CIK: 0000948669
Total reported value
$34.1B
Reporting period: 2026-03-31 · Number of holdings: 135
PARNASSUS INVESTMENTS, LLC disclosed 135 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $34.1B and a quarterly turnover rate of 23.0%.
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Parnassus Investments, LLC's disclosed holdings carry a Herfindahl concentration index of 0.024 — mathematically equivalent to about 42 equally-sized positions, well below its 135 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.51), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim BRO
-99.0% -$490.3M
Add VMC
+754.3% $413.5M
Trim MSFT
-7.0% -$627.1M
Add ODFL
+403.0% $316.8M
Add AMAT
-7.6% $190.0M
Trim CRM
-24.2% -$317.2M
Parnassus executes a decisive capital rotation out of overextended tech platforms and SaaS names into physical-sector cyclicals and logistics leaders. With a pure contrarian mandate and 135 holdings, the fund actively prunes high-multiple growth positions to fund deep-value additions in industrials and materials.
The embedded bet is a pivot from software-dominated corporate spend back to capital-intensive real economy manufacturing and supply-chain infrastructure. The opposing thesis leans on persistent AI-driven efficiency gains keeping tech multiples elevated despite stubborn inflation data.
This structural sprawl turns diversification into a dispersion tax; the fund’s 135-asset breadth dilutes alpha capture, meaning every trimming decision in MSFT and CRM gets offset by grinding sideways action in the bottom quartile of holdings. The positioning squeeze intensifies when rate cuts finally arrive, forcing capital to rotate forward again before physical earnings can reprice.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 5.43% | -0.17% | -6.61% | |
| 2 | NVDA | Nvidia CORP | Stock-Tech | 4.82% | +0.18% | -1.69% | |
| 3 | MSFT | Microsoft CORP | Stock-Tech | 4.54% | -1.11% | -6.95% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.49% | -0.23% | -6.63% | |
| 5 | AAPL | Apple INC | Stock-Tech | 3.47% | -0.09% | -7.42% | |
| 6 | WM | Waste Management INC | Stock-Industrials | 3.35% | — | -5.60% | |
| 7 | DE | Deere & Co | Stock-Industrials | 3.12% | -0.07% | -28.52% | |
| 8 | AMAT | Applied Materials INC | Stock-Tech | 2.99% | +0.83% | -7.59% | |
| 9 | O | Realty Income CORP | Stock-Real Estate | 2.53% | — | -6.38% | |
| 10 | LLY | Eli Lilly & Co | Stock-Healthcare | 2.52% | -0.30% | -7.42% | |
| 11 | MA | Mastercard INC - A | Stock-Financials | 2.48% | -0.20% | -6.32% | |
| 12 | LIN | Linde plc | Stock-Materials | 2.47% | +0.46% | -6.56% | |
| 13 | KLAC | Kla CORP | Stock-Tech | 2.32% | +0.35% | -13.68% | |
| 14 | ICE | Intercontinental Exchange In | Stock-Financials | 2.32% | +0.04% | -7.44% | |
| 15 | DHR | Danaher CORP | Stock-Healthcare | 2.21% | -0.56% | -14.79% | |
| 16 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 2.17% | -0.21% | -4.96% | |
| 17 | BAC | Bank Of America CORP | Stock-Financials | 2.11% | -0.24% | -10.13% | |
| 18 | GWW | Ww Grainger INC | Stock-Industrials | 2.08% | +0.40% | +1.73% | |
| 19 | AVGO | Broadcom INC | Stock-Tech | 2.07% | -0.14% | -7.31% | |
| 20 | SPGI | S&p Global INC | Stock-Financials | 2.05% | -0.32% | -5.77% | |
| 21 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 1.97% | +0.49% | +1.97% | |
| 22 | SYK | Stryker CORP | Stock-Healthcare | 1.96% | — | +4.62% | |
| 23 | AZO | Autozone INC | Stock-Consumer Disc | 1.94% | +0.08% | -7.42% | |
| 24 | HD | Home Depot INC | Stock-Consumer Disc | 1.89% | +0.03% | -5.64% | |
| 25 | FERG | Ferguson Enterprises INC | Stock-Industrials | 1.78% | +0.30% | +1.70% | |
| 26 | SNPS | Synopsys INC | Stock-Tech | 1.70% | -0.06% | +1.36% | |
| 27 | AMD | Advanced Micro Devices | Stock-Tech | 1.61% | — | +9.77% | |
| 28 | MAR | Marriott International -cl A | Stock-Consumer Disc | 1.52% | +0.26% | +1.69% | |
| 29 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.47% | -0.48% | +1.32% | |
| 30 | VMC | Vulcan Materials Co | Stock-Materials | 1.38% | +1.23% | +754.26% | |
| 31 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 1.12% | — | +1.69% | |
| 32 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 1.12% | — | +1.65% | |
