Parnassus Mid Cap Fund Sold Fidelity National Information Services (FIS) Due to Reduced Conviction in Its Long-Term Structural Growth

Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” fourth-quarter 2025 investor letter. A copy of the letter is available to download here. The Q4 2025 marked the fund’s consecutive quarter of outperformance, returning 1.17% (net of fees) in the quarter, surpassing 0.16% return for the Russell Midcap Index. The performance was supported by investments in the Information Technology sector, as well as holdings in Utilities. During the quarter, the market started to grow beyond artificial intelligence. YTD, the Fund returned 12.85% (net of...