0001193125-17-173192.txt : 20170517 0001193125-17-173192.hdr.sgml : 20170517 20170517141032 ACCESSION NUMBER: 0001193125-17-173192 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 26 FILED AS OF DATE: 20170517 DATE AS OF CHANGE: 20170517 EFFECTIVENESS DATE: 20170517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARNASSUS FUNDS CENTRAL INDEX KEY: 0000747546 IRS NUMBER: 946579180 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-93131 FILM NUMBER: 17851034 BUSINESS ADDRESS: STREET 1: ONE MARKET #1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4157780200 MAIL ADDRESS: STREET 1: ONE MARKET #1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: PARNASSUS FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RENAISSANCE FUND/MA DATE OF NAME CHANGE: 19841206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARNASSUS FUNDS CENTRAL INDEX KEY: 0000747546 IRS NUMBER: 946579180 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04044 FILM NUMBER: 17851035 BUSINESS ADDRESS: STREET 1: ONE MARKET #1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 4157780200 MAIL ADDRESS: STREET 1: ONE MARKET #1600 CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: PARNASSUS FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: RENAISSANCE FUND/MA DATE OF NAME CHANGE: 19841206 0000747546 S000000852 Parnassus Fund C000002467 Investor Shares PARNX C000156022 Institutional Shares PFPRX 0000747546 S000000853 Parnassus Mid Cap Fund C000002468 Investor Shares PARMX C000156023 Institutional Shares PFPMX 0000747546 S000000855 Parnassus Endeavor Fund C000002470 Investor Shares PARWX C000156024 Institutional Shares PFPWX 0000747546 S000040684 Parnassus Asia Fund C000126157 Investor Shares PAFSX C000156025 Institutional Shares PFPSX 485BPOS 1 d351415d485bpos.htm FORM 485BPOS XBRL Form 485BPOS XBRL

Registration Nos. 002-93131

811-04044

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

   THE SECURITIES ACT OF 1933  
   Pre-Effective Amendment No.  
   Post-Effective Amendment No. 48  

and/or

REGISTRATION STATEMENT

UNDER

   THE INVESTMENT COMPANY ACT OF 1940  
   Amendment No. 50  

(Check appropriate box or boxes.)

 

 

PARNASSUS FUNDS

(Exact Name of Registrant as Specified in Charter)

 

 

 

1 Market Street

Suite 1600

San Francisco, California

  94105
(Address of Principal Executive Offices)   (Zip Code)

(415) 778-0200

(Registrant’s Telephone Number, including Area Code)

 

 

Copy to:

Jerome L. Dodson

Parnassus Investments

1 Market Street

Suite 1600

San Francisco, California 94105

 

Peter D. Fetzer

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)  

 

 

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.

It is proposed that this filing become effective (check appropriate box):

 

immediately upon filing pursuant to paragraph (b)
on (date) pursuant to paragraph (b)
60 days after filing pursuant to paragraph (a) (1)
on (date) pursuant to paragraph (a) (1)
75 days after filing pursuant to paragraph (a) (2)
on (date) pursuant to paragraph (a) (2) of Rule 485

If appropriate, check the following box:

 

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 


EXPLANATORY NOTE

This Post-Effective Amendment (“PEA”) No. 48 to the Registration Statement of Parnassus Funds (the “Trust”) on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 47 on Form N-1A filed April 28, 2017 and effective April 30, 2017. This PEA No. 48 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 47 to the Trust’s Registration Statement.

 

S-1


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amended Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Amended Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City and County of San Francisco and the State of California on the 16th day of May 2017.

 

PARNASSUS INCOME FUNDS
(Registrant)
By:  

/s/ Jerome L. Dodson

  Jerome L. Dodson, President

Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed by the following persons in the capacities and on the date(s) indicated.

 

Signature

  

Title

 

Date

/s/ Jerome L. Dodson

Jerome L. Dodson

  

Principal Executive Officer

And Trustee

  May 16, 2017

/s/ Marc C. Mahon

Marc C. Mahon

  

Principal Financial and

Accounting Officer

  May 16, 2017
Donald J. Boteler +    Trustee   *
Alecia A. DeCoudreaux+    Trustee   *

 

+By:  

/s/ Jerome L. Dodson

  Jerome L. Dodson
  Attorney-in-Fact*

 

* Signature is affixed as of May 16, 2017. Powers of attorney previously filed as an exhibit.

Signature Page


EXHIBIT INDEX

 

Exhibit

  

Exhibit No.

Instance Document

  

EX-101.INS

Schema Document

  

EX-101.SCH

Calculation Linkbase Document

  

EX-101.CAL

Definition Linkbase Document

  

EX-101.DEF

Label Linkbase Document

  

EX-101.LAB

Presentation Linkbase Document

  

