Parnassus Endeavor Fund
PARWX
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- Parnassus Value Equity Fund (PARWX), formerly known as the Parnassus Endeavor Fund, is an actively managed open-end mutual fund that seeks capital appreciation by investing primarily in a high-conviction portfolio of 40 to 45 undervalued U.S. large-cap equity securities, including common and preferred stocks of companies with strong competitive advantages, quality management teams, relevant products and services, and sustainable business practices; the fund applies environmental, social, and governance (ESG) criteria, excluding companies with significant revenues from fossil fuels, alcohol, tobacco, gambling, weapons, or nuclear power generation, while emphasizing positive workplace environments and shareholder engagement. Investor shares (PARWX) and institutional shares (PFPWX) are offered, with a focus on asymmetric risk/reward profiles favoring upside potential over downside risk, low portfolio turnover of approximately 24%, and benchmarks against the Russell 1000 Value Index. The fund maintains a quality bias toward financially sound companies with durable moats, allocating primarily to U.S. stocks (about 93%) and smaller positions in non-U.S. equities (around 7%), targeting individual and institutional investors seeking large-value exposure with responsible investing principles. Headquartered in San Francisco, California, at 1 Market Street, Suite 1600, the fund operates as part of the Parnassus Funds trust managed by Parnassus Investments LLC, a pioneer in sustainable investing founded in 1984; it serves U.S. markets with global investment reach through diversified holdings across sectors like technology, healthcare, industrials, and consumer goods. Launched on April 29, 2005, the fund underwent a significant rebranding from Parnassus Endeavor Fund to Parnassus Value Equity Fund in late 2022 to better reflect its consistent large-cap value equity strategy under portfolio manager Krishna Chintalapalli, who succeeded long-time manager Jerome Dodson; in 2021, Parnassus Investments saw a majority stake acquisition by Affiliated Managers Group, bolstering its resources. Recent portfolio adjustments in 2025 include adding positions in Depot Inc., Abbott Laboratories, Broadcom Inc., and Walmart Inc., while exiting holdings like D.R. Horton Inc. and Cisco Systems, alongside trims in Micron Technology; Parnassus Investments also launched the Parnassus Value Select ETF (PRVS) as a concentrated extension of the strategy and announced the closure of the Parnassus Fixed Income Fund in April 2025 to focus on equities. In 2024, the firm released its Sustainability & Stewardship Report highlighting thematic engagements with portfolio companies representing over half of assets under management.