Parnassus Investments, LLC

Name: PARNASSUS INVESTMENTS, LLC 13F holdings, Q4 2025
Creator: PARNASSUS INVESTMENTS, LLC
Published: 2026-02-12

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Parnassus Investments, LLC reported 138 stock positions worth $38.6 billion. Its top holding was Microsoft (MSFT) at 5.7% of the portfolio, followed by Alphabet Class A (GOOGL, 5.6%) and Amazon.com (AMZN, 4.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 12, added to 53 and reduced 82. The biggest buy was Eli Lilly (LLY, shares +61%) and the biggest sale an exit from Vertex Pharmaceuticals (VRTX).

Most Recent 13F: Q2 2026
Location: San Francisco, CA
CIK: 0000948669
Portfolio Value: $38.6B (Q4 2025)
SEC Filing: 0001172661-26-000636 ↗ filed Feb 12, 2026

Holdings Value

Holdings 138 stocks · $38.6B


MSFT Microsoft Corp.	5.65%	4,505,495	$2.2B	Reduce -3.9%
GOOGL Alphabet Inc. Class A	5.60%	6,901,505	$2.2B	Reduce -24.5%
AMZN Amazon.com Inc.	4.72%	7,887,228	$1.8B	Reduce -20.9%
NVDA Nvidia Corp.	4.64%	9,600,898	$1.8B	Reduce -22.5%
AAPL Apple Inc.	3.56%	5,049,172	$1.4B	Add +43.0%
DE Deere & Co.	3.19%	2,642,017	$1.2B	Reduce -14.6%
WM Waste Management Inc.	3.01%	5,277,285	$1.2B	Reduce -6.0%
LLY Eli Lilly & Co.	2.82%	1,010,392	$1.1B	Add +60.8%
DHR Danaher Corp.	2.77%	4,664,560	$1.1B	Reduce -24.4%
MA Mastercard Inc. Class A	2.68%	1,809,280	$1.0B	Reduce -14.8%
TMO Thermo Fisher Scientific Inc.	2.38%	1,583,105	$917.3M	Reduce -24.4%
SPGI S&P Global Inc.	2.37%	1,749,394	$914.2M	Reduce -13.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP	2.35%	16,477,774	$906.3M	Reduce -14.4%
ICE Intercontinental Exchange Inc.	2.28%	5,436,265	$880.5M	Reduce -16.3%
AVGO Broadcom Inc.	2.21%	2,461,410	$851.9M	Reduce -2.3%
O Realty Income Corp.	2.21%	15,106,270	$851.5M	Reduce -16.4%
AMAT Applied Materials Inc.	2.15%	3,227,145	$829.3M	Reduce -14.2%
LIN Linde PLC	2.01%	1,818,692	$775.5M	Reduce -13.3%
KLAC KLA Corp.	1.97%	623,664	$757.8M	Reduce -13.4%
BSX Boston Scientific Corp.	1.95%	7,899,240	$753.2M	Add +14.7%
AZO AutoZone Inc.	1.86%	211,328	$716.7M	Reduce -15.8%
HD Home Depot Inc.	1.86%	2,080,538	$715.9M	Add +712.3%
SYK Stryker Corp.	1.78%	1,947,575	$684.5M	Add +23.1%
CRM Salesforce Inc.	1.77%	2,571,143	$681.1M	Reduce -30.1%