EX-101.PRE

Exhibit Index

EX-101.INS 2 paf-20170428.xml XBRL INSTANCE DOCUMENT 0000747546 2017-05-01 2017-05-01 0000747546 paf:S000000852Member 2017-05-01 2017-05-01 0000747546 paf:S000000852Member paf:C000002467Member 2017-05-01 2017-05-01 0000747546 paf:S000000852Member paf:C000156022Member 2017-05-01 2017-05-01 0000747546 paf:S000000852Member rr:AfterTaxesOnDistributionsMember paf:C000002467Member 2017-05-01 2017-05-01 0000747546 paf:S000000852Member rr:AfterTaxesOnDistributionsAndSalesMember paf:C000002467Member 2017-05-01 2017-05-01 0000747546 paf:S000000852Member paf:SPIndexMember 2017-05-01 2017-05-01 0000747546 paf:S000000852Member paf:LipperMultiCapCoreAverageMember 2017-05-01 2017-05-01 0000747546 paf:S000000855Member 2017-05-01 2017-05-01 0000747546 paf:S000000855Member paf:C000002470Member 2017-05-01 2017-05-01 0000747546 paf:S000000855Member paf:C000156024Member 2017-05-01 2017-05-01 0000747546 paf:S000000855Member rr:AfterTaxesOnDistributionsMember paf:C000002470Member 2017-05-01 2017-05-01 0000747546 paf:S000000855Member rr:AfterTaxesOnDistributionsAndSalesMember paf:C000002470Member 2017-05-01 2017-05-01 0000747546 paf:S000000855Member paf:SPIndexMember 2017-05-01 2017-05-01 0000747546 paf:S000000855Member paf:LipperMultiCapCoreAverageMember 2017-05-01 2017-05-01 0000747546 paf:S000000853Member 2017-05-01 2017-05-01 0000747546 paf:S000000853Member paf:C000002468Member 2017-05-01 2017-05-01 0000747546 paf:S000000853Member paf:C000156023Member 2017-05-01 2017-05-01 0000747546 paf:S000000853Member rr:AfterTaxesOnDistributionsAndSalesMember paf:C000002468Member 2017-05-01 2017-05-01 0000747546 paf:S000000853Member rr:AfterTaxesOnDistributionsMember paf:C000002468Member 2017-05-01 2017-05-01 0000747546 paf:S000000853Member paf:RussellMidcapIndexMember 2017-05-01 2017-05-01 0000747546 paf:S000000853Member paf:LipperMidCapCoreAverageMember 2017-05-01 2017-05-01 0000747546 paf:S000040684Member 2017-05-01 2017-05-01 0000747546 paf:S000040684Member paf:C000126157Member 2017-05-01 2017-05-01 0000747546 paf:S000040684Member paf:C000156025Member 2017-05-01 2017-05-01 0000747546 paf:S000040684Member rr:AfterTaxesOnDistributionsMember paf:C000126157Member 2017-05-01 2017-05-01 0000747546 paf:S000040684Member rr:AfterTaxesOnDistributionsAndSalesMember paf:C000126157Member 2017-05-01 2017-05-01 0000747546 paf:S000040684Member paf:MSCIACAsiaPacificIndexMember 2017-05-01 2017-05-01 0000747546 paf:S000040684Member paf:LipperAsiaPacificRegionAverageMember 2017-05-01 2017-05-01 pure iso4217:USD 2017-05-01 485BPOS 2016-12-31 PARNASSUS FUNDS 0000747546 false 2017-04-28 2017-04-30 <b>Investment Objective </b> <b>Fees and Expenses </b> <b>Example </b> <b>Portfolio Turnover </b> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> <b> Parnassus Fund </b> The Parnassus Fund has the overall investment objective of capital appreciation. This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Fund. Annual Fund Operating Expenses (%)<br/>(expenses that you pay each year as a percentage <br/>of the value of your investment) For additional information about the Parnassus Fund&#8217;s expenses, please see &#8220;Financial Highlights&#8221; in the prospectus. This example is intended to help you compare the cost of investing in the Parnassus Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be: The Parnassus Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 41.7% of the average value of its portfolio. <b>Principal Investment Strategies </b> The Parnassus Fund invests in undervalued stocks. This Fund follows a &#8220;contrarian&#8221; strategy of seeking to invest in stocks that are currently out of favor with the financial community and are therefore, in the opinion of the Fund&#8217;s investment adviser (Adviser), deeply undervalued. The Adviser expects that if these undervalued companies are financially strong and have good prospects for the future, they will come back into favor and increase in market value. The Parnassus Fund is a &#8220;multi-cap&#8221; fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company&#8217;s prospects, the Adviser reviews the company&#8217;s income statement, cash flow statement and balance sheet, and analyzes the company&#8217;s sustainable strategic advantage and management team. Upon initial investment, a company&#8217;s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser&#8217;s assessment of the company&#8217;s estimated value. The Adviser also takes environmental, social and governance (&#8220;ESG&#8221;) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company&#8217;s fundamentals will deteriorate, if it believes a company&#8217;s stock has little potential for appreciation or if the company no longer meets the Adviser&#8217;s ESG criteria. <b>Principal Risks </b> All investments involve risk, and investing in the Parnassus Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund&#8217;s principal risks include the following:<ul type="square"><li><b>Stock Market Risk.</b> The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund&#8217;s holdings can vary significantly from broad stock market indices.</li></ul><ul type="square"><li><b>Large-Capitalization Company Risk.</b> Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</li></ul><ul type="square"><li><b>Small- and Mid-Capitalization Company Risk.</b> This is a &#8220;multi-cap&#8221; fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.</li></ul><ul type="square"><li><b>Management Risk.</b> The Adviser may be wrong in its assessment of a company&#8217;s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, &#8220;value&#8221; investing falls out of favor with investors, and during those periods the Fund&#8217;s relative performance may suffer.</li></ul><ul type="square"><li><b>Foreign Securities Risk.</b> The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.</li></ul> <b>Performance Information </b> The bar chart and table that follow contain information that allows you to evaluate the Parnassus Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund&#8217;s Investor Shares, and the performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund&#8217;s website, www.parnassus.com, or by calling toll-free at (800) 999-3505. During the ten-year period shown in the bar chart, the highest return for a quarter was 19.9% (quarter ended September 30, 2009), and the lowest return for a quarter was a loss of 26.6% (quarter ended December 31, 2008). On the following page is a table comparing the performance of the Parnassus Fund&#8217;s two share classes with that of the S&P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Parnassus Fund by showing how the Fund&#8217;s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund&#8217;s performance varies from year to year. Average Annual Total Returns (%)<br/>(all periods ended December 31, 2016) The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.<br /><br />Parnassus Fund&#8212;Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Fund&#8212;Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares. 0.0062 0.0062 0.0024 0.0009 0.0086 0.0071 88 73 227 274 395 477 883 1061 0.0543 -0.3412 0.4794 0.1671 -0.0501 0.2604 0.3422 0.1468 0.0026 0.1346 0.1346 0.1269 0.0786 0.1359 0.1194 0.1025 0.1715 0.1436 0.1354 0.1721 0.1463 0.1306 0.0966 0.0807 0.0771 0.0968 0.0693 0.0594 0.417 You could lose money investing in the Fund. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and table that follow contain information that allows you to evaluate the Parnassus Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. (800) 999-3505 www.parnassus.com How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. highest return 2009-09-30 0.199 lowest return 2008-12-31 -0.266 <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> Annual Total Returns 0.0012 0 0.0012 0.0009 2015-04-30 <b>Investment Objective </b> <b>Fees and Expenses </b> <b>Example </b> <b>Portfolio Turnover </b> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAverageAnnualTotalReturnsTransposed000027 column period compact * ~</div> <b>Parnassus Endeavor Fund </b> The Parnassus Endeavor Fund has the overall investment objective of capital appreciation. This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Endeavor Fund. Annual Fund Operating Expenses (%)<br/>(expenses that you pay each year as a percentage <br/>of the value of your investment) For additional information about the Parnassus Endeavor Fund&#8217;s expenses, please see &#8220;Financial Highlights&#8221; in the prospectus. This example is intended to help you compare the cost of investing in the Parnassus Endeavor Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be: The Parnassus Endeavor Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34.1% of the average value of its portfolio. <b>Principal Investment Strategies </b> The Parnassus Endeavor Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in companies believed by the Fund&#8217;s investment adviser (Adviser) to provide good workplaces for their employees. Companies with good workplaces usually are able to recruit and retain better employees, and perform at a higher level than competitors in terms of innovation, productivity, customer loyalty and profitability. While no company is perfect, the Adviser makes a judgment as to which companies have good workplaces based on factors such as respectful and fair treatment of employees, employee satisfaction and engagement, pay and benefits, family-friendly policies, and support for volunteerism and philanthropy. These companies must, in the Adviser&#8217;s opinion, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. The Parnassus Endeavor Fund is primarily a large-cap fund, which means that it normally invests more than half of its net assets in large, well-established companies. The Fund may invest to a lesser extent in small- and mid-capitalization companies. The Fund may purchase foreign securities directly on foreign markets. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company&#8217;s prospects, the Adviser reviews the company&#8217;s income statement, cash flow statement and balance sheet, and analyzes the company&#8217;s sustainable strategic advantage and management team. Upon initial investment, a company&#8217;s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser&#8217;s assessment of the company&#8217;s estimated value. The Adviser also takes environmental, social and governance (&#8220;ESG&#8221;) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company&#8217;s fundamentals will deteriorate, if it believes a company&#8217;s stock has little potential for appreciation or if the company no longer meets the Adviser&#8217;s ESG criteria. <b>Principal Risks </b> All investments involve risk, and investing in the Parnassus Endeavor Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund&#8217;s principal risks include the following:<ul type="square"><li><b>Stock Market Risk.