network effects and high switching costs. Shopify is also well positioned to benefit from the next phase of e-commerce, including AI-enabled and agent-driven shopping experiences, supported by disciplined execution and existing large language model partnerships. |
| MDLN | As the leading U.S. distributor of medical-surgical products and supply chain solutions, Medline's scale drives lower costs, high service levels and strong customer retention. Medline's increasing penetration of its private label products also enhances its growth and margins. With a long track record of share gains through new contracts and proprietary products, Medline can deliver steady returns, in our view. |
| ORCL | Oracle is at an inflection point in its evolution from a mature software provider to a faster-growing cloud and AI platform with durable competitive advantages. Adoption of Oracle's next-generation cloud infrastructure for AI training workloads is driving a reacceleration in revenue and earnings growth, while its mission-critical database and enterprise franchises provide downside mitigation. With valuation still reflecting lingering skepticism around this transformation, we believe Oracle offers an attractive risk/reward profile as earnings compound. |
| VIK | Viking offers a resilient growth profile, with a leading share in luxury river cruising and a loyal, affluent customer base that tends to book early and repeat at high rates. Supported by favorable travel demand trends, exclusive port access and a standardized fleet that drives operating efficiency, Viking has a business model that is well positioned to deliver durable growth with less cyclicality than traditional cruise peers. |
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