Fund Evaluator:
Parnassus Mid Cap Growth Institutional (PFPRX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Parnassus Mid Cap Growth Institutional Overview
Parnassus Mid Cap Growth Institutional (PFPRX) is an actively managed U.S. Equity Mid-Cap Growth fund. Parnassus launched the fund in 2015.
The investment seeks capital appreciation. The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in mid-sized growth companies. The fund will not automatically sell or cease to purchase stock of a company it already owns just because the company's market capitalization grows or falls outside the ranges of the Russell Midcap® Growth Index, which are subject to change. The fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies.
About Parnassus Mid Cap Growth Institutional (PFPRX)
There are 2 members of the management team with an average tenure of 6.61 years: Ian Sexsmith (2013), Shivani Vohra (2026). 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 Growth TR USD index with a weighting of 100%. Parnassus Mid Cap Growth Institutional has 45 securities in its portfolio. The top 10 holdings constitute 36.2% 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 Growth Institutional is part of the Equity global asset class and is within the U.S. Equity fund group. Parnassus Mid Cap Growth Institutional has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.1%. There is 4.9% 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 Growth Institutional has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $199 million in total assets, which is below the $686 million average for the Mid-Cap Growth 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.
PFPRX 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 Growth Institutional expense ratio is above average compared to funds in the Mid-Cap Growth category. Parnassus Mid Cap Growth Institutional has an expense ratio of 0.68%, which is 38% lower than its category average, making the fund expense ratio grade a A. 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 Growth Institutional has a portfolio turnover rate of 61%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 76% for the Mid-Cap Growth category.
Recently, in the month of June 2026, Parnassus Mid Cap Growth Institutional returned 6.0%, which earned it a grade of A, as the Mid-Cap Growth category had an average return of 3.7%. 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 Growth Institutional has a trailing yield of 0.00%, which is below the 0.03% 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 Growth Institutional Grades
Year to date, the fund has returned 11.7%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 19.6% over the past year (grade of B), 15.6% over the past three years (grade of B) and 4.4% per year over the past five years (grade of C) and 10.5% per year over the past 10 years (grade of D).
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PFPRX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PFPRX Return (NAV) | 6.0% | 20.1% | 19.6% | 15.6% | 4.4% | 10.5% |
| PFPRX Grade | A | B | B | B | C | D |
| +/- Category | 2.2% | 3.0% | 6.4% | 2.0% | 0.5% | -1.5% |
| Mid-Cap Growth Avg | 3.7% | 17.1% | 13.2% | 13.6% | 3.9% | 12.0% |
| PFPRX Tax Cost Ratio | na | na | 3.4% | 1.9% | 1.5% | 1.4% |
PFPRX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFPRX Return (NAV) | 11.7% | 9.3% | 10.7% | 35.8% | -33.4% | 9.5% | 28.8% | 30.0% | -9.6% | 16.2% | 13.6% |
| PFPRX Grade | C | B | D | A | D | D | D | F | F | F | A |
| +/- Category | -0.2% | 3.5% | -6.5% | 15.0% | -5.4% | -2.9% | -11.5% | -4.0% | -4.9% | -9.1% | 8.3% |
| Mid-Cap Growth Avg | 11.8% | 5.9% | 17.2% | 20.7% | -28.0% | 12.4% | 40.3% | 34.0% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 17.5% |
| Total Risk Index: | 1.44 - High |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (36% Rank) |
| Beta: | 1.20 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $850 Mil |
| Fund Total Assets: | $ 200 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 62% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.2 years | |||
| Average Tenure: 6.6 years | |||
| Managers (Year): Sexsmith Ian (2013), Vohra Shivani (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 45 |
| % in Top 10 Holdings: | 36.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.9% |
Portfolio Allocation |
|
| Domestic Stock: | 94.1% |
| Foreign Stock: | 4.9% |
| 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 (%): | 0.68% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Parnassus Mid Cap Growth Investor |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 0 |