</b> The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund&#8217;s holdings can vary significantly from broad stock market indices.</li></ul><ul type="square"><li><b>Large-Capitalization Company Risk.</b> Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</li></ul><ul type="square"><li><b>Small- and Mid-Capitalization Company Risk.</b> In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.</li></ul><ul type="square"><li><b>Management Risk.</b> The Adviser may be wrong in its assessment of a company&#8217;s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, &#8220;value&#8221; investing falls out of favor with investors, and during those periods the Fund&#8217;s relative performance may suffer.</li></ul><ul type="square"><li><b>Foreign Securities Risk.</b> The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.</li></ul> <b>Performance Information </b> The bar chart and table that follow contain information that allows you to evaluate the Parnassus Endeavor Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund&#8217;s Investor Shares, and the performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund&#8217;s website, www.parnassus.com, or by calling toll-free at (800) 999-3505. Annual Total Returns During the ten-year period shown in the bar chart, the highest return for a quarter was 26.7% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 24.4% (quarter ended December 31, 2008). On the following page is a table comparing the performance of the Parnassus Endeavor Fund&#8217;s two share classes with that of the S&amp;P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten- year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund&#8217;s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&amp;P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund&#8217;s performance varies from year to year. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.<br /><br />Parnassus Endeavor Fund&#8212;Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Endeavor Fund&#8212;Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares. 0.0069 0.0069 0.0005 0.0028 0.002 0 0.0008 0.0005 0.0097 0.0074 -0.0002 0 0.0095 0.0074 97 76 237 307 411 534 918 1188 0.2142 0.202 0.126 0.2168 0.1194 0.1025 0.1306 0.1463 0.1899 0.1891 0.1709 0.1508 0.0594 0.0693 0.0999 0.111 0.1223 0.1227 0.0564 -0.2994 0.6213 0.1296 -0.0162 0.2203 0.3115 0.1851 0.0325 0.2142 May 1, 2018 0.341 You could lose money investing in the Fund. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and table that follow contain information that allows you to evaluate the Parnassus Endeavor Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. (800) 999-3505 www.parnassus.com How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. highest return 2009-06-30 0.267 lowest return 2008-12-31 -0.244 2015-04-30 <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualTotalReturnsBarChart000026 column period compact * ~</div> <b>Investment Objective </b> <b>Fees and Expenses </b> <b>Example </b> <b>Portfolio Turnover </b> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> <b>Parnassus Mid Cap Fund </b> The Parnassus Mid Cap Fund has the overall investment objective of capital appreciation. This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Mid Cap Fund. Annual Fund Operating Expenses (%)<br/>(expenses that you pay each year as a percentage <br/>of the value of your investment) This example is intended to help you compare the cost of investing in the Parnassus Mid Cap Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be: The Parnassus Mid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 18.8% of the average value of its portfolio. <b>Principal Investment Strategies </b> Average Annual Total Returns (%)<br/>(all periods ended December 31, 2016) The Parnassus Mid Cap Fund normally invests at least 80% of its net assets in mid-sized companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap Index (which was between $2.9 billion and $24.5 billion as of May 27, 2016) measured at the time of purchase. The Russell Midcap Index includes approximately 800 of the smallest companies in the Russell 1000 Index. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company&#8217;s market capitalization grows or falls outside the ranges of the Russell Midcap Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and may invest up to 20% of its assets in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. Using a value-oriented investment process, the Fund seeks to invest in equity securities that have the potential for long-term capital appreciation. To determine a company&#8217;s prospects, the Adviser reviews the company&#8217;s income statement, cash flow statement and balance sheet, and analyzes the company&#8217;s sustainable strategic advantage and management team. Upon initial investment, a company&#8217;s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser&#8217;s assessment of the company&#8217;s estimated value. The Adviser also takes environmental, social and governance (&#8220;ESG&#8221;) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company&#8217;s fundamentals will deteriorate, if it believes a company&#8217;s stock has little potential for appreciation or if the company no longer meets the Adviser&#8217;s ESG criteria. <b>Principal Risks </b> All investments involve risk, and investing in the Parnassus Mid Cap Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund&#8217;s principal risks include the following:<ul type="square"><li><b>Stock Market Risk.</b> The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund&#8217;s holdings can vary significantly from broad stock market indices.</li></ul><ul type="square"><li><b>Small- and Mid-Capitalization Company Risk.</b> The Fund invests primarily in mid-capitalization companies and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, smaller capitalization companies tend to perform poorly during times of economic stress.</li></ul><ul type="square"><li><b>Management Risk.</b> The Adviser may be wrong in its assessment of a company&#8217;s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, &#8220;value&#8221; investing falls out of favor with investors, and during those periods the Fund&#8217;s relative performance may suffer.</li></ul><ul type="square"><li><b>Foreign Securities Risk.</b> The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.</li></ul> <b>Performance Information </b> The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund&#8217;s Investor Shares, and the performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund&#8217;s website, www.parnassus.com, or by calling toll-free at (800) 999-3505. Annual Total Returns During the ten-year period shown in the bar chart, the highest return for a quarter was 18.3% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 22.0% (quarter ended December 31, 2008). On the following page is a table comparing the performance of the Parnassus Mid Cap Fund&#8217;s two share classes with that of the Russell Midcap Index and the Lipper Mid-Cap Core Average. Figures are average annual returns for one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund&#8217;s average annual total returns, before and after taxes, compare with a broad measure of market performance, the Russell Midcap Index, and a group of similar mutual funds, the Lipper Mid-Cap Core Average, and also how the Fund&#8217;s performance varies from year to year. Average Annual Total Returns (%)<br/>(all periods ended December 31, 2016) The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.<br /><br />Parnassus Mid Cap Fund&#8212;Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Mid Cap Fund&#8212;Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares. 0.0074 0.0074 0.0027 0.0006 0.0019 0 0.0008 0.0006 0.0101 0.008 -0.0002 0 0.0099 0.008 101 82 320 444 556 255 1235 989 0.1607 0.096 0.152 0.1628 0.138 0.1546 0.1425 0.1334 0.1137 0.1434 0.1472 0.134 0.0887 0.0815 0.0717 0.0891 0.0786 0.0698 0.0181 -0.2938 0.3626 0.187 0.0333 0.1858 0.2827 0.1124 -0.0087 0.1607 highest return 2009-06-30 0.183 lowest return 2008-12-31 -0.22 2015-04-30 <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> <b>Investment Objective </b> <b>Fees and Expenses </b> <b>Example </b> <b>Portfolio Turnover </b> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.parnassus.com/role/ScheduleAverageAnnualTotalReturnsTransposed000047 column period compact * ~</div> May 1, 2018 0.188 You could lose money investing in the Fund. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. (800) 999-3505 www.parnassus.com How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. <b>Parnassus Asia Fund </b> The Parnassus Asia Fund has the overall investment objective of capital appreciation. This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Asia Fund. Annual Fund Operating Expenses (%)<br/>(expenses that you pay each year as a percentage <br/>of the value of your investment) For additional information about the Parnassus Asia Fund&#8217;s expenses, please see &#8220;Financial Highlights&#8221; in the prospectus. This example is intended to help you compare the cost of investing in the Parnassus Asia Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&#8217;s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be: The Parnassus Asia Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 46.0% of the average value of its portfolio. <b>Principal Investment Strategies </b> Under normal market conditions, the Parnassus Asia Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Asian companies. Asian companies are companies domiciled or headquartered in Asia, companies that have a substantial amount of business in Asia, or companies whose primary trading markets for their securities are located in Asia. Sometimes these companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (&#8220;ADRs&#8221;) or American Depositary Shares (&#8220;ADSs&#8221;). The Fund invests in common stocks and other equity securities, including ADRs and ADSs. The Fund may purchase securities directly on foreign markets. Asia consists of all countries and markets in Asia, and includes developed, emerging, and frontier countries and markets in the Asian region. Many Asian markets are considered to be emerging markets. The Parnassus Asia Fund is a &#8220;multi-cap&#8221; fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies with market capitalizations below $1 billion. The Fund invests principally in stocks of Asian companies that the Fund&#8217;s investment adviser (Adviser) believes are financially sound and have good prospects for the future. The companies in which the Fund invests must, in the opinion of the Adviser, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. To determine a company&#8217;s prospects, the Adviser reviews the company&#8217;s income statement, cash flow statement and balance sheet, and analyzes the company&#8217;s competitive position and management team. Upon initial investment, a company&#8217;s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser&#8217;s assessment of the company&#8217;s estimated value. The Adviser also takes environmental, social and governance (&#8220;ESG&#8221;) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company&#8217;s fundamentals will deteriorate, if it believes a company&#8217;s stock has little potential for appreciation or if the company no longer meets the Adviser&#8217;s ESG criteria. <b>Principal Risks </b> All investments involve risk, and investing in the Parnassus Asia Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund&#8217;s principal risks include the following:<ul type="square"><li><b>Stock Market Risk.