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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
Parnassus Mid Cap Growth Fund (Investor Shares) returned -5.21% net of fees in the third quarter of 2026, outperforming its benchmark, the Russell Midcap Growth Index, which returned -5.84%. Year-to-date, the strategy delivered a net return of 5.80% compared to 1.01% for the benchmark. Relative quarterly performance was anchored by strength in Health Care holdings, which benefited from idiosyncratic catalysts, whereas positioning in Information Technology and an underweight stance in Energy detracted as oil prices surged. The strategy maintained a concentrated structure of 35 to 45 high-quality holdings, holding 0.7% in cash and other assets at quarter-end. The investment environment was characterized by sharp macroeconomic crosscurrents. Intensifying conflict between the U.S. and Iran alongside disruptions in the Strait of Hormuz drove energy prices higher and reignited inflationary anxieties. Concurrently, the Federal Reserve reaffirmed restrictive monetary policy, pushing the 10-year Treasury yield to 5.29%, its highest level since 2007. This yield spike compressed equity valuation multiples and induced volatility across momentum-driven artificial intelligence beneficiaries, while housing affordability pressures intensified under higher borrowing costs. Portfolio activity reflected a proactive rotation away from interest-rate-sensitive and cyclical consumer exposures toward durable compounders with visible cash flows. The fund completely liquidated its stakes in Builders FirstSource, Somnigroup International, and O'Reilly Automotive. Proceeds were redeployed into newly initiated positions in Liberty Media Formula One Group and Ares Management, capitalizing on multi-year contract lockups, structural pricing power, and attractive entry valuations.
Outperform over full market cycles by investing in a concentrated portfolio of 35 to 45 high-quality U.S. mid-cap companies possessing durable competitive moats, resilient balance sheets, and long-term secular growth potential.
Management maintains a cautiously optimistic outlook, anticipating that market attention will eventually pivot away from short-term momentum and cyclical commodity plays toward innovative businesses supported by durable economic moats. While acknowledging that higher interest rates, energy shocks, and geopolitical frictions require planning for a broader distribution of macro outcomes, the fund views these pressures as potential catalysts for asymmetric upside once resolved. The team remains focused on identifying high-quality mid-cap businesses gaining market share through proprietary innovation with the operational runway to compound into large-cap leaders.
Moderate Conviction Bullish
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