Our Funds

Overall Morningstar Rating

Morningstar Morningstar Morningstar Morningstar Morningstar

Parnassus Endeavor Fund

Investor Shares

Objective:

Capital appreciation.

Strategy

The Parnassus Endeavor Fund invests with low turnover and high conviction in approximately 30 holdings. The Fund focuses on identifying companies with:

  • Wide moats or strong competitive advantages that protect market share and profitability
  • Quality management teams that will act in the best interest of shareholders
  • Favorable three-year investment horizon

The Fund invests in large-capitalization companies that represent Parnassus' clearest expression of ESG investing: portfolio companies must offer outstanding workplaces, and must not be engaged in the production, manufacturing, or refining of fossil fuels. This workplace focus can result in significant exposure to technology companies, many of which are leaders in offering positive and innovative workplaces.

Risks

The Fund’s share price may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the asset levels of individual companies and in response to general U.S. and international market and economic conditions. In addition to large-cap companies, the Fund may invest in small- and/or mid-cap companies, which can be more volatile than large-cap firms. Security holdings in the fund can vary significantly from broad market indexes.

Fund Facts

Ticker PARWX
CUSIP 701765869
Minimum Investment $2,000
Gross Expense Ratio 1.02 %
Net Expense Ratio* 0.95 %
Inception Date 4/29/2005
Fund Manager,
Since April 2005

Jerome L. Dodson
Fund Strategy Large-Cap Core
Lipper Category Multi-Cap Core
Distribution Frequency Annually
Share Class Assets $1,326MM
Total Net Assets1 $1,373MM

* Expenses based on total net assets, net of reimbursement.

Change Share Class: View Institutional Shares

Institutional Shares
Institutional Shares are generally for institutional investors and have a minimum investment of $100,000. Institutional Shares are available to investors who invest directly in the Fund as well as those who invest through certain intermediaries. The minimum initial investment may be waived for group retirement plans. Please see the prospectus for more details.

Investor Shares
Investor Shares are generally for individual investors have a minimum investment of $2,000, which may be reduced to $500 for IRAs and certain custodial accounts. Please see the prospectus for more details.

Info
Fund Characteristics as of 12/31/15 Fund S&P 500 Index
Avg. Weighted Mkt. Cap ($Bin)

Avg. Weighted Mkt. Cap ($Bin)
The average capitalization of all stocks in the portfolio, weighted by each holding's size in the portfolio. Capitalization, or market value of an entire company, is calculated by multiplying the number of shares outstanding by the price per share.

Info
$69.3 $139.5
P/E Ratio

P/E Ratio
A ratio of a stock's current price to its per-share earnings over the past 12 months (or "trailing" 12 months). This gives us an idea of how "expensive" a stock may be. For a fund, the price/earnings ratio is the weighted average P/E ratio of the stocks it holds.

Info
17.8x 19.5x
P/B Ratio

P/B Ratio
The ratio of a stock’s latest closing price divided by its book value per share.

Info
3.3x 2.5x
Number of Holdings 28 504
Portfolio Turnover (2014 Annual) 63.2 % NA
Fund Statistics (5 Year) as of 12/31/15 Fund S&P 500 Index
Alpha

Alpha
A coefficient measuring risk-adjusted performance, considering the risk due to the specific security, rather than the overall market. A large alpha indicates that the stock or mutual fund has performed better than would be predicted, given its beta.

Info
1.01 % 0.00 %
Beta

Beta
A measurement of a fund's trailing 36-month returns in relation with the market as a whole. A beta of 1 means that the share price moves exactly inline with the market. A beta over 1 suggests that the share price will typically be more volatile than the market, and conversely, a beta below 1 indicates that the share price will typically be less volatile than the market.

Info
1.03 1.00
R-Squared

R-Squared
A measurement of how closely the portfolio's performance correlates with the performance of a benchmark index such as the S&P 500.

Info
0.90 1.00
Sharpe Ratio

Sharpe Ratio
A ratio used to measure risk-adjusted performance. It is calculated by subtracting the risk-free rate from the rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns.

Info
1.11 1.08
Standard Deviation

Standard Deviation
A calculation used to measure variability (risk) of a portfolio's performance.

Info
12.70 % 11.70 %
Downside Risk

Downside Risk
A statistical measurement of a portfolio’s dispersion below the mean return of a benchmark.

Info
7.13 % 6.53 %
Tracking Error

Tracking Error
The standard deviation of the difference between the portfolio return and the desired investment benchmark return.

Info
3.97 % NA

1Total net assets represent the combined assets of Institutional Shares and Investor Shares.

As described in the Fund's current prospectus dated May 1, 2015, Parnassus Investments has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund-Investor Shares. This limitation continues until May 1, 2016, and may be continued indefinitely by the Adviser on a year-to-year basis.

The Standard & Poor's 500 Composite Stock Price Index (also known as "the S&P 500 Index") is a widely recognized index of common stock prices. An individual cannot invest directly in an index. An index reflects no deductions for fees, expenses or taxes, but mutual fund returns do.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees, unless otherwise indicated), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics. As of 12/31/2015, the Fund was rated against the following numbers of U.S. - domiciled Large Growth funds over the following time periods: 1,542 in the last 3 years, 1,326 in the last 5 years and 933 in the last 10 years. With respect to these Large Growth funds, the Fund received a Morningstar Rating of 4, 4 and 5 stars for the 3-, 5- and 10-year periods, respectively. Other classes may have different performance characteristics. Past performance is no guarantee of future results.