Parnassus Investments, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Parnassus Investments, LLC reported 135 stock positions worth $41.6 billion. Its top holding was Microsoft (MSFT) at 5.8% of the portfolio, followed by Amazon.com (AMZN, 4.7%) and Nvidia (NVDA, 3.7%). Compared with Q4 2024, it opened 16 new positions, sold out of 8, added to 33 and reduced 78. The biggest buy was a new position in Brown & Brown (BRO) and the biggest sale Verizon Communications (VZ, shares −80%).

Most Recent 13F
Q2 2026
Location
San Francisco, CA
CIK
0000948669
Portfolio Value
$41.6B (Q1 2025)
SEC Filing
0001172661-25-001923 ↗ filed May 15, 2025

Holdings Value

0$10.0B$20.0B$30.0B$40.0B$50.0B Q1 2024: $46.8B Q1 2024 Q2 2024: $45.9B Q2 2024 Q3 2024: $47.1B Q3 2024 Q4 2024: $45.0B Q4 2024 Q1 2025: $41.6B $41.6B Q1 2025 Q2 2025: $43.4B Q2 2025 Q3 2025: $43.3B Q3 2025 Q4 2025: $38.6B Q4 2025 Q1 2026: $34.1B Q1 2026 Q2 2026: $37.4B Q2 2026

Holdings 135 stocks · $41.6B
MSFT Microsoft Corp. 5.82% 6,450,971 $2.4B Add +8.0%
AMZN Amazon.com Inc. 4.69% 10,255,446 $2.0B Reduce -8.2%
NVDA Nvidia Corp. 3.75% 14,381,095 $1.6B Reduce -11.3%
DE Deere & Co. 3.62% 3,207,917 $1.5B Reduce -7.0%
GOOGL Alphabet Inc. Class A 3.59% 9,660,930 $1.5B Reduce -7.6%
WM Waste Management Inc. 3.30% 5,924,176 $1.4B Reduce -5.5%
MA Mastercard Inc. Class A 2.93% 2,224,314 $1.2B Reduce -15.7%
ICE Intercontinental Exchange Inc. 2.85% 6,881,733 $1.2B Reduce -5.4%
O Realty Income Corp. 2.65% 19,022,589 $1.1B Reduce -16.2%
SPGI S&P Global Inc. 2.57% 2,105,041 $1.1B Reduce -5.5%
AZO AutoZone Inc. 2.39% 260,634 $993.7M Reduce -6.4%
LIN Linde PLC 2.29% 2,049,551 $954.4M Reduce -5.1%
FISV Fiserv Inc. 2.29% 4,310,410 $951.9M Reduce -11.3%
CI The Cigna Group 2.28% 2,885,583 $949.4M Add +3.1%
BRO Brown & Brown Inc. 2.16% 7,227,805 $899.1M New
VRTX Vertex Pharmaceuticals Inc. 2.07% 1,772,718 $859.4M Reduce -2.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP 2.03% 20,279,859 $846.3M Reduce -4.3%
AAPL Apple Inc. 1.99% 3,732,051 $829.0M Reduce -5.2%
BALL Ball Corp. 1.95% 15,563,406 $810.4M Reduce -17.4%
AVGO Broadcom Inc. 1.92% 4,765,518 $797.9M Reduce -10.3%
DHR Danaher Corp. 1.89% 3,828,024 $784.7M Add +23.3%
LLY Eli Lilly & Co. 1.75% 882,780 $729.1M Reduce -5.5%
INTU Intuit Inc. 1.72% 1,168,978 $717.7M Add +4.6%
TMO Thermo Fisher Scientific Inc. 1.70% 1,420,431 $706.8M Add +0.7%
WDAY Workday Inc. Class A 1.68% 2,996,429 $699.8M Add +22.4%
SYK Stryker Corp. 1.64% 1,835,779 $683.4M Reduce -6.8%
MRSH Marsh & McLennan Cos 1.64% 2,797,477 $682.7M Reduce -21.6%
CRM Salesforce Inc. 1.61% 2,501,600 $671.3M Reduce -22.5%
SNPS Synopsys Inc. 1.40% 1,363,310 $584.7M Add +15.5%
PG The Procter & Gamble Co. 1.39% 3,390,048 $577.7M Reduce -3.1%
FERG Ferguson Enterprises Inc. 1.26% 3,264,116 $523.0M Reduce -7.7%
