Fund Facts  

Inception Date: Sep 1, 1992
CUSIP: 701769200
Ticker Symbol: PRFIX
Morningstar Category:Intermediate-Term Bond
As of Dec 31, 2018
Fund Net Assets ($millions) $216

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income consistent with safety and preservation of capital.

Principal Investment Strategies  

The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in a diversified portfolio of bonds and other fixed income instruments. Fixed income instruments may include, but are not limited to, U.S. Treasuries and Agency debt, debt of government-related entities, corporate bonds, commercial and residential mortgage-backed securities, convertible bonds and asset-backed securities. The fund invests mainly in domestic securities, and to a lesser extent may also invest in U.S. dollar denominated foreign securities.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Dec 31, 2018
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
Parnassus Fixed-Incomea0.67%-1.12%-1.12%1.45%1.91%2.98%4.79%
Bloomberg Barclays U.S. Agg Bond Indexa,b1.64%0.01%0.01%2.06%2.52%3.48%N/A
Morningstar Intermediate-Term Bonda,c0.86%-0.50%-0.50%2.15%2.27%4.31%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Fund Expensesa,d
Gross Expenses0.82%
Net Expenses0.68%

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2018 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg Barclays U.S. Aggregate Bond Index consists of investment-grade U.S. fixed income securities.

c. The Morningstar category represents the average return for a category of funds with similar investment objectives and strategies. The average is calculated and funds are assigned to a category by Morningstar.

d. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Dec 27, 2018Dec 27, 2018$0.030000000
Nov 30, 2018Nov 30, 2018$0.033500000
Oct 31, 2018Oct 31, 2018$0.041700000
Sep 28, 2018Sep 28, 2018$0.058300000
Aug 31, 2018Aug 31, 2018$0.032000000
Jul 31, 2018Jul 31, 2018$0.035500000
Jun 29, 2018Jun 29, 2018$0.040500000
May 31, 2018May 31, 2018$0.036000000
Apr 30, 2018Apr 30, 2018$0.039400000
Mar 29, 2018Mar 29, 2018$0.027400000
Feb 28, 2018Feb 28, 2018$0.030600000
Jan 31, 2018Jan 31, 2018$0.027100000
Dec 27, 2017Dec 27, 2017$0.042600000
Nov 30, 2017Nov 30, 2017$0.035500000
Oct 31, 2017Oct 31, 2017$0.022300000
Sep 29, 2017Sep 29, 2017$0.035900000
Aug 31, 2017Aug 31, 2017$0.033200000
Jul 31, 2017Jul 31, 2017$0.026900000
 

Morningstar Information

Morningstar RatingTM   As of Dec 31, 2018
Period Stars Category Size
Overall 2 Stars876
3-Year 2 Stars876
5-Year 2 Stars767
10-Year 2 Stars560

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Dec 31, 2018
Fixed Income Stylebox
Medium Moderate
Allocation of Assets As of Nov 30, 2018
Type of Asset Percent
Equity0%
Fixed Income95%
Cash/Other5%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of Nov 30, 2018
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond87.7%
Foreign Bond3.6%
Preferred3.5%
Convertible0.0%
Cash5.2%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of Nov 30, 2018
SectorPercent
Corporate68.3%
Government17.4%
Securitized9.2%
Cash & Equivalents5.2%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Nov 30, 2018
Quality LevelPercent
AAA31.5%
AA9.3%
A23.8%
BBB26.5%
BB8.2%
B0.7%
Below B0.0%
Not Rated0.0%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of Nov 30, 2018
Holding NamePercent
Sempra Energy 6% PRF CONVERT 15/01/2021 USD 1002.3%
MasterCard Incorporated 3.38%2.0%
APTIV PLC 4.25%2.0%
Microsoft Corporation 2.4%1.9%
Federal Home Loan Mortgage Corporation 3.5%1.9%
International Bank for Reconstruction and Development 3.12%1.8%
V.F. Corporation 3.5%1.8%
United States Treasury Notes 2.88%1.8%
Autodesk Inc 4.38%1.8%
Pentair Finance SA 3.15%1.8%
 

Statistics

Duration and Maturity As of Nov 30, 2018
StatisticValue
Average Effective Duration4.35 years
Average Effective Maturity9.08 years
Portfolio Statistics As of Dec 31, 2018
Statistic3-Year5-Year
Beta0.850.85
Alpha-0.46-0.34
Standard Deviation2.492.42
 
 

Footnotes

1.

Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2018 Morningstar, Inc.™ All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.