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A Focus on Quality Companies in Pursuit of Enduring Value


PARWXPARNASSUS VALUE EQUITY FUND

Investor Shares
 * Fund assets
   $4,917M
 * Fund strategyU.S. Large-Cap Value
 * NAV as of 05/24/2024$53.64
 * NAV change from prior day$+0.34
 * YTD return as of 05/24/2024+6.13%
 * Overall Morningstar rating

Parnassus Value Equity Fund
Parnassus Core Equity Fund
Investor Shares
Institutional Shares
Parnassus Growth Equity Fund
Investor Shares
Institutional Shares
Parnassus Value Equity Fund
Investor Shares
Institutional Shares
Parnassus Mid Cap Fund
Investor Shares
Institutional Shares
Parnassus Mid Cap Growth Fund
Investor Shares
Institutional Shares
Parnassus Fixed Income Fund
Investor Shares
Institutional Shares
OverviewPerformanceCommentaryCharacteristicsLiterature

Overview
Performance
Commentary
Characteristics
Literature


OVERVIEW

The Parnassus Value Equity Fund offers a high-conviction portfolio of
approximately 40 to 45 U.S. large-cap stocks that are poised to rise but are
temporarily out of favor relative to their history or peers. 




KEY DIFFERENTIATORS

 * Broad Opportunity Set: Looks beyond traditional value names for more
   opportunities to buy companies trading at relatively compelling valuations.
 * Quality Bias: Invests in companies with increasingly relevant products and
   services, durable competitive advantages, strong management teams and
   sustainable business practices that are likely to persevere through near-term
   challenges.
 * Asymmetric Risk/Reward: Favors companies with upside potential that outweighs
   downside risk, which may appeal to value investors seeking to avoid
   investments that appear to be bargains but have little growth prospects.


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 BASICS

Fund Objective
Capital appreciation
Fund Strategy
Large-Cap Value
Ticker
PARWX
Fund Assets
$4,917M
CUSIP
701765869
Distribution Frequency
Annually
Inception Date
04/29/2005
Minimum Initial Investment
$2,000
Minimum Subsequent Investment
$50
Net Expense Ratio
0.88 %
Gross Expense Ratio
0.93 %
NAV as of 05/24/2024
$53.64
NAV Change from prior day
$+0.34
Overall Morningstar rating

Overall Morningstar rating as of 3/31/2024 rated against 1,118 Large Value funds
on a risk-adjusted basis.


PORTFOLIO MANAGERS

Billy Hwan, CPA, CFA
Portfolio Manager, Senior Analyst
See Profile
Krishna Chintalapalli
Portfolio Manager, Senior Analyst
See Profile


PERFORMANCE

Month EndQuarter End
As of 03/31/2024

Annualized Returns (%)As of 03/31/20243 Month1 Year3 Year5 Year10 YearSince
04/29/2005Parnassus Value Equity Fund Investor Shares3 Month10.171 Year23.493
Year6.605 Year15.2110 Year13.67Since 04/29/200512.57Russell 1000 Value Index3
Month8.991 Year20.273 Year8.115 Year10.3210 Year9.01Since 04/29/20058.18


CALENDAR YEAR RETURNS

Created with Highcharts 11.0.0Total Return (%)18.51% 18.51%3.25% 3.25%21.42%
21.42%19.81% 19.81%-13.49% -13.49%33.29% 33.29%27.42% 27.42%31.12% 31.12%-13.81%
-13.81%13.70% 13.70%13.45% 13.45%-3.83% -3.83%17.34% 17.34%13.66% 13.66%-8.27%
-8.27%26.54% 26.54%2.80% 2.80%25.16% 25.16%-7.54% -7.54%11.46% 11.46%Parnassus
Value Equity FundRussell 1000 Value
Index2014201520162017201820192020202120222023-20%-10%0%10%20%30%40%


GROWTH OF $10,000AS OF 04/30/2024

Created with Highcharts
11.0.0201020152020$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,000$100,000
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.


LAST 5 FUND DISTRIBUTIONS

Distribution TypeRecord DateEx/Payable DateDividend RateNav Price Per
ShareDistribution TypeIncome DividendRecord Date12/19/2023Ex/Payable
Date12/20/2023Dividend Rate$0.6042Nav Price Per Share$49.33Distribution
TypeLong-Term Capital GainRecord Date11/15/2023Ex/Payable Date11/16/2023Dividend
Rate$0.2863Nav Price Per Share$46.92Distribution TypeIncome DividendRecord
Date12/20/2022Ex/Payable Date12/21/2022Dividend Rate$0.5365Nav Price Per
Share$45.33Distribution TypeLong-Term Capital GainRecord
Date11/16/2022Ex/Payable Date11/17/2022Dividend Rate$0.7649Nav Price Per
Share$46.03Distribution TypeIncome DividendRecord Date12/21/2021Ex/Payable
Date12/22/2021Dividend Rate$0.9733Nav Price Per Share$53.20


COMMENTARY




 * 1Q24 Parnassus Value Equity Fund Commentary
   
   
   
   04.12.2024
   
    * View

 * 1Q24 Parnassus Value Equity Fund Quarterly Portfolio Update
   
   
   