NOW ServiceNow Inc. 1.25% 652,908 $519.8M New
AMAT Applied Materials Inc. 1.19% 3,404,614 $494.1M Reduce -5.3%
MAR Marriott International Class A 1.16% 2,023,277 $481.9M Reduce -8.2%
COST Costco Wholesale Corp. 1.15% 507,363 $479.9M Reduce -28.6%
SHW The Sherwin-Williams Co. 1.12% 1,333,941 $465.8M Reduce -33.5%
KLAC KLA Corp. 1.10% 670,441 $455.8M Reduce -8.6%
EFX Equifax Inc. 1.07% 1,836,527 $447.3M Reduce -5.7%
AMD Advanced Micro Devices 1.02% 4,142,418 $425.6M Add +47883.5%
ORCL Oracle Corp. 0.95% 2,833,081 $396.1M Reduce -17.6%
VRSK Verisk Analytics Inc. 0.84% 1,167,895 $347.6M Reduce -40.9%
CBRE CBRE Group Inc. Class A 0.58% 1,835,456 $240.0M Reduce -6.5%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP 0.53% 2,648,918 $222.2M Reduce -8.0%
A Agilent Technologies Inc. 0.44% 1,577,999 $184.6M Add +38.3%
DHI D.R. Horton Inc. 0.40% 1,301,393 $165.4M Reduce -68.3%
SYY Sysco Corp. 0.37% 2,043,378 $153.3M Add +0.1%
VZ Verizon Communications Inc. 0.36% 3,304,258 $149.9M Reduce -80.1%
BEPC Brookfield Renewable Corp. 0.33% 4,855,793 $135.6M Add +24.2%
PGR Progressive Corp. 0.28% 411,589 $116.5M Reduce -8.4%
UNH Unitedhealth Group Inc. 0.28% 220,796 $115.6M Add +4.5%
UNP Union Pacific Corp. 0.27% 483,883 $114.3M Add +0.1%
PFE Pfizer Inc. 0.27% 4,401,705 $111.5M Add +0.2%
SPG Simon Property Group Inc. 0.27% 670,528 $111.4M Reduce -6.7%
JBHT Hunt (jb) Transprt SVCS Inc. 0.27% 748,273 $110.7M Reduce -5.3%
CMI Cummins Inc. 0.26% 350,969 $110.0M Reduce -7.7%
GPN Global Payments Inc. 0.26% 1,098,035 $107.5M No change
BR Broadridge Financial Solutio 0.26% 438,481 $106.3M Reduce -4.6%
WDC Western Digital Corp. 0.25% 2,553,614 $103.2M Reduce -14.3%
SCHW Schwab (charles) Corp. 0.25% 1,307,324 $102.3M Reduce -22.9%
FIS Fidelity National Info Serv 0.24% 1,314,627 $98.2M Reduce -6.7%
RSG Republic Services Inc. 0.23% 403,561 $97.7M Reduce -6.2%
V Visa Inc. Class A 0.23% 270,977 $95.0M Add +4.2%
ORLY O'reilly Automotive Inc. 0.23% 65,534 $93.9M Reduce -16.8%
CBOE Cboe Global Markets Inc. 0.22% 408,205 $92.4M Reduce -19.5%
JPM JPMorgan Chase & Co. 0.22% 373,822 $91.7M New
FDX FedEx Corp. 0.22% 369,368 $90.0M Add +22.6%
AZN Astrazeneca PLC-Spons ADR 0.22% 1,224,759 $90.0M Add +3.9%
TRU Transunion 0.21% 1,075,670 $89.3M Reduce -7.9%
C Citigroup Inc. 0.21% 1,252,436 $88.9M Reduce -27.4%
ADSK Autodesk Inc. 0.21% 333,499 $87.3M Reduce -5.1%
ALL Allstate Corp. 0.21% 420,771 $87.1M Reduce -5.8%
MU Micron Technology Inc. 0.20% 978,092 $85.0M Reduce -7.5%
NICE Nice Ltd. - Spon ADR 0.20% 550,462 $84.9M Add +6.4%
ABNB Airbnb Inc. Class A 0.20% 706,775 $84.4M Add +7.8%
CME Cme Group Inc. 0.20% 315,979 $83.8M Reduce -13.9%
TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC 0.20% 1,496,796 $81.9M Add +73.4%
XYL Xylem Inc. 0.20% 683,663 $81.7M Reduce -7.0%
TFC Truist Financial Corp. 0.20% 1,982,313 $81.6M Reduce -7.5%
