Parnassus Core Equity Fund
PRBLX
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- Parnassus Core Equity Fund (PRBLX) is an actively managed open-end mutual fund that seeks capital appreciation and current income by investing primarily in a high-conviction portfolio of approximately 40 U.S. large-cap equity securities, including common and preferred stocks, selected for their potential to compound value at attractive valuations; at least 80% of net assets plus borrowings for investment purposes are allocated to equity securities, with at least 65% in those paying interest or dividends; the fund emphasizes quality companies exhibiting increasing relevancy of products and services, durable competitive advantages, strong management teams, and sustainable business practices to thrive in economic expansions and provide resilience during downturns; investor shares (PRBLX) and institutional shares (PRILX) are offered, with assets under management of approximately $27.5 billion as of late 2025. The fund operates within the large blend category, benchmarking against the S&P 500 Index, and maintains a portfolio turnover rate of 34.2% for 2024; it targets individual and institutional investors seeking risk-adjusted outperformance with downside protection and active share exceeding 65%; managed by Parnassus Investments LLC, a pioneer in responsible investing founded in 1984 and headquartered at 1 Market Street, Suite 1600, San Francisco, California; the fund was launched on August 31, 1992, and invests mainly in domestic large-cap firms while permitting limited exposure to small- and mid-cap companies and foreign securities. Recent distributions include a long-term capital gain of $10.1756 per share in December 2025 and income dividends in 2025; portfolio managers adjusted holdings in 2024-2025, adding positions like Workday and KLA while reducing consumer staples (Sysco, Mondelez) and financials (CME); Parnassus Investments, the fund's adviser, launched the Parnassus International Equity Fund (PRBRX/PRPEX) in May 2025 to extend its philosophy globally, debuted Core Select ETF (PRCS) and Value Select ETF (PRVS), won the 2025 CIO Magazine Award for Public Equity in November 2025, and released its 2025 Sustainability & Stewardship Report highlighting stewardship engagements.