</b> The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in Asia and other parts of the world. The Fund&#8217;s holdings can vary significantly from broad stock market indices.</li></ul><ul type="square"><li><b>Foreign Securities Risk.</b> The Fund invests primarily in non-U.S. securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.</li></ul><ul type="square"><li><b>Emerging Markets Risk.</b> Many Asian countries are considered to be emerging markets. There may be less publicly available information about companies in emerging markets, and the stock exchanges and brokerage industries of emerging markets do not have the same level of government oversight as do those in the U.S. The securities markets of such countries are substantially smaller, less liquid and more volatile than securities markets in the U.S.</li></ul><ul type="square"><li><b>Geographic Concentration Risk.</b> The Fund&#8217;s investments are concentrated in a specific geographical region and thus, may be more adversely affected by events in that region than investments of a fund that does not have such a regional focus. For example, economic, political and social instability and foreign investment and exchange controls may disproportionately and adversely impact Asia.</li></ul><ul type="square"><li><b>Foreign Currency Risk.</b> When the Fund conducts securities transactions in a foreign currency, there is the risk of the value of the foreign currency increasing or decreasing against the value of the U.S. dollar. The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar.</li></ul><ul type="square"><li><b>Large-Capitalization Company Risk.</b> Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.</li></ul><ul type="square"><li><b>Small- and Mid-Capitalization Company Risk.</b> This is a &#8220;multi-cap&#8221; fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions, since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.</li></ul><ul type="square"><li><b>Depositary Receipts Risk.</b> Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.</li></ul><ul type="square"><li><b>Management Risk.</b> The Adviser may be wrong in its assessment of a company&#8217;s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, &#8220;value&#8221; investing falls out of favor with investors, and during those periods the Fund&#8217;s relative performance may suffer.</li></ul> <b>Performance Information </b> The bar chart and table that follow contain information that allows you to evaluate the Parnassus Asia Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund&#8217;s Investor Shares, and performance of the Fund&#8217;s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund&#8217;s website, www.parnassus.com, or by calling toll-free at (800) 999-3505. Annual Total Returns During the period shown in the bar chart, the highest return for a quarter was 15.1% (quarter ended September 30, 2016), and the lowest return for a quarter was a loss of 18.1% (quarter ended September 30, 2015). On the following page is a table comparing the performance of the Parnassus Asia Fund&#8217;s two share classes with that of the MSCI AC Asia Pacific Index and the Lipper Asia Pacific Region Average. Figures are average annual returns for the one-year period ended December 31, 2016 and since inception (Investor Shares incepted on April 30, 2013 and Institutional Shares incepted on April 30, 2015). The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund&#8217;s average annual total returns, before and after taxes, compare with a broad measure of market performance, the MSCI AC Asia Pacific Index, and a group of similar mutual funds, the Lipper Asia Pacific Region Average, and also how the Fund&#8217;s performance varies from year to year. Average Annual Total Returns (%)<br/>(all periods ended December 31, 2016) The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.<br /><br />Parnassus Asia Fund&#8212;Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Asia Fund&#8212;Investor Shares, which were incepted on April 30, 2013, and includes expenses that are not applicable to and are higher than those of the Institutional Shares. 0.011 0.011 0.0203 0 0.0014 0 0 0.0189 0.011 0.0313 -0.0188 -0.0014 0.0096 0.0125 127 98 789 336 1476 593 3308 1328 0.1398 0.1393 0.0789 0.1421 0.0521 0.0428 0.0344 0.0336 0.0264 0.0358 0.0137 0.0026 2015-04-30 0.0784 -0.1184 0.1398 highest return 2016-09-30 0.151 lowest return 2015-09-30 -0.181 <div style="display:none">~ http://www.parnassus.com/role/ScheduleAnnualTotalReturnsBarChart000046 column period compact * ~</div> May 1, 2018 0.46 You could lose money investing in the Fund. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and table that follow contain information that allows you to evaluate the Parnassus Asia Fund&#8217;s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. (800) 999-3505 www.parnassus.com How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. 2013-04-30 2013-04-30 2013-04-30 For additional information about the Parnassus Mid Cap Fund&#8217;s expenses, please see &#8220;Financial Highlights&#8221; in the prospectus. 0 0 0 0 0 0 0 0 The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund—Investor Shares and to 0.83% of net assets for the Parnassus Endeavor Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis. The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.99% of net assets for the Parnassus Mid Cap Fund—Investor Shares and to 0.85% of net assets for the Parnassus Mid Cap Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis. The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 1.25% of net assets for the Parnassus Asia Fund—Investor Shares and to 1.22% of net assets for the Parnassus Asia Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2016
Registrant Name dei_EntityRegistrantName PARNASSUS FUNDS
Central Index Key dei_EntityCentralIndexKey 0000747546
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Apr. 28, 2017
Document Effective Date dei_DocumentEffectiveDate Apr. 30, 2017
Prospectus Date rr_ProspectusDate May 01, 2017
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Parnassus Fund
Parnassus Fund
Investment Objective
The Parnassus Fund has the overall investment objective of capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Fund.
Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Annual Fund Operating Expenses - Parnassus Fund
Investor Shares
Institutional Shares
Management Fees 0.62% 0.62%
Distribution (12b-1) Fees none none
Other Expenses 0.24% 0.09%
Service Fees 0.12% none
All remaining other expenses 0.12% 0.09%
Total Annual Fund Operating Expenses 0.86% 0.71%
For additional information about the Parnassus Fund’s expenses, please see “Financial Highlights” in the prospectus.
Example
This example is intended to help you compare the cost of investing in the Parnassus Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example - Parnassus Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 88 274 477 1,061
Institutional Shares 73 227 395 883
Portfolio Turnover
The Parnassus Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41.7% of the average value of its portfolio.
Principal Investment Strategies
The Parnassus Fund invests in undervalued stocks. This Fund follows a “contrarian” strategy of seeking to invest in stocks that are currently out of favor with the financial community and are therefore, in the opinion of the Fund’s investment adviser (Adviser), deeply undervalued. The Adviser expects that if these undervalued companies are financially strong and have good prospects for the future, they will come back into favor and increase in market value. The Parnassus Fund is a “multi-cap” fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Principal Risks
All investments involve risk, and investing in the Parnassus Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. This is a “multi-cap” fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Performance Information
The bar chart and table that follow contain information that allows you to evaluate the Parnassus Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Annual Total Returns
Bar Chart
During the ten-year period shown in the bar chart, the highest return for a quarter was 19.9% (quarter ended September 30, 2009), and the lowest return for a quarter was a loss of 26.6% (quarter ended December 31, 2008).
On the following page is a table comparing the performance of the Parnassus Fund’s two share classes with that of the S&P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Parnassus Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund’s performance varies from year to year.
Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Average Annual Total Returns - Parnassus Fund
One Year
Five Years
Ten Years
Investor Shares 13.46% 17.15% 9.66%
Investor Shares | Return after Taxes on Distributions 12.69% 14.36% 8.07%
Investor Shares | Return after Taxes on Distributions and Sale of Fund Shares 7.86% 13.54% 7.71%
Institutional Shares 13.59% 17.21% 9.68%
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.94% 14.63% 6.93%
Lipper Multi-Cap Core Average 10.25% 13.06% 5.94%
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