TSM Taiwan Semiconductor-SP ADR 0.19% 487,374 $80.9M Add +0.2%
BAX Baxter International Inc. 0.19% 2,303,048 $78.8M Add +3.3%
ODFL Old Dominion Freight Line 0.19% 473,262 $78.3M Reduce -5.2%
BIO Bio-Rad Laboratories-A 0.19% 318,111 $77.5M Add +2.3%
GILD Gilead Sciences Inc. 0.17% 642,590 $72.0M Reduce -44.2%
CMCSA Comcast Corp. Class A 0.17% 1,925,525 $71.1M Add +0.2%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.17% 978,174 $69.6M Reduce -7.8%
GWRE Guidewire Software Inc. 0.17% 368,125 $69.0M Reduce -26.3%
POOL Pool Corp. 0.16% 211,235 $67.2M Reduce -22.9%
NVO Novo-Nordisk A/S-Spons ADR 0.15% 926,083 $64.3M Add +56.0%
USFD US Foods Holding Corp. 0.15% 980,733 $64.2M New
ROP Roper Technologies Inc. 0.15% 104,184 $61.4M Reduce -41.8%
HUBB Hubbell Inc. 0.14% 173,558 $57.4M New
LRCX Lam Research Corp. 0.13% 772,458 $56.2M Reduce -8.8%
HLT Hilton Worldwide Holdings Inc. 0.13% 246,404 $56.1M Reduce -8.7%
IQV Iqvia Holdings Inc. 0.13% 308,267 $54.3M Reduce -7.8%
TEAM Atlassian Corp. Class A 0.13% 255,350 $54.2M Reduce -21.5%
HOLX Hologic Inc. 0.11% 726,871 $44.9M Reduce -31.6%
CPRT Copart Inc. 0.10% 758,831 $42.9M New
PNR Pentair PLC 0.10% 474,833 $41.5M Reduce -8.1%
INTC Intel Corp. 0.10% 1,812,124 $41.2M Reduce -17.9%
FTNT Fortinet Inc. 0.09% 404,370 $38.9M Reduce -70.2%
KEY Keycorp 0.09% 2,271,400 $36.3M New
SNDK Sandisk Corp. 0.09% 751,345 $35.8M Reduce -24.3%
RGEN Repligen Corp. 0.08% 254,621 $32.4M Reduce -30.5%
MELI MercadoLibre Inc. 0.06% 13,186 $25.7M Reduce -23.8%
MTD Mettler-Toledo International 0.05% 17,617 $20.8M No change
TER Teradyne Inc. 0.05% 242,068 $20.0M No change
DDOG Datadog Inc. Class A 0.04% 188,231 $18.7M Add +0.1%
APP AppLovin Corp. Class A 0.04% 68,447 $18.1M New
PTC PTC Inc. 0.04% 113,747 $17.6M Add +16.4%
XYZ Block Inc. 0.04% 317,525 $17.3M No change
MPWR Monolithic Power Systems Inc. 0.04% 28,450 $16.5M No change
MORN Morningstar Inc. 0.04% 54,242 $16.3M Reduce -22.6%
ROK Rockwell Automation Inc. 0.04% 62,471 $16.1M No change
MSCI MSCI Inc. 0.04% 28,058 $15.9M Reduce -21.0%
IDXX Idexx Laboratories Inc. 0.04% 36,653 $15.4M Reduce -24.2%
BILL Bill Holdings Inc. 0.04% 333,734 $15.3M New
NET Cloudflare Inc. Class A 0.04% 134,147 $15.1M Reduce -2.2%
HOOD Robinhood Markets Inc. Class A 0.04% 360,000 $15.0M New
TT Trane Technologies PLC 0.04% 43,525 $14.7M Reduce -50.9%
WST West Pharmaceutical Services 0.03% 62,479 $14.0M No change
CDNS Cadence Design SYS Inc. 0.03% 54,099 $13.8M No change
BLDR Builders Firstsource Inc. 0.03% 107,970 $13.5M New
ARES Ares Management Corp. Class A 0.03% 84,339 $12.4M Add +991.1%
CMG Chipotle Mexican Grill Inc. 0.02% 204,232 $10.3M Add +970.6%
PCOR Procore Technologies Inc. 0.02% 147,079 $9.7M Reduce -8.5%
ICLR Icon PLC 0.02% 53,907 $9.4M New
NTRA Natera Inc. 0.02% 59,877 $8.5M Add +479.6%