SNPS Synopsys Inc.	1.76%	1,440,874	$676.8M	Reduce -3.1%
GWW WW Grainger Inc.	1.68%	640,162	$646.0M	Reduce -15.4%
COST Costco Wholesale Corp.	1.48%	662,447	$571.3M	Add +57.6%
FERG Ferguson Enterprises Inc.	1.48%	2,565,454	$571.1M	Reduce -15.2%
AMD Advanced Micro Devices	1.37%	2,463,159	$527.5M	Reduce -15.7%
BRO Brown & Brown Inc.	1.28%	6,204,729	$494.5M	Reduce -9.2%
MAR Marriott International Class A	1.26%	1,561,579	$484.5M	Reduce -15.8%
WDAY Workday Inc. Class A	1.18%	2,116,802	$454.6M	Reduce -34.2%
ORCL Oracle Corp.	1.06%	2,097,860	$408.9M	Reduce -12.6%
VRSK Verisk Analytics Inc.	1.05%	1,815,060	$406.0M	Add +21.6%
MRSH Marsh & McLennan Cos	1.05%	2,173,621	$403.3M	Reduce -16.0%
PG The Procter & Gamble Co.	0.97%	2,604,052	$373.2M	Reduce -17.8%
NOW ServiceNow Inc.	0.92%	2,304,946	$353.1M	Reduce -27.8%
SHW The Sherwin-Williams Co.	0.88%	1,044,274	$338.4M	Reduce -16.0%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.71%	2,359,440	$273.9M	Reduce -5.8%
CBRE CBRE Group Inc. Class A	0.71%	1,694,034	$272.4M	Reduce -5.7%
BEPC Brookfield Renewable Corp.	0.50%	5,032,949	$193.0M	Reduce -5.7%
JPM JPMorgan Chase & Co.	0.42%	500,909	$161.4M	Reduce -4.3%
CMI Cummins Inc.	0.37%	280,004	$142.9M	Reduce -3.9%
SCHW Schwab (charles) Corp.	0.34%	1,296,825	$129.6M	Reduce -4.3%
VZ Verizon Communications Inc.	0.32%	3,073,760	$125.2M	Add +1.1%
SYY Sysco Corp.	0.31%	1,611,005	$118.7M	Add +1.0%
WTW Willis Towers Watson PLC	0.30%	357,537	$117.5M	Add +1.5%
C Citigroup Inc.	0.30%	989,173	$115.4M	Reduce -4.4%
TSM Taiwan Semiconductor-SP ADR	0.30%	376,999	$114.6M	Reduce -3.9%
AZN Astrazeneca PLC-Spons ADR	0.30%	1,237,719	$113.8M	Reduce -4.3%
LRCX Lam Research Corp.	0.29%	645,926	$110.6M	Reduce -7.8%
UNP Union Pacific Corp.	0.28%	466,778	$108.0M	Reduce -4.3%
PGR Progressive Corp.	0.27%	455,850	$103.8M	Add +2.0%
CMS CMS Energy Corp.	0.27%	1,472,659	$103.0M	New
V Visa Inc. Class A	0.25%	278,829	$97.8M	Add +1.7%
CME Cme Group Inc.	0.25%	353,308	$96.5M	Add +1.9%
CI The Cigna Group	0.24%	335,611	$92.4M	Add +2.6%
WDC Western Digital Corp.	0.23%	523,497	$90.2M	Reduce -41.8%
HUBB Hubbell Inc.	0.22%	194,948	$86.6M	Add +38.6%
FDX FedEx Corp.	0.22%	295,041	$85.2M	Reduce -4.1%
MU Micron Technology Inc.	0.22%	294,810	$84.1M	Reduce -17.7%
