The Parnassus Asia Fund invests with high conviction in approximately 40 holdings.The Fund focuses on identifying companies with:
- Wide moats or strong competitive advantages that protect market share and profitability
- Relevancy over the long term, which provides a compounding growth component
- Quality management teams that will act in the best interest of shareholders
- Favorable three-year investment horizon
The Fund provides access to equity securities of Asian companies across the capitalization spectrum. Diversification across the Asian region can serve to mitigate impact from any single country's equity market fluctuations. The Fund takes environmental, social, and governance factors into account in making investment decisions.
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 assets
levels of individual companies and in response to general domestic and international
market and economic conditions.
There are additional risks associated with foreign investments, such as increased
market volatility, a lower level of government oversight in emerging markets, risks
associated with focusing on a specific geographic region and exposure to fluctuations
in foreign currencies. 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.
Gross Expense Ratio
Net Expense Ratio*
Since April 2013
Since July 2014
Jerome L. Dodson
Billy J. Hwan
(Asia Pacific Equity)
Share Class Assets
Total Net Assets1
Change Share Class: View 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 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.
* Expenses based on total net assets, net of reimbursement.
As described in the Fund’s current prospectus dated May 1, 2016, Parnassus Investments has
contractually agreed to limit total operating expenses to 1.25% of net assets for the Parnassus Asia
Fund—Investor Shares. This agreement will not be terminated prior to May 1, 2017, and may be
continued indefinitely by the Adviser on a year‐to‐year basis. The net expense ratio is what investors pay.
1Total net assets represent the combined assets of Institutional Shares and Investor Shares.
The MSCI AC Asia Pacific Index is an unmanaged index of Asian stock markets. An
individual cannot invest directly in an index. An index reflects no deductions for
fees, expenses or taxes, but mutual fund returns do.
The Morningstar Rating™for funds, or "star rating", is calculated for managed products (including mutual funds,
variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with
at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population
for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a managed product's monthly excess performance, placing more emphasis on downward variations and
rewarding consistent performance. The top 10% of products in each product 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. The
Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures
associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% threeyear
rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total
returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.
While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent
three-year period actually has the greatest impact because it is included in all three rating periods. Parnassus Asia
Fund was rated against the following numbers of Diversified Pacific/Asia Funds over the following time periods: 35
funds in the last three years, 30 funds in the last five years, and 17 funds in the last ten years. Past performance is no
guarantee of future results. Morningstar Rating is for the Investor class only; other classes may have different