Parnassus Mid Cap Fund’s Q4 2025 Investor Letter

Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” fourth-quarter 2025 investor letter. 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 fees) compared to 10.60% return for the index. Looking ahead to 2026, the Fund is optimistic, as mid-cap stocks may drive the market upward if economic growth continues to expand beyond AI. In the event of a market decline, the Fund believes that its portfolio of leading companies with solid financial positions will provide downside protection. In addition, please check the Fund’s top five holdings to know its best picks in 2025.

A copy of Parnassus Mid Cap Fund’s Q4 2025 investor letter is available to download here.