Parnassus Endeavor Fund: 16.5% in Top 5 Tech Stocks

Strategic Focus on Technology and Industrials

Parnassus Endeavor Fund, as of March 31, 2026, demonstrates a clear strategic emphasis on Technology and Industrials sectors. The fund's largest holding is Alphabet Inc. (GOOGL), valued at $1.85 billion, representing 5.43% of the portfolio. This is followed by NVIDIA Corporation (NVDA) at $1.65 billion (4.82%) and Microsoft Corporation (MSFT) at $1.55 billion (4.54%).

The Technology sector is significantly overrepresented in the fund's top holdings, accounting for four of the top five positions by total value. This includes major players like Alphabet, NVIDIA, Microsoft, and Amazon.com Inc. (AMZN), which holds 4.49% of the portfolio. The fund also holds Apple Inc. (AAPL) at 3.47%, further strengthening its Technology concentration.

Complementing the Technology focus, the Industrials sector is also well-represented, with Waste Management Inc. (WM) at 3.35% and Deere & Company (DE) at 3.12%. Healthcare is another notable sector, with Eli Lilly & Co. (LLY) holding 2.52% of assets. Real Estate is represented by Realty Income Corp. (O) at 2.53%, while the remaining top holdings are spread across Communication Services (Alphabet) and Consumer Cyclical (Amazon). The fund's top ten holdings account for a substantial portion of its assets, indicating a concentrated portfolio strategy.

Recent Changes in Holdings

The fund has seen notable changes in its top holdings compared to the previous period. While most holdings experienced a decrease in shares, Apple Inc. (AAPL) stands out with a significant increase of 32.4% in its share count, suggesting renewed confidence in the stock despite its already substantial allocation.

Conversely, several large holdings saw substantial reductions. Alphabet Inc. (GOOGL) reduced its shares by 29.49%, NVIDIA Corporation (NVDA) by 23.8%, Microsoft Corporation (MSFT) by 10.62%, Amazon.com Inc. (AMZN) by 26.13%, Waste Management Inc. (WM) by 11.25%, Deere & Company (DE) by a sharp 38.95%, and Applied Materials Inc. (AMAT) by 20.71%. Realty Income Corp. (O) also decreased its holdings by 21.72%. These reductions, particularly the significant ones for Alphabet, NVIDIA, and Deere, indicate a dynamic portfolio where managers are actively adjusting positions, potentially reallocating capital based on performance, valuation, or strategic views.

Portfolio Concentration and Strategy

The portfolio exhibits a high degree of concentration, with the top ten holdings accounting for a large percentage of the total value, reflecting a focused investment approach. The significant allocation to Technology (Alphabet, NVIDIA, Microsoft, Amazon, Apple) suggests a conviction in the long-term growth potential of this sector, despite recent volatility in some of these names.

The inclusion of Industrials (Waste Management, Deere) and Healthcare (Eli Lilly) indicates diversification beyond Technology, targeting cyclical growth and defensive sectors respectively. The Real Estate holding (Realty Income) adds exposure to income-generating assets. The fund's strategy appears to be centered on investing in high-quality companies within its favored sectors, evidenced by the large share counts held in many of these stocks, despite recent reductions in some cases.

Overall, Parnassus Endeavor Fund's holdings profile points towards a value-oriented or growth-at-a-reasonable-valuation approach, heavily weighted towards US-based large-cap technology and industrials companies. The active management is evident in the changes observed in the top holdings, showing a willingness to cut losses or rotate positions within the core focus areas.