ADSK Autodesk Inc.	0.22%	283,980	$84.1M	Reduce -6.8%
HLT Hilton Worldwide Holdings Inc.	0.21%	285,163	$81.9M	Reduce -5.8%
BR Broadridge Financial Solutio	0.21%	364,623	$81.4M	Reduce -4.1%
WMT Walmart Inc.	0.21%	716,625	$79.8M	Add +1.6%
BILL Bill Holdings Inc.	0.21%	1,463,791	$79.8M	Add +61.6%
CBOE Cboe Global Markets Inc.	0.21%	316,018	$79.3M	Reduce -7.8%
A Agilent Technologies Inc.	0.20%	580,939	$79.0M	Add +26.2%
ABT Abbott Laboratories	0.20%	616,351	$77.2M	Add +17.5%
TRU Transunion	0.20%	892,724	$76.6M	Reduce -7.8%
BIO Bio-Rad Laboratories-A	0.20%	252,140	$76.4M	Reduce -20.0%
REGN Regeneron Pharmaceuticals	0.19%	96,545	$74.5M	Reduce -4.4%
SARO Standardaero Inc.	0.19%	2,512,169	$72.0M	Add +120.5%
CMG Chipotle Mexican Grill Inc.	0.18%	1,834,533	$67.9M	Add +307.4%
RSG Republic Services Inc.	0.17%	312,695	$66.3M	Reduce -7.8%
UNH Unitedhealth Group Inc.	0.17%	199,953	$66.0M	Reduce -4.3%
ARES Ares Management Corp. Class A	0.17%	402,561	$65.1M	Reduce -1.8%
TFC Truist Financial Corp.	0.17%	1,309,976	$64.5M	Reduce -7.8%
USFD US Foods Holding Corp.	0.16%	808,109	$60.9M	Reduce -7.8%
XYL Xylem Inc.	0.16%	445,104	$60.6M	Reduce -7.8%
ODFL Old Dominion Freight Line	0.16%	383,487	$60.1M	Add +116.0%
NICE Nice Ltd. - Spon ADR	0.15%	524,909	$59.3M	Add +11.9%
VMC Vulcan Materials Co.	0.15%	202,619	$57.8M	Add +6.3%
ORLY O'reilly Automotive Inc.	0.15%	619,351	$56.5M	Reduce -7.1%
WRB WR Berkley Corp. filed as BERKLEY W R CORP	0.14%	793,698	$55.7M	Reduce -7.8%
DHI D.R. Horton Inc.	0.13%	357,953	$51.6M	Reduce -7.8%
NXPI NXP Semiconductors NV	0.13%	231,599	$50.3M	Add +43.8%
EW Edwards Lifesciences Corp.	0.13%	586,760	$50.0M	Add +23.6%
NVO Novo-Nordisk A/S-Spons ADR	0.13%	969,015	$49.3M	Reduce -4.4%
IR Ingersoll-Rand Inc.	0.13%	620,664	$49.2M	New
ROP Roper Technologies Inc.	0.13%	109,628	$48.8M	Add +17.3%
PNR Pentair PLC	0.12%	456,104	$47.5M	Add +6.8%
PODD Insulet Corp.	0.12%	166,904	$47.4M	Add +10.8%
INTC Intel Corp.	0.12%	1,251,981	$46.2M	Reduce -23.9%
SNDK Sandisk Corp.	0.12%	187,772	$44.6M	Reduce -79.7%
ALL Allstate Corp.	0.11%	201,460	$41.9M	Reduce -7.8%
IQV Iqvia Holdings Inc.	0.11%	183,977	$41.5M	Reduce -7.8%
ALC Alcon Inc. filed as ALCON AG	0.09%	435,222	$34.3M	Reduce -28.6%
TER Teradyne Inc.	0.07%	148,827	$28.8M	Reduce -35.4%
