Our Funds

Parnassus Fixed Income Fund

Institutional Shares


High level of current income consistent with safety and preservation of capital.


The Parnassus Fixed Income Fund invests in approximately 95 holdings, primarily allocated among government, agency- and non-agency mortgages, and corporate bonds. A top-down view of the economy to assess future interest rates informs the Fund's duration target, which remains similar to that of the benchmark under normal circumstances. The Fund focuses on identifying:

  • Investing primarily in investment grade corporate bonds held in the Parnassus equity funds
  • Securities with superior credit quality that are undervalued
  • Bonds issued by companies with improving cash flows and credit metrics
  • Security analysis incorporates environmental, social, and governance factors

By investing primarily in investment-grade bonds, the Fund provides investors an opportunity for an attractive level of current income consistent with safety and preservation of capital. No derivatives are used in implementing the Fund's strategy.


The Fund’s share price may change daily based on the value of its security holdings. Bond prices are inversely related to interest rates. As interest rates drop, bond prices will increase, and as interest rates go up, the value of bonds will decrease. A security’s value may also be affected by the possibility that issuers of debt obligations will not pay the Fund interest or principal, or that their credit rating may be downgraded by a ratings agency. In addition, up to 20% of the Fund’s total net assets may be invested in convertible securities, which may not have an investment-grade rating. This would make them riskier than securities with an investment-grade rating.

Fund Facts

Ticker PFPLX
CUSIP 701765703
Minimum Investment $100,000
Gross Expense Ratio 0.49 %
Net Expense Ratio* 0.47 %
Inception Date 4/30/2015
Fund Manager,
Since May 2013

Samantha D. Palm
Fund Strategy Intermediate, Investment-Grade
Lipper Category Core Bond Funds Average
Distribution Frequency Monthly
Share Class Assets $61MM
Total Net Assets1 $219MM

Change Share Class: View Investor 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.


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

As described in the Fund's current prospectus dated May 1, 2018, Parnassus Investments has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.58% of net assets for the Parnassus Fixed Income Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2019, and may be continued indefinitely by the investment 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.

Fund characteristics and statistics are based on historical five year information and are available here for the Investor share class.