BSX Boston Scientific Corp. 0.00% 15,064 $1.5M Add +1.4%
APPF Appfolio Inc. Class A 0.00% 5,863 $1.3M New
NFLX Netflix Inc. 0.00% 1,237 $1.2M Add +0.2%
ISRG Intuitive Surgical Inc. 0.00% 2,309 $1.1M Reduce -0.4%
GEV GE Vernova Inc. 0.00% 3,102 $947K New
ASML ASML Holding NV-NY Reg SHS 0.00% 1,367 $906K New
DASH DoorDash Inc. Class A 0.00% 4,759 $870K Add +0.0%
SN Sharkninja Inc. 0.00% 6,865 $573K New

Portfolio Sells Q4 2024 → Q1 2025
VZ Verizon Communications Inc. Reduce -80.1% 0.36% −1.12
NVDA Nvidia Corp. Reduce -11.3% 3.75% −1.09
DHI D.R. Horton Inc. Reduce -68.3% 0.40% −0.88
AVGO Broadcom Inc. Reduce -10.3% 1.92% −0.82
GOOGL Alphabet Inc. Class A Reduce -7.6% 3.59% −0.81
CRM Salesforce Inc. Reduce -22.5% 1.61% −0.78
AMZN Amazon.com Inc. Reduce -8.2% 4.69% −0.75
ROST Ross Stores Inc. Sold out 0.00% −0.46
SHW The Sherwin-Williams Co. Reduce -33.5% 1.12% −0.39
VRSK Verisk Analytics Inc. Reduce -40.9% 0.84% −0.37
BALL Ball Corp. Reduce -17.4% 1.95% −0.36
ORCL Oracle Corp. Reduce -17.6% 0.95% −0.32
COST Costco Wholesale Corp. Reduce -28.6% 1.15% −0.29
MAR Marriott International Class A Reduce -8.2% 1.16% −0.21
AAPL Apple Inc. Reduce -5.2% 1.99% −0.20
FTNT Fortinet Inc. Reduce -70.2% 0.09% −0.19
OTIS Otis Worldwide Corp. Sold out 0.00% −0.16
MA Mastercard Inc. Class A Reduce -15.7% 2.93% −0.16
ALGN Align Technology Inc. Sold out 0.00% −0.15
WDC Western Digital Corp. Reduce -14.3% 0.25% −0.15
AMAT Applied Materials Inc. Reduce -5.3% 1.19% −0.11
FERG Ferguson Enterprises Inc. Reduce -7.7% 1.26% −0.11
GILD Gilead Sciences Inc. Reduce -44.2% 0.17% −0.06
HOLX Hologic Inc. Reduce -31.6% 0.11% −0.06
ROP Roper Technologies Inc. Reduce -41.8% 0.15% −0.06
C Citigroup Inc. Reduce -27.4% 0.21% −0.06
POOL Pool Corp. Reduce -22.9% 0.16% −0.05
TEAM Atlassian Corp. Class A Reduce -21.5% 0.13% −0.05
MRSH Marsh & McLennan Cos Reduce -21.6% 1.64% −0.04
O Realty Income Corp. Reduce -16.2% 2.65% −0.04
RGEN Repligen Corp. Reduce -30.5% 0.08% −0.04
TT Trane Technologies PLC Reduce -50.9% 0.04% −0.04
BAC Bank of America Corp. Reduce -4.3% 2.03% −0.03
JBHT Hunt (jb) Transprt SVCS Inc. Reduce -5.3% 0.27% −0.03
SCHW Schwab (charles) Corp. Reduce -22.9% 0.25% −0.03
MBB iShares MBS ETF Sold out 0.00% −0.03
CMI Cummins Inc. Reduce -7.7% 0.26% −0.03
EFX Equifax Inc. Reduce -5.7% 1.07% −0.03
TRU Transunion Reduce -7.9% 0.21% −0.03
CTAS Cintas Corp. Sold out 0.00% −0.03
GWRE Guidewire Software Inc. Reduce -26.3% 0.17% −0.02
ADSK Autodesk Inc. Reduce -5.1% 0.21% −0.02
SNDK Sandisk Corp. Reduce -24.3% 0.09% −0.02
FIS Fidelity National Info Serv Reduce -6.7% 0.24% −0.02
PNR Pentair PLC Reduce -8.1% 0.10% −0.02
IQV Iqvia Holdings Inc. Reduce -7.8% 0.13% −0.02
HLT Hilton Worldwide Holdings Inc. Reduce -8.7% 0.13% −0.01
MORN Morningstar Inc. Reduce -22.6% 0.04% −0.01