ROK Rockwell Automation Inc.	0.07%	64,815	$25.2M	Add +7.7%
NET Cloudflare Inc. Class A	0.06%	126,935	$25.0M	Reduce -2.0%
DDOG Datadog Inc. Class A	0.06%	177,245	$24.1M	Reduce -2.4%
MPWR Monolithic Power Systems Inc.	0.06%	26,590	$24.1M	Reduce -3.0%
IDXX Idexx Laboratories Inc.	0.06%	33,651	$22.8M	Add +2.4%
RCL Royal Caribbean Cruises Ltd.	0.06%	80,810	$22.5M	Add +35.3%
EFX Equifax Inc.	0.06%	98,891	$21.5M	Reduce -94.4%
HOOD Robinhood Markets Inc. Class A	0.05%	180,334	$20.4M	Reduce -3.0%
GWRE Guidewire Software Inc.	0.05%	99,502	$20.0M	Reduce -55.8%
PWR Quanta Services Inc.	0.05%	47,313	$20.0M	New
MELI MercadoLibre Inc.	0.05%	9,905	$20.0M	Reduce -1.0%
MTD Mettler-Toledo International	0.05%	13,822	$19.3M	Add +2.1%
PTC PTC Inc.	0.05%	107,537	$18.7M	Reduce -1.6%
CSGP Costar Group Inc.	0.05%	272,688	$18.3M	Reduce -57.2%
ALNY Alnylam Pharmaceuticals Inc.	0.05%	44,560	$17.7M	Add +20.4%
PCOR Procore Technologies Inc.	0.04%	232,594	$16.9M	Add +64.6%
NTRA Natera Inc.	0.04%	70,828	$16.2M	Add +3.8%
TT Trane Technologies PLC	0.04%	40,502	$15.8M	Reduce -3.0%
CDNS Cadence Design SYS Inc.	0.04%	49,244	$15.4M	Reduce -3.0%
WCN Waste Connections Inc.	0.04%	81,398	$14.3M	Add +5348.3%
MSCI MSCI Inc.	0.03%	23,467	$13.5M	Add +7.9%
POOL Pool Corp.	0.03%	57,094	$13.1M	Reduce -70.2%
DASH DoorDash Inc. Class A	0.03%	44,948	$10.2M	Add +585.8%
WST West Pharmaceutical Services	0.02%	34,387	$9.5M	Add +2.4%
INSM Insmed Inc.	0.02%	51,643	$9.0M	Add +491.8%
ASML ASML Holding NV-NY Reg SHS	0.01%	2,358	$2.5M	Add +10.1%
GEV GE Vernova Inc.	0.01%	3,277	$2.1M	Add +14.1%
APPF Appfolio Inc. Class A	0.01%	8,438	$2.0M	Add +14.2%
NFLX Netflix Inc.	0.00%	19,417	$1.8M	Add +41.3%
ISRG Intuitive Surgical Inc.	0.00%	3,087	$1.7M	Add +10.7%
TEAM Atlassian Corp. Class A	0.00%	5,473	$887K	Reduce -98.2%
RELX Relx PLC - Spon ADR	0.00%	9,265	$374K	Add +8.2%
CRH CRH PLC	0.00%	2,834	$354K	Add +9.3%
BKNG Booking Holdings Inc.	0.00%	55	$295K	Add +10.0%
CCEP Coca-Cola Europacific Partne	0.00%	3,133	$284K	Add +8.6%
YMM Full Truck Alliance -SPN ADR	0.00%	23,076	$248K	Add +7.1%
SPOT Spotify Technology SA	0.00%	410	$238K	Add +9.0%
ACGL Arch Capital Group Ltd.	0.00%	2,268	$218K	Reduce -8.8%
CNH CNH Industrial NV	0.00%	21,529	$198K	Add +6.7%

