Parnassus Investments

Dec 2024 → Dec 2025 · Publishes quarterly · 8 funds

Our archive holds 14 letters from Parnassus Investments, behind 18 investment theses. Every quote below is copied verbatim from the letter it came from.

Parnassus Investments’s own letters page

Letters

Companies

Moves

Theses

Theses · 18

Ingersoll Rand Inc.
December 2025
Ingersoll Rand Inc. is a global industrial equipment maker poised to benefit from an anticipated industrial recovery and construction megaprojects.
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CMS Energy Corp.
December 2025
CMS Energy Corp. is a well-managed Michigan utility with constructive regulation and a capital plan expected to modestly accelerate earnings growth.
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The Home Depot, Inc.
December 2025
The Home Depot, Inc. has durable competitive advantages and secular demand drivers, with strategic investments expanding its addressable market.
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Abbott Laboratories
December 2025
Abbott Laboratories offers durable growth from leadership in diabetes, heart health, and electrophysiology, supported by innovation and a diversified global model.
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Chipotle Mexican Grill Inc.
December 2025
Chipotle Mexican Grill Inc. is a fast-casual leader with strong brand and a unique value proposition, with new initiatives and easing inflation expected to reaccelerate growth.
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Waste Management, Inc.
December 2025
Waste Management, Inc. benefits from a wide-moat industry structure, pricing power, and growth from RNG, recycling, and Stericycle synergies.
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Synopsys
March 2025
Synopsys is poised to strengthen its competitive edge in the electronic design automation market through its acquisition of Ansys and robust intellectual property, amidst the growing complexity of semiconductor design and the rise of AI accelerators.
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ICON plc
March 2025
ICON is a leading CRO poised for growth as R&D spending rebounds and it gains market share following a recent stock sell-off.
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JP Morgan Chase & Co.
March 2025
JP Morgan is a formidable player in the financial services industry due to its expertise, high client switching costs, unmatched scale, and resilience across its various banking units.
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AstraZeneca
December 2024
AstraZeneca is well-positioned for growth due to its strong R&D capabilities, extensive pipeline, and effective leadership, presenting a buying opportunity after a recent sell-off.
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Ferguson plc
December 2024
Ferguson is well-positioned for long-term growth due to its efficient operations, extensive distribution networks, and the advantages of scale in a consolidating industry.
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KLA
December 2024
KLA is well-positioned for long-term growth due to high switching costs, strong demand for advanced semiconductors, and effective management, despite recent stock price concerns related to weaker demand in China.
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Letter archive · 14

2025

2024

Funds · 8

Parnassus Value Equity Fund3
Parnassus Core Equity Fund2
Parnassus Growth Equity Fund2
Parnassus Mid Cap Fund2
Parnassus Mid Cap Growth Fund2
Parnassus Core Select ETF1
Parnassus International Equity Fund1
Parnassus Value Select ETF1

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