Description
A living wage commitment matters because it signiï¬cantly raises wages
for workers, particularly in developing countries, where market-rate
wages are much lower. Novartis established its living wage commitment
to address the fact that ‘‘everyone who works has the right to just and
favorable remuneration ensuring…an existence worthy of human
dignity.’’3 Advocates of a living wage contend that minimum wages don’t
do enough to assure basic needs, while adoption of living wage standards
can contribute to stability and prosperity in communities and attract more
skilled, productive, and loyal employees.4 The practice instills pride in
corporate operations, as stated by a Novartis Manager in Pakistan: “No
other companies are doing this locally. When talking to government
ofï¬cials, I can proudly say that we pay several times above the minimum
wage and that we are not just a proï¬t making business.”
The Parnassus Endeavor Fund has done well over the years by investing
in innovative companies that provide great workplaces for their
employees. By no longer investing in companies engaged in the extraction,
exploration, production, manufacturing or reï¬ning of fossil fuels, we aim
to provide investors seeking to reduce their exposure to fossil fuels with a
high quality, long term investment solution.
Qualcomm: A Fortune “100 Best Company” for 15 Years
Qualcomm employs 31,000 workers globally and has the distinction of
having been on Fortune’s “100 Best Companies to Work For” every year
since 2000.5
About the Author
We thank you for your investment in the Parnassus Funds.
Maria Kamin
ESG Research Manager
Besides noteworthy employee beneï¬ts like outdoor recreation centers
and concerts, the company provides unique beneï¬ts, like partnering
with a local YMCA to offer subsidized summer camp for the children of
Qualcomm employees.
The company is also a good place to work as an intern, as internships are paid, and can include housing and relocation packages. The company’s focus on its employees has practical beneï¬ts like employee engagement and loyalty. In a competitive industry where highly-skilled human capital is a necessity, the company’s ï¬nancial strength, opportunities for career growth, and reputation are the top three reasons employees stay at Qualcomm, according to the company’s 2012 Social Responsibility Report. This loyalty is evidenced, at least in part, by the low 3.8% voluntary turnover rate.6 Parnassus Endeavor Fund Average Annual Total Returns (%) for periods ended September 30, 2014 One Year Parnassus Endeavor Fund 20.33 26.09 16.30 11.56 1.07 0.95 S&P 500 Index 19.72 22.94 15.67 8.07 NA NA Three Years Five Years Since Net Gross Inception Expense Expense on Ratio Ratio 4/29/05 Performance data quoted represents past performance and is not indicative of future results.
The Fund’s current performance may be lower or higher than the performance data quoted. A Fund’s investment return and principal value will fluctuate. Upon redemption, shares may be worth more or less than the original cost.
Returns shown in the table do not reflect the deduction of taxes a shareholder may pay on fund distributions or redemption of shares. The Standard & Poor’s 500 Composite Stock Price Index (also known as the S&P 500) is an unmanaged index of common stocks and it is not possible to invest directly in an index. Index ï¬gures do not take any expenses, fees or taxes into account, but mutual fund returns do. Maria Kamin ESG Research Manager Maria L. Kamin is the ESG Research Manager.
Prior to joining Parnassus Investments in 2010, she was the Research Product Manager and a Sustainability Analyst at MSCI, Inc.; formerly KLD Research & Analytics, Inc. In 2008, Boston College recognized Ms. Kamin as a Sustainability Fellow in the Leadership for Change program.
She received her bachelor's degree in political science from Tufts University, and a master's degree in Paciï¬c international affairs from the University of California, San Diego. As described in the Fund’s current prospectus dated May 1, 2014 (As Amended and Restated September 19, 2014), Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% of net assets for the Fund. This agreement will not be terminated prior to May 1, 2015, and may be continued indeï¬nitely by the Adviser on a year to year basis. 1. http://www.ghgprotocol.org/ http://www.greatplacetowork.com/best-companies/worlds-best-multinationals/thelist 3 .http://www.novartis.com/corporate-responsibility/responsible-business-practices/ caring-for-our-people/living-wage.shtml 4. http://www.novartis.com/downloads/corporate-responsibility/responsible-businesspractices/living-wage.pdf 5. http://us.greatrated.com/qualcomm 6. https://www.qualcomm.com/media/documents/ï¬les/2013-qualcomm-sustainabilityreport.pdf 2. As of September 30, 2014, Novartis represented 2.2% of the Parnassus Endeavor Fund, 2.1% of the Parnassus Fund, and 2.3% of the Parnassus Core Equity Fund as a percentage of total net assets. As of September 30, 2014, Qualcomm represented 3.7% of the Parnassus Endeavor Fund, 3.5% of the Parnassus Fund, 3.4% of the Parnassus Core Equity Fund, and 3.4% of the Parnassus Asia Fund as a percentage of total net assets. The views expressed in this Parnassus Digest are subject to change at any time in response to changing circumstances in the markets and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or the Parnassus Funds. Any speciï¬c securities discussed may or may not be current or future holdings of the Funds. The Parnassus Funds are underwritten and distributed by Parnassus Funds Distributor, a subsidiary of Parnassus Investments and FINRA member. Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the Funds and should carefully read the prospectus or summary prospectus, which contains this information.