XML 13 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PARNASSUS FUNDS
Prospectus Date rr_ProspectusDate May 01, 2017
Parnassus Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Parnassus Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Parnassus Fund has the overall investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Parnassus Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 41.7% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.70%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock For additional information about the Parnassus Fund’s expenses, please see “Financial Highlights” in the prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Parnassus Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Parnassus Fund invests in undervalued stocks. This Fund follows a “contrarian” strategy of seeking to invest in stocks that are currently out of favor with the financial community and are therefore, in the opinion of the Fund’s investment adviser (Adviser), deeply undervalued. The Adviser expects that if these undervalued companies are financially strong and have good prospects for the future, they will come back into favor and increase in market value. The Parnassus Fund is a “multi-cap” fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risk, and investing in the Parnassus Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. This is a “multi-cap” fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow contain information that allows you to evaluate the Parnassus Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow contain information that allows you to evaluate the Parnassus Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 999-3505
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.parnassus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the ten-year period shown in the bar chart, the highest return for a quarter was 19.9% (quarter ended September 30, 2009), and the lowest return for a quarter was a loss of 26.6% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock On the following page is a table comparing the performance of the Parnassus Fund’s two share classes with that of the S&P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Parnassus Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund’s performance varies from year to year.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
Parnassus Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.62%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.12%
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.12%
Other Expenses rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
1 Year rr_ExpenseExampleYear01 $ 88
3 Years rr_ExpenseExampleYear03 274
5 Years rr_ExpenseExampleYear05 477
10 Years rr_ExpenseExampleYear10 $ 1,061
2007 rr_AnnualReturn2007 5.43%
2008 rr_AnnualReturn2008 (34.12%)
2009 rr_AnnualReturn2009 47.94%
2010 rr_AnnualReturn2010 16.71%
2011 rr_AnnualReturn2011 (5.01%)
2012 rr_AnnualReturn2012 26.04%
2013 rr_AnnualReturn2013 34.22%
2014 rr_AnnualReturn2014 14.68%
2015 rr_AnnualReturn2015 0.26%
2016 rr_AnnualReturn2016 13.46%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 19.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (26.60%)
One Year rr_AverageAnnualReturnYear01 13.46%
Five Years rr_AverageAnnualReturnYear05 17.15%
Ten Years rr_AverageAnnualReturnYear10 9.66%
Parnassus Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.62%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.09%
Other Expenses rr_OtherExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.71%
1 Year rr_ExpenseExampleYear01 $ 73
3 Years rr_ExpenseExampleYear03 227
5 Years rr_ExpenseExampleYear05 395
10 Years rr_ExpenseExampleYear10 $ 883
One Year rr_AverageAnnualReturnYear01 13.59%
Five Years rr_AverageAnnualReturnYear05 17.21%
Ten Years rr_AverageAnnualReturnYear10 9.68%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2015
Parnassus Fund | Return after Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 12.69%
Five Years rr_AverageAnnualReturnYear05 14.36%
Ten Years rr_AverageAnnualReturnYear10 8.07%
Parnassus Fund | Return after Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 7.86%
Five Years rr_AverageAnnualReturnYear05 13.54%
Ten Years rr_AverageAnnualReturnYear10 7.71%
Parnassus Fund | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 11.94%
Five Years rr_AverageAnnualReturnYear05 14.63%
Ten Years rr_AverageAnnualReturnYear10 6.93%
Parnassus Fund | Lipper Multi-Cap Core Average  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 10.25%
Five Years rr_AverageAnnualReturnYear05 13.06%
Ten Years rr_AverageAnnualReturnYear10 5.94%
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Parnassus Endeavor Fund
Parnassus Endeavor Fund
Investment Objective
The Parnassus Endeavor Fund has the overall investment objective of capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Endeavor Fund.
Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Annual Fund Operating Expenses - Parnassus Endeavor Fund
Investor Shares
Institutional Shares
Management Fees 0.69% 0.69%
Distribution (12b-1) Fees none none
Other Expenses 0.28% 0.05%
Service Fees 0.20% none
All remaining other expenses 0.08% 0.05%
Total Annual Fund Operating Expenses 0.97% 0.74%
Expense Reimbursement 0.02% none
Total Annual Fund Operating Expenses After Expense Reimbursement [1] 0.95% 0.74%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund—Investor Shares and to 0.83% of net assets for the Parnassus Endeavor Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
For additional information about the Parnassus Endeavor Fund’s expenses, please see “Financial Highlights” in the prospectus.
Example
This example is intended to help you compare the cost of investing in the Parnassus Endeavor Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example - Parnassus Endeavor Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 97 307 534 1,188
Institutional Shares 76 237 411 918
Portfolio Turnover
The Parnassus Endeavor Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.1% of the average value of its portfolio.
Principal Investment Strategies
The Parnassus Endeavor Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in companies believed by the Fund’s investment adviser (Adviser) to provide good workplaces for their employees. Companies with good workplaces usually are able to recruit and retain better employees, and perform at a higher level than competitors in terms of innovation, productivity, customer loyalty and profitability. While no company is perfect, the Adviser makes a judgment as to which companies have good workplaces based on factors such as respectful and fair treatment of employees, employee satisfaction and engagement, pay and benefits, family-friendly policies, and support for volunteerism and philanthropy. These companies must, in the Adviser’s opinion, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. The Parnassus Endeavor Fund is primarily a large-cap fund, which means that it normally invests more than half of its net assets in large, well-established companies. The Fund may invest to a lesser extent in small- and mid-capitalization companies. The Fund may purchase foreign securities directly on foreign markets. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Principal Risks
All investments involve risk, and investing in the Parnassus Endeavor Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Performance Information
The bar chart and table that follow contain information that allows you to evaluate the Parnassus Endeavor Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Annual Total Returns
Bar Chart
During the ten-year period shown in the bar chart, the highest return for a quarter was 26.7% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 24.4% (quarter ended December 31, 2008).
On the following page is a table comparing the performance of the Parnassus Endeavor Fund’s two share classes with that of the S&P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten- year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund’s performance varies from year to year.
Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Average Annual Total Returns - Parnassus Endeavor Fund
One Year
Five Years
Ten Years
Investor Shares 21.42% 18.91% 12.23%
Investor Shares | Return after Taxes on Distributions 20.20% 17.09% 11.10%
Investor Shares | Return after Taxes on Distributions and Sale of Fund Shares 12.60% 15.08% 9.99%
Institutional Shares 21.68% 18.99% 12.27%
S&P 500 Index (reflects no deduction for fees, expenses or taxes) 11.94% 14.63% 6.93%
Lipper Multi-Cap Core Average 10.25% 13.06% 5.94%
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Endeavor Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Endeavor Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

