PFPGXParnassus Growth Equity Fund

Institutional Shares
  • Fund assets
    $83M
  • Fund strategyU.S. Large-Cap Growth
  • NAV as of 06/09/2026$28.98
  • NAV change from prior day$-0.02
  • YTD return as of 06/09/2026+2.88%
3 Reasons to Own the Parnassus Growth Equity Fund3 Reasons to Own the Parnassus Growth Equity Fund

HIGHLIGHT

3 Reasons to Own the Parnassus Growth Equity Fund

Investing in growth stocks can unlock the potential for outsized returns. But finding consistent year-overyear winners is no easy feat

Overview

The Parnassus Growth Equity Fund offers a high-conviction portfolio of approximately 40 U.S. large-cap stocks selected for their potential to benefit from secular trends at attractive valuations.

Key Differentiators

  • Innovation Oriented: Favors leading, innovative companies positioned to capitalize on secular trends.
  • Emphasis on Quality: Invests selectively in companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to thrive in a healthy economy and be resilient in an economic recession.
  • Asymmetric Return Potential: Aims to participate more in up markets than down markets, which may appeal to growth investors seeking to reduce downside volatility.

Risks

The Fund may invest in small and/or 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. The adviser may be wrong in its assessment of a company's potential for growth, and the growth stocks the fund holds may not grow as the advisor anticipates. In addition, there are periods when investing in growth stocks falls out of favor with investors and these stocks may underperform. The Fund may invest in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods.

Fund Basics

Fund Objective
Capital appreciation
Fund Strategy
Large-Cap Growth
Ticker
PFPGX
Fund Assets
$83M
CUSIP
701765851
Distribution Frequency
Annually
Inception Date
12/28/2022
Minimum Initial Investment
$100,000
Minimum Subsequent Investment
$50
Net Expense Ratio
0.63 %
Gross Expense Ratio
1.07 %
NAV as of 06/09/2026
$28.98
NAV Change from prior day
$-0.02

Portfolio Managers

Andrew Choi
Director of Research, Portfolio Manager
See Profile
Shivani Vohra
Portfolio Manager, Senior Analyst
See Profile

Performance

Month EndQuarter End
As of 03/31/2026
Annualized Returns (%)
As of 03/31/20263 Month1 Year3 Year5 Year10 YearSince 12/28/2022
Parnassus Growth Equity Fund Institutional Shares3 Month-9.551 Year18.453 Year20.065 YearNA10 YearNASince 12/28/202223.59
Russell 1000 Growth Index3 Month-9.781 Year18.813 Year21.185 Year12.7510 Year16.82Since 12/28/202225.14

Performance data quoted represent past performance and are no guarantee of future returns. All performance assumes reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please select the monthly tab at the top of the page.

Growth of $10,000as of 05/31/2026

Created with Highcharts 11.0.02025$0$10,000$20,000

Last 5 fund distributions

Distribution TypeRecord DateEx/Payable DateDividend RateNav Price Per Share
Distribution TypeShort-Term Capital GainRecord Date12/18/2025Ex/Payable Date12/19/2025Dividend Rate$0.0416Nav Price Per Share$28.05
Distribution TypeLong-Term Capital GainRecord Date12/04/2025Ex/Payable Date12/05/2025Dividend Rate$2.7068Nav Price Per Share$28.49
Distribution TypeShort-Term Capital GainRecord Date12/19/2024Ex/Payable Date12/20/2024Dividend Rate$0.2414Nav Price Per Share$26.12
Distribution TypeLong-Term Capital GainRecord Date12/05/2024Ex/Payable Date12/06/2024Dividend Rate$1.0994Nav Price Per Share$26.95
Distribution TypeIncome DividendRecord Date12/19/2023Ex/Payable Date12/20/2023Dividend Rate$0.3840Nav Price Per Share$20.94

Commentary


  • 1Q26 Parnassus Growth Equity Fund Commentary

  • 1Q26 Parnassus Growth Equity Fund Quarterly Portfolio Update

Characteristics

Sector Weights as of 03/31/2026

Created with Highcharts 11.0.08.8%​8.8%10.3%​10.3%1.9%​1.9%0.0%​0.0%6.8%​6.8%14.0%​14.0%7.9%​7.9%47.0%​47.0%2.6%​2.6%0.0%​0.0%0.0%​0.0%0.5%​0.5%12.1%​12.1%13.2%​13.2%2.9%​2.9%0.5%​0.5%5.8%​5.8%8.0%​8.0%6.7%​6.7%49.8%​49.8%0.3%​0.3%0.4%​0.4%0.3%​0.3%0.0%​0.0%Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesCash and Other0%5%10%15%20%25%30%35%40%45%50%55%Parnassus Growth Equity Fund Institutional SharesRussell 1000 Growth Index

Fund information is not intended to represent future portfolio composition. Weightings are based on percent of total net assets, are subject to change and should not be considered a recommendation to buy or sell any securities. Percentages may not total 100% due to rounding.