Portfolio Sells Q3 2025 → Q4 2025


VRTX Vertex Pharmaceuticals Inc.	Sold out	0.00%	−1.49
FISV Fiserv Inc.	Sold out	0.00%	−1.22
BALL Ball Corp.	Sold out	0.00%	−0.99
EFX Equifax Inc.	Reduce -94.4%	0.06%	−0.98
NVDA Nvidia Corp.	Reduce -22.5%	4.64%	−0.70
AZO AutoZone Inc.	Reduce -15.8%	1.86%	−0.63
WDAY Workday Inc. Class A	Reduce -34.2%	1.18%	−0.61
ORCL Oracle Corp.	Reduce -12.6%	1.06%	−0.50
NOW ServiceNow Inc.	Reduce -27.8%	0.92%	−0.44
AMZN Amazon.com Inc.	Reduce -20.9%	4.72%	−0.34
O Realty Income Corp.	Reduce -16.4%	2.21%	−0.33
LIN Linde PLC	Reduce -13.3%	2.01%	−0.29
CRM Salesforce Inc.	Reduce -30.1%	1.77%	−0.25
ICE Intercontinental Exchange Inc.	Reduce -16.3%	2.28%	−0.25
BRO Brown & Brown Inc.	Reduce -9.2%	1.28%	−0.20
FIS Fidelity National Info Serv	Sold out	0.00%	−0.18
MRSH Marsh & McLennan Cos	Reduce -16.0%	1.05%	−0.16
PG The Procter & Gamble Co.	Reduce -17.8%	0.97%	−0.16
CMCSA Comcast Corp. Class A	Sold out	0.00%	−0.15
SNDK Sandisk Corp.	Reduce -79.7%	0.12%	−0.12
SHW The Sherwin-Williams Co.	Reduce -16.0%	0.88%	−0.12
MA Mastercard Inc. Class A	Reduce -14.8%	2.68%	−0.11
TEAM Atlassian Corp. Class A	Reduce -98.2%	0.00%	−0.11
POOL Pool Corp.	Reduce -70.2%	0.03%	−0.10
FERG Ferguson Enterprises Inc.	Reduce -15.2%	1.48%	−0.09
DE Deere & Co.	Reduce -14.6%	3.19%	−0.08
CSGP Costar Group Inc.	Reduce -57.2%	0.05%	−0.08
GWRE Guidewire Software Inc.	Reduce -55.8%	0.05%	−0.07
DHR Danaher Corp.	Reduce -24.4%	2.77%	−0.06
APP AppLovin Corp. Class A	Sold out	0.00%	−0.04
BLDR Builders Firstsource Inc.	Sold out	0.00%	−0.04
MORN Morningstar Inc.	Sold out	0.00%	−0.02
XYZ Block Inc.	Sold out	0.00%	−0.02
SN Sharkninja Inc.	Sold out	0.00%	−0.02
ORLY O'reilly Automotive Inc.	Reduce -7.1%	0.15%	−0.02
DHI D.R. Horton Inc.	Reduce -7.8%	0.13%	−0.02
ALC Alcon Inc.	Reduce -28.6%	0.09%	−0.02
WDC Western Digital Corp.	Reduce -41.8%	0.23%	−0.02
HOOD Robinhood Markets Inc. Class A	Reduce -3.0%	0.05%	−0.01
WRB WR Berkley Corp.	Reduce -7.8%	0.14%	−0.01
RSG Republic Services Inc.	Reduce -7.8%	0.17%	−0.01
INTC Intel Corp.	Reduce -23.9%	0.12%	−0.01
XYL Xylem Inc.	Reduce -7.8%	0.16%	−0.01
BIO Bio-Rad Laboratories-A	Reduce -20.0%	0.20%	−0.01
ADSK Autodesk Inc.	Reduce -6.8%	0.22%	−0.01
PTC PTC Inc.	Reduce -1.6%	0.05%	−0.00
MELI MercadoLibre Inc.	Reduce -1.0%	0.05%	−0.00
NVO Novo-Nordisk A/S-Spons ADR	Reduce -4.4%	0.13%	−0.00
CDNS Cadence Design SYS Inc.	Reduce -3.0%	0.04%	−0.00
SE Sea Ltd.-ADR	Sold out	0.00%	−0.00