XML 16 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PARNASSUS FUNDS
Prospectus Date rr_ProspectusDate May 01, 2017
Parnassus Endeavor Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Parnassus Endeavor Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Parnassus Endeavor Fund has the overall investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Endeavor Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Parnassus Endeavor Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34.1% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.10%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock For additional information about the Parnassus Endeavor Fund’s expenses, please see “Financial Highlights” in the prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Parnassus Endeavor Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Parnassus Endeavor Fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in companies believed by the Fund’s investment adviser (Adviser) to provide good workplaces for their employees. Companies with good workplaces usually are able to recruit and retain better employees, and perform at a higher level than competitors in terms of innovation, productivity, customer loyalty and profitability. While no company is perfect, the Adviser makes a judgment as to which companies have good workplaces based on factors such as respectful and fair treatment of employees, employee satisfaction and engagement, pay and benefits, family-friendly policies, and support for volunteerism and philanthropy. These companies must, in the Adviser’s opinion, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. The Parnassus Endeavor Fund is primarily a large-cap fund, which means that it normally invests more than half of its net assets in large, well-established companies. The Fund may invest to a lesser extent in small- and mid-capitalization companies. The Fund may purchase foreign securities directly on foreign markets. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and to a lesser extent may also invest in foreign securities of similar companies. The Fund avoids investing in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels; the Fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risk, and investing in the Parnassus Endeavor Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow contain information that allows you to evaluate the Parnassus Endeavor Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow contain information that allows you to evaluate the Parnassus Endeavor Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 999-3505
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.parnassus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the ten-year period shown in the bar chart, the highest return for a quarter was 26.7% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 24.4% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock On the following page is a table comparing the performance of the Parnassus Endeavor Fund’s two share classes with that of the S&P 500 Index and the Lipper Multi-Cap Core Average. Figures are average annual returns for the one-, five- and ten- year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the S&P 500 Index, and a group of similar mutual funds, the Lipper Multi-Cap Core Average, and also how the Fund’s performance varies from year to year.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Endeavor Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Endeavor Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
Parnassus Endeavor Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.69%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.20%
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.08%
Other Expenses rr_OtherExpensesOverAssets 0.28%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.97%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.02%
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.95% [1]
1 Year rr_ExpenseExampleYear01 $ 97
3 Years rr_ExpenseExampleYear03 307
5 Years rr_ExpenseExampleYear05 534
10 Years rr_ExpenseExampleYear10 $ 1,188
2007 rr_AnnualReturn2007 5.64%
2008 rr_AnnualReturn2008 (29.94%)
2009 rr_AnnualReturn2009 62.13%
2010 rr_AnnualReturn2010 12.96%
2011 rr_AnnualReturn2011 (1.62%)
2012 rr_AnnualReturn2012 22.03%
2013 rr_AnnualReturn2013 31.15%
2014 rr_AnnualReturn2014 18.51%
2015 rr_AnnualReturn2015 3.25%
2016 rr_AnnualReturn2016 21.42%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 26.70%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (24.40%)
One Year rr_AverageAnnualReturnYear01 21.42%
Five Years rr_AverageAnnualReturnYear05 18.91%
Ten Years rr_AverageAnnualReturnYear10 12.23%
Parnassus Endeavor Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.69%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.05%
Other Expenses rr_OtherExpensesOverAssets 0.05%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.74%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.74% [1]
1 Year rr_ExpenseExampleYear01 $ 76
3 Years rr_ExpenseExampleYear03 237
5 Years rr_ExpenseExampleYear05 411
10 Years rr_ExpenseExampleYear10 $ 918
One Year rr_AverageAnnualReturnYear01 21.68%
Five Years rr_AverageAnnualReturnYear05 18.99%
Ten Years rr_AverageAnnualReturnYear10 12.27%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2015
Parnassus Endeavor Fund | Return after Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 20.20%
Five Years rr_AverageAnnualReturnYear05 17.09%
Ten Years rr_AverageAnnualReturnYear10 11.10%
Parnassus Endeavor Fund | Return after Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 12.60%
Five Years rr_AverageAnnualReturnYear05 15.08%
Ten Years rr_AverageAnnualReturnYear10 9.99%
Parnassus Endeavor Fund | S&P 500 Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 11.94%
Five Years rr_AverageAnnualReturnYear05 14.63%
Ten Years rr_AverageAnnualReturnYear10 6.93%
Parnassus Endeavor Fund | Lipper Multi-Cap Core Average  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 10.25%
Five Years rr_AverageAnnualReturnYear05 13.06%
Ten Years rr_AverageAnnualReturnYear10 5.94%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.95% of net assets for the Parnassus Endeavor Fund—Investor Shares and to 0.83% of net assets for the Parnassus Endeavor Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
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Parnassus Mid Cap Fund
Parnassus Mid Cap Fund
Investment Objective
The Parnassus Mid Cap Fund has the overall investment objective of capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Mid Cap Fund.
Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Annual Fund Operating Expenses - Parnassus Mid Cap Fund
Investor Shares
Institutional Shares
Management Fees 0.74% 0.74%
Distribution (12b-1) Fees none none
Other Expenses 0.27% 0.06%
Service Fees 0.19% none
All remaining other expenses 0.08% 0.06%
Total Annual Fund Operating Expenses 1.01% 0.80%
Expense Reimbursement 0.02% none
Total Annual Fund Operating Expenses After Expense Reimbursement [1] 0.99% 0.80%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.99% of net assets for the Parnassus Mid Cap Fund—Investor Shares and to 0.85% of net assets for the Parnassus Mid Cap Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
For additional information about the Parnassus Mid Cap Fund’s expenses, please see “Financial Highlights” in the prospectus.
Example
This example is intended to help you compare the cost of investing in the Parnassus Mid Cap Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example - Parnassus Mid Cap Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 101 320 556 1,235
Institutional Shares 82 255 444 989
Portfolio Turnover
The Parnassus Mid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18.8% of the average value of its portfolio.
Principal Investment Strategies
The Parnassus Mid Cap Fund normally invests at least 80% of its net assets in mid-sized companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap Index (which was between $2.9 billion and $24.5 billion as of May 27, 2016) measured at the time of purchase. The Russell Midcap Index includes approximately 800 of the smallest companies in the Russell 1000 Index. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside the ranges of the Russell Midcap Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and may invest up to 20% of its assets in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. Using a value-oriented investment process, the Fund seeks to invest in equity securities that have the potential for long-term capital appreciation. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Principal Risks
All investments involve risk, and investing in the Parnassus Mid Cap Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Small- and Mid-Capitalization Company Risk. The Fund invests primarily in mid-capitalization companies and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, smaller capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Performance Information
The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Annual Total Returns
Bar Chart
During the ten-year period shown in the bar chart, the highest return for a quarter was 18.3% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 22.0% (quarter ended December 31, 2008).
On the following page is a table comparing the performance of the Parnassus Mid Cap Fund’s two share classes with that of the Russell Midcap Index and the Lipper Mid-Cap Core Average. Figures are average annual returns for one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the Russell Midcap Index, and a group of similar mutual funds, the Lipper Mid-Cap Core Average, and also how the Fund’s performance varies from year to year.
Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Average Annual Total Returns - Parnassus Mid Cap Fund
One Year
Five Years
Ten Years
Investor Shares 16.07% 14.25% 8.87%
Investor Shares | Return after Taxes on Distributions 15.20% 13.34% 8.15%
Investor Shares | Return after Taxes on Distributions and Sale of Fund Shares 9.60% 11.37% 7.17%
Institutional Shares 16.28% 14.34% 8.91%
Russell Midcap Index (reflects no deduction for fees, expenses or taxes) 13.80% 14.72% 7.86%
Lipper Mid-Cap Core Average 15.46% 13.40% 6.98%
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Mid Cap Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Mid Cap Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
XML 19 R19.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PARNASSUS FUNDS
Prospectus Date rr_ProspectusDate May 01, 2017
Parnassus Mid Cap Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Parnassus Mid Cap Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Parnassus Mid Cap Fund has the overall investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Mid Cap Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Parnassus Mid Cap Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18.8% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 18.80%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock For additional information about the Parnassus Mid Cap Fund’s expenses, please see “Financial Highlights” in the prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Parnassus Mid Cap Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Parnassus Mid Cap Fund normally invests at least 80% of its net assets in mid-sized companies. The Fund considers a mid-sized company to be one that has a market capitalization between that of the smallest and largest constituents of the Russell Midcap Index (which was between $2.9 billion and $24.5 billion as of May 27, 2016) measured at the time of purchase. The Russell Midcap Index includes approximately 800 of the smallest companies in the Russell 1000 Index. The Fund will not automatically sell or cease to purchase stock of a company it already owns just because the company’s market capitalization grows or falls outside the ranges of the Russell Midcap Index, which are subject to change. The Fund may normally invest up to 20% of its net assets in smaller- and larger-capitalization companies. The Fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, and may invest up to 20% of its assets in foreign securities of similar companies. The Fund may purchase foreign securities directly on foreign markets. Using a value-oriented investment process, the Fund seeks to invest in equity securities that have the potential for long-term capital appreciation. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risk, and investing in the Parnassus Mid Cap Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in the U.S. and abroad. The Fund’s holdings can vary significantly from broad stock market indices.
  • Small- and Mid-Capitalization Company Risk. The Fund invests primarily in mid-capitalization companies and may also invest in small-capitalization companies, both of which can be particularly sensitive to changing economic conditions since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, smaller capitalization companies tend to perform poorly during times of economic stress.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
  • Foreign Securities Risk. The Fund may invest up to 20% of its assets in foreign securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and the performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow contain information that allows you to evaluate the Parnassus Mid Cap Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 999-3505
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.parnassus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the ten-year period shown in the bar chart, the highest return for a quarter was 18.3% (quarter ended June 30, 2009), and the lowest return for a quarter was a loss of 22.0% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock On the following page is a table comparing the performance of the Parnassus Mid Cap Fund’s two share classes with that of the Russell Midcap Index and the Lipper Mid-Cap Core Average. Figures are average annual returns for one-, five- and ten-year periods ended December 31, 2016. The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the Russell Midcap Index, and a group of similar mutual funds, the Lipper Mid-Cap Core Average, and also how the Fund’s performance varies from year to year.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Mid Cap Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Mid Cap Fund—Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
Parnassus Mid Cap Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.19%
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.08%
Other Expenses rr_OtherExpensesOverAssets 0.27%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.01%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.02%
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.99% [1]
1 Year rr_ExpenseExampleYear01 $ 101
3 Years rr_ExpenseExampleYear03 320
5 Years rr_ExpenseExampleYear05 556
10 Years rr_ExpenseExampleYear10 $ 1,235
2007 rr_AnnualReturn2007 1.81%
2008 rr_AnnualReturn2008 (29.38%)
2009 rr_AnnualReturn2009 36.26%
2010 rr_AnnualReturn2010 18.70%
2011 rr_AnnualReturn2011 3.33%
2012 rr_AnnualReturn2012 18.58%
2013 rr_AnnualReturn2013 28.27%
2014 rr_AnnualReturn2014 11.24%
2015 rr_AnnualReturn2015 (0.87%)
2016 rr_AnnualReturn2016 16.07%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.00%)
One Year rr_AverageAnnualReturnYear01 16.07%
Five Years rr_AverageAnnualReturnYear05 14.25%
Ten Years rr_AverageAnnualReturnYear10 8.87%
Parnassus Mid Cap Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.74%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All remaining other expenses rr_Component2OtherExpensesOverAssets 0.06%
Other Expenses rr_OtherExpensesOverAssets 0.06%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.80%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets none
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.80% [1]
1 Year rr_ExpenseExampleYear01 $ 82
3 Years rr_ExpenseExampleYear03 255
5 Years rr_ExpenseExampleYear05 444
10 Years rr_ExpenseExampleYear10 $ 989
One Year rr_AverageAnnualReturnYear01 16.28%
Five Years rr_AverageAnnualReturnYear05 14.34%
Ten Years rr_AverageAnnualReturnYear10 8.91%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2015
Parnassus Mid Cap Fund | Return after Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 15.20%
Five Years rr_AverageAnnualReturnYear05 13.34%
Ten Years rr_AverageAnnualReturnYear10 8.15%
