Parnassus Investments

• Parnassus Growth Equity Fund | Investment Commentary - 3Q 2026 ↗ Parnassus Growth Equity Fund retained all core positions, selling only spun-off Mobility Global shares, while maintaining an underweight in semiconductors and no Energy exposure. The portfolio favors health-care innovators and AI-infrastructure beneficiaries such as GE Vernova and Comfort Systems USA, while remaining selective amid elevated valuations, oil prices and interest rates. 3Q26 FIX $37BGEV $241BNTRA $53B +4
• Parnassus Core Equity Fund | Investment Commentary - 3Q 2026 ↗ Parnassus Core Equity Fund exited Oracle and sold Marsh & McLennan, Procter & Gamble and Realty Income, reallocating capital to TSMC, Meta Platforms and other higher-conviction ideas. The portfolio balances AI infrastructure exposure with second-order beneficiaries and resilient wide-moat businesses while testing holdings against disruption, valuation and cyclical risks. 3Q 2026 AMAT $260BAZN $285BCTAS $89B +10

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