Portfolio Buys Q3 2025 → Q4 2025


LLY Eli Lilly & Co.	Add +60.8%	2.82%	+1.71
HD Home Depot Inc.	Add +712.3%	1.86%	+1.62
AAPL Apple Inc.	Add +43.0%	3.56%	+1.48
COST Costco Wholesale Corp.	Add +57.6%	1.48%	+0.58
SYK Stryker Corp.	Add +23.1%	1.78%	+0.42
BSX Boston Scientific Corp.	Add +14.7%	1.95%	+0.40
CMS CMS Energy Corp.	New	0.27%	+0.27
VRSK Verisk Analytics Inc.	Add +21.6%	1.05%	+0.19
CMG Chipotle Mexican Grill Inc.	Add +307.4%	0.18%	+0.14
IR Ingersoll-Rand Inc.	New	0.13%	+0.13
SARO Standardaero Inc.	Add +120.5%	0.19%	+0.12
ODFL Old Dominion Freight Line	Add +116.0%	0.16%	+0.10
BILL Bill Holdings Inc.	Add +61.6%	0.21%	+0.10
HUBB Hubbell Inc.	Add +38.6%	0.22%	+0.08
A Agilent Technologies Inc.	Add +26.2%	0.20%	+0.07
PWR Quanta Services Inc.	New	0.05%	+0.05
NXPI NXP Semiconductors NV	Add +43.8%	0.13%	+0.05
EW Edwards Lifesciences Corp.	Add +23.6%	0.13%	+0.04
WMT Walmart Inc.	Add +1.6%	0.21%	+0.04
ABT Abbott Laboratories	Add +17.5%	0.20%	+0.04
V Visa Inc. Class A	Add +1.7%	0.25%	+0.04
WCN Waste Connections Inc.	Add +5348.3%	0.04%	+0.04
CME Cme Group Inc.	Add +1.9%	0.25%	+0.03
WTW Willis Towers Watson PLC	Add +1.5%	0.30%	+0.02
DASH DoorDash Inc. Class A	Add +585.8%	0.03%	+0.02
CI The Cigna Group	Add +2.6%	0.24%	+0.02
INSM Insmed Inc.	Add +491.8%	0.02%	+0.02
PCOR Procore Technologies Inc.	Add +64.6%	0.04%	+0.02
ROP Roper Technologies Inc.	Add +17.3%	0.13%	+0.02
ROK Rockwell Automation Inc.	Add +7.7%	0.07%	+0.02
NTRA Natera Inc.	Add +3.8%	0.04%	+0.02
VZ Verizon Communications Inc.	Add +1.1%	0.32%	+0.02
PODD Insulet Corp.	Add +10.8%	0.12%	+0.02
VMC Vulcan Materials Co.	Add +6.3%	0.15%	+0.01
PGR Progressive Corp.	Add +2.0%	0.27%	+0.01
PNR Pentair PLC	Add +6.8%	0.12%	+0.01
RCL Royal Caribbean Cruises Ltd.	Add +35.3%	0.06%	+0.01
MTD Mettler-Toledo International	Add +2.1%	0.05%	+0.01
IDXX Idexx Laboratories Inc.	Add +2.4%	0.06%	+0.01
ALNY Alnylam Pharmaceuticals Inc.	Add +20.4%	0.05%	+0.01
MSCI MSCI Inc.	Add +7.9%	0.03%	+0.01
SYY Sysco Corp.	Add +1.0%	0.31%	+0.00
WST West Pharmaceutical Services	Add +2.4%	0.02%	+0.00
ISRG Intuitive Surgical Inc.	Add +10.7%	0.00%	+0.00
ASML ASML Holding NV-NY Reg SHS	Add +10.1%	0.01%	+0.00
GEV GE Vernova Inc.	Add +14.1%	0.01%	+0.00
NFLX Netflix Inc.	Add +41.3%	0.00%	+0.00
APPF Appfolio Inc. Class A	Add +14.2%	0.01%	+0.00
CRH CRH PLC	Add +9.3%	0.00%	+0.00
BKNG Booking Holdings Inc.	Add +10.0%	0.00%	+0.00

All Filings

Quarter	Positions	13F Reported Value	Top Holdings
Q2 2026	135	$37.4B	GOOGL, AMAT, MSFT, NVDA, AMZN
Q1 2026	135	$34.1B	GOOGL, NVDA, MSFT, AMZN, AAPL
Q4 2025	138	$38.6B	MSFT, GOOGL, AMZN, NVDA, AAPL
Q3 2025	147	$43.3B	MSFT, NVDA, GOOGL, AMZN, DE
Q2 2025	148	$43.4B	MSFT, NVDA, AMZN, GOOGL, DE
Q1 2025	135	$41.6B	MSFT, AMZN, NVDA, DE, GOOGL
Q4 2024	126	$45.0B	MSFT, AMZN, NVDA, GOOGL, DE
Q3 2024	126	$47.1B	MSFT, NVDA, AMZN, GOOGL, O
Q2 2024	129	$45.9B	MSFT, GOOGL, NVDA, AAPL, CRM
Q1 2024	135	$46.8B	MSFT, GOOGL, NVDA, CRM, BAC