Description
Parnassus Asia Fund
SM
Fourth Quarter 2015
All information, unless otherwise indicated, is as of 12/31/2015
Portfolio Managers
Jerome L. Dodson
• President, Portfolio Manager
• With firm since 1984
• Investment industry since 1976
• Portfolio Manager since 2013
• M.B.A., Harvard Business School 1971
• B.S., Political Science, University of California, Berkeley 1965
Billy J. Hwan
• Portfolio Manager
• With firm since 2012
• Investment industry since 2001
• Portfolio Manager since 2014
• M.B.A., University of California, Berkeley 2012
• M.S., Accountancy, University of Houston 2005
• B.S., Industrial Engineering, Stanford University 2001
Firm Overview
Parnassus Investments® is an independent and employee-owned
investment management company based in San Francisco, CA. Founded
in 1984, the firm seeks to invest in businesses that have increasingly
relevant products or services, sustainable competitive advantages, quality
management teams and ethical business practices.
We believe the most attractive opportunities for investments are when companies with good business fundamentals become temporarily undervalued due to market sentiment. Fund Characteristics Fund MSCI AC Asia Pacific Index Fund Facts Investor Shares Institutional Shares Ticker PAFSX PFPSX 701765208 701765604 Ave Weighted Mkt Cap ($Bn) $31.0 $42.8 CUSIP P/E Ratio 14.2x 13.1x Minimum Investment $2,000 $100,000 P/B Ratio 2.1x 1.4x Gross Expense Ratio 3.53% 3.48% 33 1022 Net Expense Ratio 1.25% 1.22% 59.7% - 4/30/2013 4/30/2015 Number of Holdings Portfolio Turnover (2015 Annual) Average Weighted Market Cap is the average capitalization of all stocks in the portfolio, weighted by each holding’s size in the portfolio. Price/Earnings (P/E) Ratio is a ratio of a stock’s current price to its per-share earnings over the past 12 months (or “trailing” 12 months). Price/Book (P/B) Ratio is the ratio of a stock’s latest closing price divided by its book value per share. Style Inception Date Distribution Frequency Annually Total Net Assets $10.3MM Expenses based on total net assets, net of reimbursement. As described in the Fund’s current prospectus dated May 1, 2015, Parnassus Investments has contractually agreed to limit total operating expenses to 1.25% of net assets for the Parnassus Asia Fund—Investor Shares and to 1.22% of net assets for the Parnassus Asia— Institutional Shares. This agreement will not be terminated prior to May 1, 2016, and may be continued indefinitely by the Adviser on a year-to-year basis. . Parnassus Funds’ equity style box is based on the portfolio’s overall targeted capitalization range and relative valuation. Large Cap Mid Cap Lipper Category: Pacific Region Small Cap Value Core Growth Total Assets Under Management: $15.6 billion Risks: The Fund’s share price may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the assets levels of individual companies and in response to general domestic and international market and economic conditions.
There are additional risks associated with foreign investments, such as increased market volatility, a lower level of government oversight in emerging markets, risks associated with focusing on a specific geographic region and exposure to fluctuations in foreign currencies. In addition to large-cap companies, the Fund may invest in small and/ or mid-cap companies, which can be more volatile than large-cap firms. Security holdings in the Fund can vary significantly from broad market indexes. PARNASSUS INVESTMENTS® 1 Market Street, Suite 1600 San Francisco, CA 94105 www.parnassus.com (800) 999-3505 .
We believe the most attractive opportunities for investments are when companies with good business fundamentals become temporarily undervalued due to market sentiment. Fund Characteristics Fund MSCI AC Asia Pacific Index Fund Facts Investor Shares Institutional Shares Ticker PAFSX PFPSX 701765208 701765604 Ave Weighted Mkt Cap ($Bn) $31.0 $42.8 CUSIP P/E Ratio 14.2x 13.1x Minimum Investment $2,000 $100,000 P/B Ratio 2.1x 1.4x Gross Expense Ratio 3.53% 3.48% 33 1022 Net Expense Ratio 1.25% 1.22% 59.7% - 4/30/2013 4/30/2015 Number of Holdings Portfolio Turnover (2015 Annual) Average Weighted Market Cap is the average capitalization of all stocks in the portfolio, weighted by each holding’s size in the portfolio. Price/Earnings (P/E) Ratio is a ratio of a stock’s current price to its per-share earnings over the past 12 months (or “trailing” 12 months). Price/Book (P/B) Ratio is the ratio of a stock’s latest closing price divided by its book value per share. Style Inception Date Distribution Frequency Annually Total Net Assets $10.3MM Expenses based on total net assets, net of reimbursement. As described in the Fund’s current prospectus dated May 1, 2015, Parnassus Investments has contractually agreed to limit total operating expenses to 1.25% of net assets for the Parnassus Asia Fund—Investor Shares and to 1.22% of net assets for the Parnassus Asia— Institutional Shares. This agreement will not be terminated prior to May 1, 2016, and may be continued indefinitely by the Adviser on a year-to-year basis. . Parnassus Funds’ equity style box is based on the portfolio’s overall targeted capitalization range and relative valuation. Large Cap Mid Cap Lipper Category: Pacific Region Small Cap Value Core Growth Total Assets Under Management: $15.6 billion Risks: The Fund’s share price may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the assets levels of individual companies and in response to general domestic and international market and economic conditions.
There are additional risks associated with foreign investments, such as increased market volatility, a lower level of government oversight in emerging markets, risks associated with focusing on a specific geographic region and exposure to fluctuations in foreign currencies. In addition to large-cap companies, the Fund may invest in small and/ or mid-cap companies, which can be more volatile than large-cap firms. Security holdings in the Fund can vary significantly from broad market indexes. PARNASSUS INVESTMENTS® 1 Market Street, Suite 1600 San Francisco, CA 94105 www.parnassus.com (800) 999-3505 .
