Fund Evaluator:
Parnassus Mid Cap Institutional (PFPMX)
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Best Performing in Mid-Cap Blend Over the Last Year
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Fund Details
Parnassus Mid Cap Institutional Overview
Parnassus Mid Cap Institutional (PFPMX) is an actively managed U.S. Equity Mid-Cap Blend fund. Parnassus launched the fund in 2015.
The investment seeks capital appreciation. The fund normally invests at least 80% of its net assets in mid-sized companies. The fund's managers consider a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap® Index measured at the time of purchase. The Russell Midcap® Index includes approximately 800 of the smallest companies in the Russell 1000® Index. The fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies.
About Parnassus Mid Cap Institutional (PFPMX)
There are 2 members of the management team with an average tenure of 10.30 years: Lori Keith (2008), Ian Sexsmith (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell Mid Cap TR USD index with a weighting of 100%. Parnassus Mid Cap Institutional has 41 securities in its portfolio. The top 10 holdings constitute 33.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Parnassus Mid Cap Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Parnassus Mid Cap Institutional has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.2%. There is 0.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Parnassus Mid Cap Institutional has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $1 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PFPMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Parnassus Mid Cap Institutional expense ratio is above average compared to funds in the Mid-Cap Blend category. Parnassus Mid Cap Institutional has an expense ratio of 0.75%, which is 23% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Parnassus Mid Cap Institutional has a portfolio turnover rate of 52%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 53% for the Mid-Cap Blend category.
Recently, in the month of August 2026, Parnassus Mid Cap Institutional returned -0.2%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Parnassus Mid Cap Institutional has a trailing yield of 0.37%, which is below the 0.48% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Parnassus Mid Cap Institutional Grades
Year to date, the fund has returned 6.7%, 6.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.7% over the past year (grade of D), 12.6% over the past three years (grade of D) and 4.1% per year over the past five years (grade of F) and 8.6% per year over the past 10 years (grade of F).
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PFPMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PFPMX Return (NAV) | -0.2% | 0.6% | 10.7% | 12.6% | 4.1% | 8.6% |
| PFPMX Grade | F | D | D | D | F | F |
| +/- Category | -0.8% | -2.2% | -4.8% | -1.2% | -3.1% | -1.8% |
| Mid-Cap Blend Avg | 0.7% | 2.8% | 15.4% | 13.8% | 7.2% | 10.4% |
| PFPMX Tax Cost Ratio | na | na | 2.6% | 2.1% | 1.7% | 1.3% |
PFPMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFPMX Return (NAV) | 6.7% | 13.1% | 10.2% | 12.9% | -21.4% | 16.6% | 15.2% | 29.0% | -6.4% | 16.0% | 16.3% |
| PFPMX Grade | F | A | D | D | F | F | B | C | A | C | B |
| +/- Category | -6.9% | 5.2% | -3.3% | -3.5% | -6.2% | -7.6% | 1.7% | 0.5% | 3.8% | -0.1% | 1.8% |
| Mid-Cap Blend Avg | 13.6% | 7.9% | 13.5% | 16.4% | -15.2% | 24.2% | 13.4% | 28.6% | -10.2% | 16.2% | 14.5% |
| Risk Measures | |
| Standard Deviation: | 16.2% |
| Total Risk Index: | 1.33 - Above Average |
| Category Risk Index: | 1.04 - Above Average |
| Category Risk Grade: | D (76% Rank) |
| Beta: | 1.03 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2292 Mil |
| Fund Total Assets: | $1,239 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.9 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Keith Lori (2008), Sexsmith Ian (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 33.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 98.2% |
| Foreign Stock: | 0.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | Parnassus |
| Phone Number: | 800-999-3505 |
| Website: | www.parnassus.com |
| Status: | Open |
| Inception Date: | April 30, 2015 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Parnassus Mid-Cap |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