| 33 | ODFL | Old Dominion Freight Line | Stock-Industrials | 1.10% | +0.94% | +402.97% | |
| 34 | CRM | Salesforce INC | Stock-Tech | 1.07% | -0.70% | -24.17% | |
| 35 | SHW | Sherwin-williams Co/the | Stock-Materials | 1.00% | — | +1.83% | |
| 36 | VRSK | Verisk Analytics INC | Stock-Industrials | 0.98% | -0.07% | -2.99% | |
| 37 | ORCL | Oracle CORP | Stock-Tech | 0.92% | -0.14% | +2.33% | |
| 38 | BNY | Bank Of New York Mellon CORP | Stock-Financials | 0.80% | — | -2.21% | |
| 39 | BEPC | Brookfield Renewable CORP | Stock-Utilities | 0.59% | — | -0.04% | |
| 40 | CBRE | Cbre Group INC - A | Stock-Real Estate | 0.56% | -0.15% | -17.24% | |
| 41 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.50% | — | +14.74% | |
| 42 | VZ | Verizon Communications INC | Stock-Comm Services | 0.47% | +0.15% | +3.53% | |
| 43 | CMI | Cummins INC | Stock-Industrials | 0.45% | — | +1.31% | |
| 44 | CMS | Cms Energy CORP | Stock-Utilities | 0.44% | +0.17% | +32.63% | |
| 45 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.38% | — | +2.62% | |
| 46 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.37% | +0.37% | NEW | |
| 47 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.35% | — | -0.93% | |
| 48 | SYY | Sysco CORP | Stock-Consumer Staples | 0.33% | — | -1.74% | |
| 49 | C | Citigroup INC | Stock-Financials | 0.33% | — | -0.00% | |
| 50 | UNP | Union Pacific CORP | Stock-Industrials | 0.33% | — | -1.61% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+15.9%
Based on 74% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 135 | $34.1B | 23 | |
| 2025-12-31 | 138 | $38.6B | 25 | |
| 2025-09-30 | 147 | $43.3B | 30 | |
| 2025-06-30 | 148 | $43.4B | 0 | |
| 2025-03-31 | 135 | $41.6B | 100 | |
| 2024-12-31 | 126 | $45.0B | 0 | |
| 2024-09-30 | 126 | $47.1B | 0 | |
| 2024-06-30 | 129 | $45.9B | 0 | |
| 2024-03-31 | 136 | $46.8B | 0 | |
| 2023-12-31 | 130 | $45.0B | 0 | |
| 2023-09-30 | 139 | $40.9B | 0 | |
| 2023-06-30 | 134 | $43.1B | 0 | |
| 2023-03-31 | 137 | $40.3B | 0 | |
| 2022-12-31 | 137 | $40.3B | 0 | |
| 2022-09-30 | 128 | $38.4B | 0 | |
| 2022-06-30 | 130 | $41.9B | 0 | |
| 2022-03-31 | 131 | $49.4B | 0 | |
| 2021-12-31 | 131 | $52.1B | 0 | |
| 2021-09-30 | 131 | $47.4B | 0 | |
| 2021-06-30 | 127 | $45.9B | 100 | |
| 2021-03-31 | 128 | $41.2B | 27 | |
| 2020-12-31 | 114 | $36.9B | 20 | |
| 2020-09-30 | 110 | $32.2B | 20 | |
| 2020-06-30 | 111 | $28.9B | 37 | |
| 2020-03-31 | 99 | $24.0B | 49 | |
| 2019-12-31 | 96 | $29.7B | 22 | |
| 2019-09-30 | 93 | $27.6B | 19 | |
| 2019-06-30 | 91 | $26.4B | 39 | |
| 2019-03-31 | 87 | $25.4B | 21 | |
| 2018-12-31 | 87 | $23.0B | 38 | |
| 2018-09-30 | 86 | $26.2B | 19 | |
| 2018-06-30 | 87 | $25.1B | 24 | |
| 2018-03-31 | 81 | $24.8B | 23 | |
| 2017-12-31 | 86 | $25.5B | 15 | |
| 2017-09-30 | 90 | $24.4B | 22 | |
| 2017-06-30 | 87 | $23.7B | 21 | |
| 2017-03-31 | 82 | $21.4B | 27 | |
| 2016-12-31 | 83 | $20.3B | 13 | |
| 2016-09-30 | 85 | $18.3B | 26 | |
| 2016-06-30 | 84 | $16.4B | 23 | |
| 2016-03-31 | 86 | $15.6B | 15 | |
| 2015-12-31 | 89 | $14.9B | 42 | |
| 2015-09-30 | 94 | $13.6B | 46 | |
| 2015-06-30 | 94 | $14.0B | 26 | |
| 2015-03-31 | 100 | $14.0B | 24 | |
| 2014-12-31 | 110 | $13.2B | 26 | |
| 2014-09-30 | 111 | $11.7B | 18 | |
| 2014-06-30 | 111 | $11.4B | 27 | |
| 2014-03-31 | 110 | $10.4B | 14 | |
| 2013-12-31 | 115 | $9.8B | 18 | |
| 2013-09-30 | 111 | $8.7B | 18 | |
| 2013-06-30 | 107 | $7.6B | — |
Parnassus Investments, LLC's most significant position changes for 2026-03-31: Sold out: Workday Inc-class A (WDAY); Sold out: Servicenow INC (NOW); New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Dick's Sporting Goods INC (DKS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | VMC | Vulcan Materials Co | +1.2% | +754.26% | Add |
| 2 | ODFL | Old Dominion Freight Line | +0.9% | +402.97% | Add |
| 3 | AMAT | Applied Materials INC | +0.8% | -7.59% | Trim |
| 4 | COST | Costco Wholesale CORP | +0.5% | +1.97% | Add |
| 5 | LIN | Linde plc | +0.5% | -6.56% | Trim |
| 6 | GWW | Ww Grainger INC | +0.4% | +1.73% | Add |
| 7 | KLAC | Kla CORP | +0.4% | -13.68% | Trim |
| 8 | FERG | Ferguson Enterprises INC | +0.3% | +1.70% | Add |
| 9 | MAR | Marriott International -cl A | +0.3% | +1.69% | Add |
| 10 | NVDA | Nvidia CORP | +0.2% | -1.69% | Trim |