TFC Truist Financial Corp. Reduce -7.5% 0.20% −0.01
MSCI MSCI Inc. Reduce -21.0% 0.04% −0.01

Portfolio Buys Q4 2024 → Q1 2025
BRO Brown & Brown Inc. New 2.16% +2.16
NOW ServiceNow Inc. New 1.25% +1.25
AMD Advanced Micro Devices Add +47883.5% 1.02% +1.02
CI The Cigna Group Add +3.1% 2.28% +0.56
DHR Danaher Corp. Add +23.3% 1.89% +0.30
WDAY Workday Inc. Class A Add +22.4% 1.68% +0.28
MSFT Microsoft Corp. Add +8.0% 5.82% +0.22
JPM JPMorgan Chase & Co. New 0.22% +0.22
INTU Intuit Inc. Add +4.6% 1.72% +0.16
USFD US Foods Holding Corp. New 0.15% +0.15
HUBB Hubbell Inc. New 0.14% +0.14
SNPS Synopsys Inc. Add +15.5% 1.40% +0.13
CPRT Copart Inc. New 0.10% +0.10
A Agilent Technologies Inc. Add +38.3% 0.44% +0.10
KEY Keycorp New 0.09% +0.09
BEPC Brookfield Renewable Corp. Add +24.2% 0.33% +0.09
TMO Thermo Fisher Scientific Inc. Add +0.7% 1.70% +0.07
V Visa Inc. Class A Add +4.2% 0.23% +0.05
BAX Baxter International Inc. Add +3.3% 0.19% +0.04
AZN Astrazeneca PLC-Spons ADR Add +3.9% 0.22% +0.04
APP AppLovin Corp. Class A New 0.04% +0.04
NVO Novo-Nordisk A/S-Spons ADR Add +56.0% 0.15% +0.04
UNH Unitedhealth Group Inc. Add +4.5% 0.28% +0.04
BILL Bill Holdings Inc. New 0.04% +0.04
HOOD Robinhood Markets Inc. Class A New 0.04% +0.04
BLDR Builders Firstsource Inc. New 0.03% +0.03
UNP Union Pacific Corp. Add +0.1% 0.27% +0.03
FDX FedEx Corp. Add +22.6% 0.22% +0.03
ARES Ares Management Corp. Class A Add +991.1% 0.03% +0.03
ICLR Icon PLC New 0.02% +0.02
CMG Chipotle Mexican Grill Inc. Add +970.6% 0.02% +0.02
SYY Sysco Corp. Add +0.1% 0.37% +0.02
NTRA Natera Inc. Add +479.6% 0.02% +0.02
ABNB Airbnb Inc. Class A Add +7.8% 0.20% +0.01
CMCSA Comcast Corp. Class A Add +0.2% 0.17% +0.01
PFE Pfizer Inc. Add +0.2% 0.27% +0.01
NICE Nice Ltd. - Spon ADR Add +6.4% 0.20% +0.01
APPF Appfolio Inc. Class A New 0.00% +0.00
PTC PTC Inc. Add +16.4% 0.04% +0.00
GEV GE Vernova Inc. New 0.00% +0.00
ASML ASML Holding NV-NY Reg SHS New 0.00% +0.00
SN Sharkninja Inc. New 0.00% +0.00
BSX Boston Scientific Corp. Add +1.4% 0.00% +0.00
DASH DoorDash Inc. Class A Add +0.0% 0.00% +0.00
NFLX Netflix Inc. Add +0.2% 0.00% +0.00
DDOG Datadog Inc. Class A Add +0.1% 0.04% −0.01
TSM Taiwan Semiconductor-SP ADR Add +0.2% 0.19% −0.02
TTD Trade Desk Inc./the Class A Add +73.4% 0.20% −0.03
BIO Bio-Rad Laboratories-A Add +2.3% 0.19% −0.04

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 135$37.4BGOOGL, AMAT, MSFT, NVDA, AMZN
Q1 2026 135$34.1BGOOGL, NVDA, MSFT, AMZN, AAPL
Q4 2025 138$38.6BMSFT, GOOGL, AMZN, NVDA, AAPL
Q3 2025 147$43.3BMSFT, NVDA, GOOGL, AMZN, DE
Q2 2025 148$43.4BMSFT, NVDA, AMZN, GOOGL, DE
Q1 2025 135$41.6BMSFT, AMZN, NVDA, DE, GOOGL
Q4 2024 126$45.0BMSFT, AMZN, NVDA, GOOGL, DE
Q3 2024 126$47.1BMSFT, NVDA, AMZN, GOOGL, O
Q2 2024 129$45.9BMSFT, GOOGL, NVDA, AAPL, CRM
Q1 2024 135$46.8BMSFT, GOOGL, NVDA, CRM, BAC