   04.16.2024
   
   View


CHARACTERISTICS


SECTOR WEIGHTS AS OF 03/31/2024

Created with Highcharts 11.0.011.1% 11.1%4.7% 4.7%3.0% 3.0%0.0% 0.0%28.2%
28.2%15.6% 15.6%9.0% 9.0%17.9% 17.9%4.8% 4.8%3.6% 3.6%1.3% 1.3%0.8% 0.8%4.6%
4.6%5.2% 5.2%7.8% 7.8%8.0% 8.0%22.6% 22.6%14.2% 14.2%14.0% 14.0%9.5% 9.5%4.8%
4.8%4.6% 4.6%4.7% 4.7%0.0% 0.0%Communication ServicesConsumer
DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation
TechnologyMaterialsReal EstateUtilitiesCash and
Other0%5%10%15%20%25%30%Parnassus Value Equity FundRussell 1000 Value 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 04/30/2024

Micron Technology Inc.
4.1%
Verizon Communications Inc.
4.0%
Bank of America Corp.
3.5%
Ball Corp.
3.3%
The Progressive Corp.
3.1%
Sysco Corp.
3.0%
Oracle Corp.
2.9%
Global Payments Inc.
2.8%
The Charles Schwab Corp.
2.8%
The Bank of New York Mellon Corp.
2.8%
Total
32.3%
Full Monthly Holdings


QUARTERLY PERFORMANCE CONTRIBUTORSAS OF 03/31/2024

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return
(%)Security NameMicron Technology Inc.Total Return of the Holding
(%)38.28Contribution to the Portfolio Return (%)1.19Security NameThe Progressive
Corp.Total Return of the Holding (%)30.50Contribution to the Portfolio Return
(%)0.89Security NameThe Walt Disney Co.Total Return of the Holding
(%)35.52Contribution to the Portfolio Return (%)0.63


QUARTERLY PERFORMANCE DETRACTORSAS OF 03/31/2024

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return
(%)Security NameIntel Corp.Total Return of the Holding (%)-11.84Contribution to
the Portfolio Return (%)-0.49Security NameBiogen Inc.Total Return of the Holding
(%)-16.67Contribution to the Portfolio Return (%)-0.34Security NameGilead
Sciences Inc.Total Return of the Holding (%)-8.64Contribution to the Portfolio
Return (%)-0.23


FUND CHARACTERISTICS

As of 03/31/2024PARWXRussell 1000 Value IndexAverage Weighted Market
CapPARWX$235.8BRussell 1000 Value Index$158.6BP/E RatioPARWX22.8xRussell 1000
Value Index19.0xP/B RatioPARWX2.7xRussell 1000 Value Index2.5xNumber of
HoldingsPARWX44Russell 1000 Value Index845Turnover (2023
Annual)PARWX28.9%Russell 1000 Value IndexNA


FUND STATISTICS

As of 03/31/2024 (5 Year)PARWXRussell 1000 Value IndexAlphaPARWX6.60%Russell
1000 Value Index0BetaPARWX1.09Russell 1000 Value
Index1.00R-SquaredPARWX0.92Russell 1000 Value Index1.00Sharpe
RatioPARWX0.62Russell 1000 Value Index0.30Standard DeviationPARWX21.41%Russell
1000 Value Index18.78%Downside RiskPARWX13.53%Russell 1000 Value
Index12.63%Tracking ErrorPARWX6.25%Russell 1000 Value Index0Active
SharePARWX86.65%Russell 1000 Value IndexNAUpside Capture RatioPARWX119.93Russell
1000 Value Index100.00Downside Capture RatioPARWX93.34Russell 1000 Value
Index100.00


LITERATURE


FUND DOCUMENTS




 * 1Q24 Parnassus Value Equity Fund Fact Sheet
   
   
    * View

 * 2024 Parnassus Value Equity Fund Summary Prospectus, May 1, 2024
   
   
    * View

 * Parnassus Funds Statutory Prospectus dated May 1, 2024
   
   
    * View


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 * Parnassus Fixed Income Fund

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© 2010-2024 Parnassus Investments, LLC.

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

Important Information

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) GUIDELINES The Fund evaluates
financially material 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 Fund also utilizes active
ownership to encourage more sustainable business policies and practices and
greater ESG transparency. Active ownership strategies include proxy voting,
dialogue with company management and sponsorship of shareholder resolutions, and
public policy advocacy. There is no guarantee that the ESG strategy will be
successful. There are no assurances the Funds will meet their investment
objectives and or that their 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 and the Parnassus Fixed Income Fund, please visit
each fund’s individual holdings page. Fund holdings are subject to change at any
time.

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.

The Parnassus Funds are distributed by Parnassus Funds Distributor, LLC.

Research our firm with FINRA's BrokerCheck.

This site is intended for U.S. investors only and should not be considered a
solicitation or offering to investors outside the U.S.

Billy Hwan, CPA, CFA

Portfolio Manager, Senior Analyst





Billy Hwan is the lead portfolio manager of the Parnassus Value Equity strategy
and a senior analyst. He is responsible for portfolio management of the firm’s
Value Equity strategy.

Billy joined Parnassus Investments in 2012 after serving as a Parnassus research
intern. Prior to joining Parnassus, he held roles in equity research at Dodge &
Cox in San Francisco and at the Government of Singapore Investment Corporation.
Billy received his bachelor’s degree in engineering from Stanford University and
a master’s in accountancy from the University of Houston. He received his MBA
with honors from the University of California, Berkeley. Billy is a former
Blakemore Freeman Fellow, holds the CPA designation and is a CFA charterholder.

Tenure
 * Joined Parnassus in 2012
 * Years of experience: 23

Managed Fund

Parnassus Value Equity Fund since 2018