Parnassus Mid Cap Fund | Return after Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 9.60%
Five Years rr_AverageAnnualReturnYear05 11.37%
Ten Years rr_AverageAnnualReturnYear10 7.17%
Parnassus Mid Cap Fund | Russell Midcap Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.80%
Five Years rr_AverageAnnualReturnYear05 14.72%
Ten Years rr_AverageAnnualReturnYear10 7.86%
Parnassus Mid Cap Fund | Lipper Mid-Cap Core Average  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 15.46%
Five Years rr_AverageAnnualReturnYear05 13.40%
Ten Years rr_AverageAnnualReturnYear10 6.98%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.99% of net assets for the Parnassus Mid Cap Fund—Investor Shares and to 0.85% of net assets for the Parnassus Mid Cap Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
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Parnassus Asia Fund
Parnassus Asia Fund
Investment Objective
The Parnassus Asia Fund has the overall investment objective of capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Asia Fund.
Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Annual Fund Operating Expenses - Parnassus Asia Fund
Investor Shares
Institutional Shares
Management Fees 1.10% 1.10%
Distribution (12b-1) Fees none none
Other Expenses 2.03% none
Service Fees 0.14% none
All remaining other expenses 1.89% none
Total Annual Fund Operating Expenses 3.13% 1.10%
Expense Reimbursement 1.88% 0.14%
Total Annual Fund Operating Expenses After Expense Reimbursement [1] 1.25% 0.96%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 1.25% of net assets for the Parnassus Asia Fund—Investor Shares and to 1.22% of net assets for the Parnassus Asia Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
For additional information about the Parnassus Asia Fund’s expenses, please see “Financial Highlights” in the prospectus.
Example
This example is intended to help you compare the cost of investing in the Parnassus Asia Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Expense Example - Parnassus Asia Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 127 789 1,476 3,308
Institutional Shares 98 336 593 1,328
Portfolio Turnover
The Parnassus Asia Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46.0% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Parnassus Asia Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Asian companies. Asian companies are companies domiciled or headquartered in Asia, companies that have a substantial amount of business in Asia, or companies whose primary trading markets for their securities are located in Asia. Sometimes these companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”). The Fund invests in common stocks and other equity securities, including ADRs and ADSs. The Fund may purchase securities directly on foreign markets. Asia consists of all countries and markets in Asia, and includes developed, emerging, and frontier countries and markets in the Asian region. Many Asian markets are considered to be emerging markets. The Parnassus Asia Fund is a “multi-cap” fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies with market capitalizations below $1 billion. The Fund invests principally in stocks of Asian companies that the Fund’s investment adviser (Adviser) believes are financially sound and have good prospects for the future. The companies in which the Fund invests must, in the opinion of the Adviser, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s competitive position and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Principal Risks
All investments involve risk, and investing in the Parnassus Asia Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in Asia and other parts of the world. The Fund’s holdings can vary significantly from broad stock market indices.
  • Foreign Securities Risk. The Fund invests primarily in non-U.S. securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
  • Emerging Markets Risk. Many Asian countries are considered to be emerging markets. There may be less publicly available information about companies in emerging markets, and the stock exchanges and brokerage industries of emerging markets do not have the same level of government oversight as do those in the U.S. The securities markets of such countries are substantially smaller, less liquid and more volatile than securities markets in the U.S.
  • Geographic Concentration Risk. The Fund’s investments are concentrated in a specific geographical region and thus, may be more adversely affected by events in that region than investments of a fund that does not have such a regional focus. For example, economic, political and social instability and foreign investment and exchange controls may disproportionately and adversely impact Asia.
  • Foreign Currency Risk. When the Fund conducts securities transactions in a foreign currency, there is the risk of the value of the foreign currency increasing or decreasing against the value of the U.S. dollar. The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. This is a “multi-cap” fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions, since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
Performance Information
The bar chart and table that follow contain information that allows you to evaluate the Parnassus Asia Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Annual Total Returns
Bar Chart
During the period shown in the bar chart, the highest return for a quarter was 15.1% (quarter ended September 30, 2016), and the lowest return for a quarter was a loss of 18.1% (quarter ended September 30, 2015).
On the following page is a table comparing the performance of the Parnassus Asia Fund’s two share classes with that of the MSCI AC Asia Pacific Index and the Lipper Asia Pacific Region Average. Figures are average annual returns for the one-year period ended December 31, 2016 and since inception (Investor Shares incepted on April 30, 2013 and Institutional Shares incepted on April 30, 2015). The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the MSCI AC Asia Pacific Index, and a group of similar mutual funds, the Lipper Asia Pacific Region Average, and also how the Fund’s performance varies from year to year.
Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Average Annual Total Returns - Parnassus Asia Fund
One Year
Since Inception
Investor Shares 13.98% 3.44%
Investor Shares | Return after Taxes on Distributions 13.93% 3.36%
Investor Shares | Return after Taxes on Distributions and Sale of Fund Shares 7.89% 2.64%
Institutional Shares 14.21% 3.58%
MSCI AC Asia Pacific Index (reflects no deduction for fees, expenses or taxes) 5.21% 1.37%
Lipper Asia Pacific Region Average 4.28% 0.26%
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Asia Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Asia Fund—Investor Shares, which were incepted on April 30, 2013, and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
XML 22 R25.htm IDEA: XBRL DOCUMENT v3.7.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PARNASSUS FUNDS
Prospectus Date rr_ProspectusDate May 01, 2017
Parnassus Asia Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Parnassus Asia Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Parnassus Asia Fund has the overall investment objective of capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Parnassus Asia Fund.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (%)
(expenses that you pay each year as a percentage
of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination May 1, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Parnassus Asia Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46.0% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 46.00%
Expense Footnotes [Text Block] rr_ExpenseFootnotesTextBlock For additional information about the Parnassus Asia Fund’s expenses, please see “Financial Highlights” in the prospectus.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Parnassus Asia Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the net annual fund operating expenses for the first year and the total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, under these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal market conditions, the Parnassus Asia Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Asian companies. Asian companies are companies domiciled or headquartered in Asia, companies that have a substantial amount of business in Asia, or companies whose primary trading markets for their securities are located in Asia. Sometimes these companies are traded in the U.S. on a national securities exchange, or through American Depositary Receipts (“ADRs”) or American Depositary Shares (“ADSs”). The Fund invests in common stocks and other equity securities, including ADRs and ADSs. The Fund may purchase securities directly on foreign markets. Asia consists of all countries and markets in Asia, and includes developed, emerging, and frontier countries and markets in the Asian region. Many Asian markets are considered to be emerging markets. The Parnassus Asia Fund is a “multi-cap” fund in that it can invest in companies of any size, from larger, well-established companies to smaller companies with market capitalizations below $1 billion. The Fund invests principally in stocks of Asian companies that the Fund’s investment adviser (Adviser) believes are financially sound and have good prospects for the future. The companies in which the Fund invests must, in the opinion of the Adviser, be undervalued, but they must also have good prospects for long-term capital appreciation over the course of the expected holding period. To determine a company’s prospects, the Adviser reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s competitive position and management team. Upon initial investment, a company’s stock must be trading below its intrinsic value, which means that the Adviser seeks to purchase stock trading at a discount to the Adviser’s assessment of the company’s estimated value. The Adviser also takes environmental, social and governance (“ESG”) factors into account in making investment decisions. The Fund will sell a security if the Adviser believes a company’s fundamentals will deteriorate, if it believes a company’s stock has little potential for appreciation or if the company no longer meets the Adviser’s ESG criteria.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock All investments involve risk, and investing in the Parnassus Asia Fund is no exception. You could lose money investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. The Fund is intended for investors who can accept that there will be fluctuations in value. Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s principal risks include the following:
  • Stock Market Risk. The Fund invests in common stocks, whose prices fluctuate in response to the fortunes of individual companies and in response to general market and economic conditions both in Asia and other parts of the world. The Fund’s holdings can vary significantly from broad stock market indices.
  • Foreign Securities Risk. The Fund invests primarily in non-U.S. securities. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market or economic developments and can perform differently from the U.S. market.
  • Emerging Markets Risk. Many Asian countries are considered to be emerging markets. There may be less publicly available information about companies in emerging markets, and the stock exchanges and brokerage industries of emerging markets do not have the same level of government oversight as do those in the U.S. The securities markets of such countries are substantially smaller, less liquid and more volatile than securities markets in the U.S.
  • Geographic Concentration Risk. The Fund’s investments are concentrated in a specific geographical region and thus, may be more adversely affected by events in that region than investments of a fund that does not have such a regional focus. For example, economic, political and social instability and foreign investment and exchange controls may disproportionately and adversely impact Asia.
  • Foreign Currency Risk. When the Fund conducts securities transactions in a foreign currency, there is the risk of the value of the foreign currency increasing or decreasing against the value of the U.S. dollar. The value of an investment denominated in a foreign currency will decline in dollar terms if that currency weakens against the dollar.
  • Large-Capitalization Company Risk. Large-capitalization companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.
  • Small- and Mid-Capitalization Company Risk. This is a “multi-cap” fund. In addition to large-capitalization companies, the Fund may invest in small- and/or mid-capitalization companies, which can be particularly sensitive to changing economic conditions, since they do not have the financial resources or the well-established businesses of large-capitalization companies. Relative to the stocks of large-capitalization companies, the stocks of small- and mid-capitalization companies are often thinly traded, and purchases and sales may result in higher transaction costs. Also, small-capitalization companies tend to perform poorly during times of economic stress.
  • Depositary Receipts Risk. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts or to pass through to them any voting rights with respect to the deposited securities.
  • Management Risk. The Adviser may be wrong in its assessment of a company’s value and/or the stocks the Fund holds may not reach what the Adviser believes are their full values. From time to time, “value” investing falls out of favor with investors, and during those periods the Fund’s relative performance may suffer.
Risk Lose Money [Text] rr_RiskLoseMoney You could lose money investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution Investments in the Fund are not deposits, endorsements or guarantees of any bank and are not insured by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table that follow contain information that allows you to evaluate the Parnassus Asia Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance. The bar chart shows the performance of the Fund’s Investor Shares, and performance of the Fund’s Institutional Shares will differ from those shown to the extent that the classes of shares do not have the same expenses or inception date. How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future. Updated performance information is available on the Fund’s website, www.parnassus.com, or by calling toll-free at (800) 999-3505.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table that follow contain information that allows you to evaluate the Parnassus Asia Fund’s performance using several measures, such as yearly changes in performance, best and worst quarterly returns, and average annual total returns before and after taxes compared to a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) 999-3505
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.parnassus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture How the Fund performed in the past (before and after taxes) is not necessarily an indication of how it will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the period shown in the bar chart, the highest return for a quarter was 15.1% (quarter ended September 30, 2016), and the lowest return for a quarter was a loss of 18.1% (quarter ended September 30, 2015).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns (%)
(all periods ended December 31, 2016)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock On the following page is a table comparing the performance of the Parnassus Asia Fund’s two share classes with that of the MSCI AC Asia Pacific Index and the Lipper Asia Pacific Region Average. Figures are average annual returns for the one-year period ended December 31, 2016 and since inception (Investor Shares incepted on April 30, 2013 and Institutional Shares incepted on April 30, 2015). The table is intended to demonstrate the risk of investing in the Fund by showing how the Fund’s average annual total returns, before and after taxes, compare with a broad measure of market performance, the MSCI AC Asia Pacific Index, and a group of similar mutual funds, the Lipper Asia Pacific Region Average, and also how the Fund’s performance varies from year to year.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of Fund shares. After-tax returns are shown for Investor Shares only. After-tax returns for Institutional Shares will vary.