A prospectus or summary prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505. An investor may visit www.parnassus.com/parnassus-mutual-funds/#tab-performance to obtain performance data current to the most recent month-end. Parnassus Investments l 1 Market Street, Suite 1600 l San Francisco, CA 94105 l (800) 999-3505 l www.parnassus.com .
The company is also a good place to work as an intern, as internships are paid, and can include housing and relocation packages. The company’s focus on its employees has practical beneï¬ts like employee engagement and loyalty. In a competitive industry where highly-skilled human capital is a necessity, the company’s ï¬nancial strength, opportunities for career growth, and reputation are the top three reasons employees stay at Qualcomm, according to the company’s 2012 Social Responsibility Report. This loyalty is evidenced, at least in part, by the low 3.8% voluntary turnover rate.6 Parnassus Endeavor Fund Average Annual Total Returns (%) for periods ended September 30, 2014 One Year Parnassus Endeavor Fund 20.33 26.09 16.30 11.56 1.07 0.95 S&P 500 Index 19.72 22.94 15.67 8.07 NA NA Three Years Five Years Since Net Gross Inception Expense Expense on Ratio Ratio 4/29/05 Performance data quoted represents past performance and is not indicative of future results.
The Fund’s current performance may be lower or higher than the performance data quoted. A Fund’s investment return and principal value will fluctuate. Upon redemption, shares may be worth more or less than the original cost.
Returns shown in the table do not reflect the deduction of taxes a shareholder may pay on fund distributions or redemption of shares. The Standard & Poor’s 500 Composite Stock Price Index (also known as the S&P 500) is an unmanaged index of common stocks and it is not possible to invest directly in an index. Index ï¬gures do not take any expenses, fees or taxes into account, but mutual fund returns do. Maria Kamin ESG Research Manager Maria L. Kamin is the ESG Research Manager.
Prior to joining Parnassus Investments in 2010, she was the Research Product Manager and a Sustainability Analyst at MSCI, Inc.; formerly KLD Research & Analytics, Inc. In 2008, Boston College recognized Ms. Kamin as a Sustainability Fellow in the Leadership for Change program.
She received her bachelor's degree in political science from Tufts University, and a master's degree in Paciï¬c international affairs from the University of California, San Diego. As described in the Fund’s current prospectus dated May 1, 2014 (As Amended and Restated September 19, 2014), Parnassus Investments has contractually agreed to limit total operating expenses to 0.95% of net assets for the Fund. This agreement will not be terminated prior to May 1, 2015, and may be continued indeï¬nitely by the Adviser on a year to year basis. 1. http://www.ghgprotocol.org/ http://www.greatplacetowork.com/best-companies/worlds-best-multinationals/thelist 3 .http://www.novartis.com/corporate-responsibility/responsible-business-practices/ caring-for-our-people/living-wage.shtml 4. http://www.novartis.com/downloads/corporate-responsibility/responsible-businesspractices/living-wage.pdf 5. http://us.greatrated.com/qualcomm 6. https://www.qualcomm.com/media/documents/ï¬les/2013-qualcomm-sustainabilityreport.pdf 2. As of September 30, 2014, Novartis represented 2.2% of the Parnassus Endeavor Fund, 2.1% of the Parnassus Fund, and 2.3% of the Parnassus Core Equity Fund as a percentage of total net assets. As of September 30, 2014, Qualcomm represented 3.7% of the Parnassus Endeavor Fund, 3.5% of the Parnassus Fund, 3.4% of the Parnassus Core Equity Fund, and 3.4% of the Parnassus Asia Fund as a percentage of total net assets. The views expressed in this Parnassus Digest are subject to change at any time in response to changing circumstances in the markets and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally, or the Parnassus Funds. Any speciï¬c securities discussed may or may not be current or future holdings of the Funds. The Parnassus Funds are underwritten and distributed by Parnassus Funds Distributor, a subsidiary of Parnassus Investments and FINRA member. Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the Funds and should carefully read the prospectus or summary prospectus, which contains this information.
A prospectus or summary prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505. An investor may visit www.parnassus.com/parnassus-mutual-funds/#tab-performance to obtain performance data current to the most recent month-end. Parnassus Investments l 1 Market Street, Suite 1600 l San Francisco, CA 94105 l (800) 999-3505 l www.parnassus.com .
