Parnassus Fund (PARNX - Free Report) a Zacks Rank #3 (Hold) was incepted in December 1984 and is managed by Parnassus Investments. 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. PARNX invests 15% of its total assets in foreign securities and up to 5% in warrants. PARNX 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 fund, as of the last filing, allocates their fund in three major groups; Large Value, Small Value and Large Growth. Further, as of the last filing, IBM, Ciena and Micron Technology were the top holdings for PARNX.
Parnassus Fund, managed by Parnassus, carries an expense ratio of 0.87%. Moreover, PARNX requires a minimal initial investment of $2,000.
PARNX has a history of positive total returns for over 10 years. Specifically, the fund’s returns over the 1, 3, 5 year benchmarks; 1 year 0.88%, 3 year 8.26% and 5 year 15.56%. 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 50% in 1 year, top 15% over the past 3 years, and in the 1% over the past 5 years.
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