Parnassus Asia Fund—Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Asia Fund—Investor Shares, which were incepted on April 30, 2013, and includes expenses that are not applicable to and are higher than those of the Institutional Shares.
Parnassus Asia Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets 0.14%
All remaining other expenses rr_Component2OtherExpensesOverAssets 1.89%
Other Expenses rr_OtherExpensesOverAssets 2.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.13%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 1.88%
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.25% [1]
1 Year rr_ExpenseExampleYear01 $ 127
3 Years rr_ExpenseExampleYear03 789
5 Years rr_ExpenseExampleYear05 1,476
10 Years rr_ExpenseExampleYear10 $ 3,308
2014 rr_AnnualReturn2014 7.84%
2015 rr_AnnualReturn2015 (11.84%)
2016 rr_AnnualReturn2016 13.98%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2016
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.10%)
One Year rr_AverageAnnualReturnYear01 13.98%
Since Inception rr_AverageAnnualReturnSinceInception 3.44%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2013
Parnassus Asia Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.10%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Service Fees rr_Component1OtherExpensesOverAssets none
All remaining other expenses rr_Component2OtherExpensesOverAssets none
Other Expenses rr_OtherExpensesOverAssets none
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.10%
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets 0.14%
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.96% [1]
1 Year rr_ExpenseExampleYear01 $ 98
3 Years rr_ExpenseExampleYear03 336
5 Years rr_ExpenseExampleYear05 593
10 Years rr_ExpenseExampleYear10 $ 1,328
One Year rr_AverageAnnualReturnYear01 14.21%
Since Inception rr_AverageAnnualReturnSinceInception 3.58%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2015
Parnassus Asia Fund | Return after Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 13.93%
Since Inception rr_AverageAnnualReturnSinceInception 3.36%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2013
Parnassus Asia Fund | Return after Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 7.89%
Since Inception rr_AverageAnnualReturnSinceInception 2.64%
Inception Date rr_AverageAnnualReturnInceptionDate Apr. 30, 2013
Parnassus Asia Fund | MSCI AC Asia Pacific Index (reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 5.21%
Since Inception rr_AverageAnnualReturnSinceInception 1.37%
Parnassus Asia Fund | Lipper Asia Pacific Region Average  
Risk/Return: rr_RiskReturnAbstract  
One Year rr_AverageAnnualReturnYear01 4.28%
Since Inception rr_AverageAnnualReturnSinceInception 0.26%
[1] The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 1.25% of net assets for the Parnassus Asia Fund—Investor Shares and to 1.22% of net assets for the Parnassus Asia Fund—Institutional Shares. This agreement will not be terminated prior to May 1, 2018, and may be continued indefinitely by the investment adviser on a year-to-year basis.
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Risk/Return: rr_RiskReturnAbstract  
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Prospectus Date rr_ProspectusDate May 01, 2017
Document Creation Date dei_DocumentCreationDate Apr. 28, 2017
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