| 11 | CMS | Cms Energy CORP | +0.2% | +32.63% | Add |
| 12 | VZ | Verizon Communications INC | +0.2% | +3.53% | Add |
| 13 | RCL | Royal Caribbean Cruises Ltd. | +0.1% | +214.64% | Add |
| 14 | CNH | CNH Industrial N.V. | +0.1% | +13208.41% | Add |
| 15 | AZO | Autozone INC | +0.1% | -7.42% | Trim |
| 16 | ICE | Intercontinental Exchange In | 0% | -7.44% | Trim |
| 17 | HD | Home Depot INC | 0% | -5.64% | Trim |
| 18 | SNPS | Synopsys INC | -0.1% | +1.36% | Add |
| 19 | DE | Deere & Co | -0.1% | -28.52% | Trim |
| 20 | VRSK | Verisk Analytics INC | -0.1% | -2.99% | Trim |
| 21 | ADSK | Autodesk INC | -0.1% | -25.82% | Trim |
| 22 | AAPL | Apple INC | -0.1% | -7.42% | Trim |
| 23 | BR | Broadridge Financial Solutio | -0.1% | -29.01% | Trim |
| 24 | LRCX | Lam Research CORP | -0.1% | -59.41% | Trim |
| 25 | AVGO | Broadcom INC | -0.1% | -7.31% | Trim |
| 26 | ORCL | Oracle CORP | -0.1% | +2.33% | Add |
| 27 | CBRE | Cbre Group INC - A | -0.2% | -17.24% | Trim |
| 28 | GOOGL | Alphabet Inc-cl A | -0.2% | -6.61% | Trim |
| 29 | ARES | Ares Management CORP - A | -0.2% | -98.15% | Trim |
| 30 | MA | Mastercard INC - A | -0.2% | -6.32% | Trim |
| 31 | TMO | Thermo Fisher Scientific INC | -0.2% | -4.96% | Trim |
| 32 | AMZN | Amazon.com INC | -0.2% | -6.63% | Trim |
| 33 | BAC | Bank Of America CORP | -0.2% | -10.13% | Trim |
| 34 | LLY | Eli Lilly & Co | -0.3% | -7.42% | Trim |
| 35 | SPGI | S&p Global INC | -0.3% | -5.77% | Trim |
| 36 | BSX | Boston Scientific CORP | -0.5% | +1.32% | Add |
| 37 | DHR | Danaher CORP | -0.6% | -14.79% | Trim |
| 38 | CRM | Salesforce INC | -0.7% | -24.17% | Trim |
| 39 | MSFT | Microsoft CORP | -1.1% | -6.95% | Trim |
| 40 | BRO | Brown & Brown INC | -1.3% | -98.97% | Trim |
| 41 | WDAY | Workday Inc-class A | — | EXIT | Sold out |
| 42 | NOW | Servicenow INC | — | EXIT | Sold out |
| 43 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 44 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 45 | DKS | Dick's Sporting Goods INC | — | NEW | New buy |
| 46 | NVO | Novo-nordisk A/s-spons Adr | — | EXIT | Sold out |
| 47 | ROP | Roper Technologies INC | — | EXIT | Sold out |
| 48 | MDLN | Medline Inc-cl A | — | NEW | New buy |
| 49 | IQV | Iqvia Holdings INC | — | EXIT | Sold out |
| 50 | ALC | Alcon Inc. | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-12 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-24 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-06 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-10 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-08 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-06 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-09 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-08 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-31 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-01 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-30 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-16 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-05 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-06 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-01 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-10-30 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-08 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-01 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-05 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-06 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-04-30 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-05 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-01 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-01 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-09 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-06 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-03 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2015-02-25 | Amendment | View on EDGAR |
| 2014-09-30 | 2014-10-31 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-07-25 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-30 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-01 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-31 | 13F-HR | View on EDGAR |
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