Parnassus Fund (PARNX) seeks long-term growth of capital. The fund uses a contrarian investment strategy, investing in stocks that are out of favor with the financial community and are, therefore, undervalued. The fund invests 15% of its total assets in foreign securities and up to 5% in warrants. The fund invests 5% of its total assets in community-development loan fund, such as those that provide financing for small business and for low and moderate-income housing.
This Large Value product has a history of positive total returns for over 10 years. Specifically, the fund’s returns over the 3, 5 year benchmarks; 3 year 9.9% and 5 year 17.2%. To see how this fund performed compared in its category, and other #1 and #2 Ranked Mutual Funds, please click here.
PARNX’s performance, as of the last filing, when compared to funds in its category was in the top 12% over the past 1 year, and in the top 20% over the past 3 years and in the top 2% over the past 5 years.
Parnassus Fund, as of the last filing, allocates its fund in top three major groups; in Large Growth, Large Value and Small Growth. Further, as of the last filing, Motorola Solutions Inc (NYSE:MSI), Allergan (NYSE:AGN) Plc and Intl Business Machines Co were the top holdings for PARNX.
This Zacks Rank #2 (Buy) was incepted in December 1984 and is managed by Parnassus. PARNX carries an expense ratio of 0.86% and requires a minimal initial investment of $2,000.
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Zacks Investment Research