Parnassus Q1 2026: A Broad Trim Across a Quality Book

Parnassus Investments, the San Francisco firm that helped pioneer responsible, values-based investing, reported a $34.15B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001172661-26-001730, filed 2026-05-12). The defining feature of the quarter is its uniformity: Parnassus trimmed nearly every one of its largest positions, cutting most of them by roughly 6% to 8% in share terms, with a sharper 29% reduction in Deere (DE).

Broad, even trimming across a book like this is rarely a stock-by-stock decision. It is the footprint of portfolio-level de-risking or meeting redemptions — the manager raising cash proportionally rather than expressing a new view on any single company. Parnassus's reported value has fallen from around $45B in late 2024 to $34.15B now, and the across-the-board share reductions are consistent with that decline.

What the firm kept is as telling as what it trimmed: a quality-screened core of Alphabet (GOOGL), Nvidia (NVDA), Microsoft (MSFT), and Amazon (AMZN), alongside ESG-friendly names like waste-management leader Waste Management (WM).

A quality, values-screened book

Alphabet tops the portfolio at 5.43%, followed by Nvidia at 4.82%, Microsoft at 4.54%, Amazon at 4.49%, and Apple (AAPL) at 3.47%. Beyond the megacaps, the book reflects Parnassus's responsible-investing screens: Waste Management, Realty Income (O), Eli Lilly (LLY), and industrial names like Deere and Applied Materials (AMAT).

With 135 positions and the ten largest making up roughly 37% of the book, Parnassus runs a moderately concentrated quality portfolio. The companies share the high-quality, ESG-screened profile the firm is known for — durable franchises that pass its environmental, social, and governance criteria.

The across-the-board trim

The position changes are striking in their consistency. Apple, Alphabet, Microsoft, Amazon, and Eli Lilly were each cut by about 7%; Waste Management and Realty Income by roughly 6%; Applied Materials by 8%; and Deere by 29%. Nvidia was the lone large position held roughly flat.

When a manager reduces nearly every holding by a similar percentage, it usually signals a portfolio-wide action — raising cash or accommodating outflows — rather than a series of individual sell decisions. The outsized Deere cut is the exception that suggests a genuine reduction in that specific position on top of the broad trim.

What it means for 13F readers

Parnassus's filing is a clean example of reading the difference between broad and selective selling. The even trims across the book point to de-risking or redemptions, not a turn against the companies themselves — the quality, ESG-screened core remains intact. The signal to watch is whether the trimming continues next quarter or stabilizes. Track the firm's quarter-over-quarter holdings on the Parnassus Investments filer page.

FAQ

What is Parnassus Investments?

Parnassus Investments is a San Francisco-based asset manager and a pioneer of responsible, ESG-screened investing. It reported a $34.15B U.S. equity 13F book for the quarter ended March 31, 2026.

What did Parnassus do in Q1 2026?

Parnassus trimmed nearly all of its largest positions, cutting most by about 6% to 8% in share terms and Deere by 29% — a broad reduction consistent with raising cash or meeting outflows.

What are Parnassus's largest holdings?

Its five largest positions are Alphabet (5.43%), Nvidia (4.82%), Microsoft (4.54%), Amazon (4.49%), and Apple (3.47%), within a quality, ESG-screened book.

Why did Parnassus trim so many positions at once?

Even percentage cuts across most holdings typically signal portfolio-level de-risking or redemptions rather than individual sell decisions. Parnassus's reported value has declined from about $45B in late 2024 to $34.15B.