Our Funds

Parnassus Mid Cap Fund

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

Investor Shares

Objective:

Capital appreciation.

Strategy

The Parnassus Mid Cap Fund is a diversified, fundamental, U.S., mid-cap, core equity fund. The Fund invests principally in undervalued equity securities of medium-capitalization companies between that of the smallest and largest constituents of the Russell Midcap Index at the time of initial purchase. The Fund seeks to invest in quality businesses that are well-managed, increasingly relevant and competitively advantaged. The Fund also takes environmental, social and governance factors into account in making investment decisions.

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. Security holdings in the fund can vary significantly from broad market indexes.

The Fund invests in the stocks of small and mid-cap companies, which are generally riskier than larger companies, and the Fund’s share price may be more volatile than funds that invest in larger companies.

Fund Facts

Ticker PARMX
CUSIP 701765885
Minimum Investment $2,000
Gross Expense Ratio 1.09 %
Net Expense Ratio* 0.99 %
Inception Date 4/29/2005
Fund Managers,
Since October 2008
Since October 2008

Matthew D. Gershuny
Lori A. Keith
Fund Strategy Mid Cap Core
Lipper Category Multi-Cap Core
Distribution Frequency Annually
Share Class Assets $594MM
Total Net Assets1 $597MM

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

Fund Characteristics as of 6/30/15 Fund Russell Midcap 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
$9.5 $12.3
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
23.1x 20.9x
P/B Ratio

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

Info
2.7x 2.5x
Number of Holdings 48 829
Portfolio Turnover (2014 Annual) 21.6 % NA
Fund Statistics (5 Year) as of 6/30/15 Fund Russell Midcap 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
0.52 % 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
0.86 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
0.92 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
1.32 1.34
Standard Deviation

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

Info
12.36 % 13.71 %
Downside Risk

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

Info
6.74 % 7.26 %
Tracking Error

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

Info
3.96 % 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 limit the total operating expenses (exclusive of acquired fund fees and expenses) to 0.99% of the net assets of the Parnassus Mid-Cap Fund-Investor Shares. This limitation continues until May 1, 2017, and may be continued indefinitely by the Adviser on a year-to-year basis.

The Russell Midcap 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.