Top Holdingsas of 05/31/2026

Microsoft Corp.
8.2%
NVIDIA Corp.
7.8%
Amazon.com Inc.
6.9%
Apple Inc.
4.9%
Meta Platforms Inc., Class A
4.8%
Alphabet Inc., Class A
4.5%
Eli Lilly & Co.
4.3%
Broadcom Inc.
3.9%
Advanced Micro Devices Inc.
3.8%
Visa Inc., Class A
3.1%
Total
52.2%
Full Monthly Holdings

Quarterly Performance Contributorsas of 03/31/2026

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return (%)
Security NameGE Vernova Inc.Total Return of the Holding (%)33.74Contribution to the Portfolio Return (%)0.82
Security NameApplied Materials Inc.Total Return of the Holding (%)33.16Contribution to the Portfolio Return (%)0.74
Security NameASML Holding NV ADRTotal Return of the Holding (%)23.60Contribution to the Portfolio Return (%)0.58

Quarterly Performance Detractorsas of 03/31/2026

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return (%)
Security NameMicrosoft Corp.Total Return of the Holding (%)-23.28Contribution to the Portfolio Return (%)-2.05
Security NameBoston Scientific Corp.Total Return of the Holding (%)-34.19Contribution to the Portfolio Return (%)-0.76
Security NameAmazon.com Inc.Total Return of the Holding (%)-9.77Contribution to the Portfolio Return (%)-0.64

Fund Characteristics

As of 03/31/2026PFPGXRussell 1000 Growth Index
Average Weighted Market CapPFPGX$1349.3BRussell 1000 Growth Index$1830.5B
P/E RatioPFPGX33.6xRussell 1000 Growth Index33.0x
P/B RatioPFPGX8.6xRussell 1000 Growth Index11.6x
Number of HoldingsPFPGX39Russell 1000 Growth Index387
Turnover (2025 Annual)PFPGX43.6%Russell 1000 Growth IndexNA

Literature

Fund Documents


  • 3 Reasons to Own the Parnassus Growth Equity Fund

  • 1Q26 Parnassus Growth Equity Fund Fact Sheet

  • Parnassus Funds Statutory Prospectus

  • Parnassus Growth Equity Fund Summary Prospectus

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PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

Important Information

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) GUIDELINES The Parnassus strategies evaluate ESG factors as part of the investment decision-making process, considering a range of impacts they may have on future revenues, expenses, assets, liabilities and overall risk. The strategies also utilize active ownership to encourage more sustainable business policies and practices and greater ESG transparency. Active ownership strategies include proxy voting, dialogue with company management, sponsorship of shareholder resolutions, and public policy advocacy. There is no guarantee that the ESG strategies will be successful.

Mutual fund investing involves risk, and loss of principal is possible.

Earnings Growth is not a measure of future performance.

Shares of the Funds are offered only for sale in the United States. The Funds are not registered for sale in any other country. Nothing on this site should be considered a solicitation to buy or an offer to sell shares of the Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such foreign jurisdiction or the United States.

For the current holdings of the Parnassus Core Equity Fund, the Parnassus Growth Equity Fund, the Parnassus Value Equity Fund, the Parnassus Mid Cap Fund, the Parnassus Mid Cap Growth Fund, the Parnassus International Equity Fund, the Parnassus Core Select ETF, and the Parnassus Value Select ETF, please visit each fund’s individual holdings page. Fund holdings are subject to change at any time.

ETFs are subject to additional risks that do not apply to conventional funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

For current quarter-end standardized performance and disclosure information, please click here.

Performance data quoted represent past performance and are no guarantee of future returns. Current performance may be lower or higher than the performance data quoted. Current performance information to the most recent month end is available on the Parnassus website (www.parnassus.com). Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original principal cost.

Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of a fund and should carefully read the prospectus or summary prospectus, which contains this and other information and can be found in our Literature and Forms section or by calling (800) 999-3505 for a mutual fund prospectus or (855) 514-4443 for an ETF prospectus.

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