Parnassus Investments
Parnassus Mid Cap Fund
US Mid-cap
Dec 2024 → Dec 2025
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 18 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years · follow all of Parnassus Investments for every strategy.
What it bought and sold
We also sold CoStar Group, as the company's valuation will remain high until it's able to monetize its significant investments in Homes.com.
Our third addition was Chipotle Mexican Grill, the fast-casual restaurant chain.
We sold Guidewire, the insurance software provider, after the company’s outperformance stretched its valuation.
We exited insurance broker Brown & Brown to reduce our overweight exposure to the property and casualty insurance industry, given uncertainty around the the duration and depth of the current downturn.
We exited Atlassian due to AI-related uncertainty, as its predominantly seat-based pricing model and focus on developers leave it exposed to potential disruption from "vibe-coding" start-ups.
The first newcomer is Ingersoll Rand, a manufacturer of compressed air systems and fluid management products.
We sold FIS, the provider of bank processing systems due to our concerns around its long-term structural growth rate.
We also added Michigan-based utility CMS Energy, which operates in a constructive regulatory backdrop and offers clear visibility to long-term growth.
Also held
Its investment theses
- Ingersoll Rand Inc.Dec 2025Ingersoll Rand Inc. is a global industrial equipment maker poised to benefit from an anticipated industrial recovery and construction megaprojects.
- CMS Energy Corp.Dec 2025CMS Energy Corp. is a well-managed Michigan utility with constructive regulation and a capital plan expected to modestly accelerate earnings growth.
- Chipotle Mexican Grill Inc.Dec 2025Chipotle 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.