Parnassus Endeavor Fund management changes https://www.sec.gov/Archives/edgar/data/747546/000089706920000438/cmw237.htm497 1 cmw237.htm
Filed Pursuant to Rule 497(e) and Rule 497(k)
1933 Act File No. 002-93131
1940 Act File No. 811-04044
Parnassus Endeavor Fund
Investor Class PARWX | Institutional Class PFPWX
November 10,
2020Supplement to the Statutory Prospectus dated May 1,
2020,
As Amended and Restated Effective as of August 5,
2020and
Supplement to the Summary Prospectus dated May 1,
2020Portfolio Manager Change
Effective as of January 1, 2021, Billy J. Hwan will become the sole portfolio manager of the Parnassus Endeavor Fund. Mr. Hwan has served as a Portfolio Manager of the Parnassus Endeavor Fund since May 1, 2018, and has served as a Portfolio Manager and a Senior Research Analyst at Parnassus Investments (the investment advisor to the Fund) since 2012. Effective as of December 31,
2020, Jerome Dodson will no longer serve as a portfolio manager of the Parnassus Endeavor Fund. Mr. Dodson will continue as the Chairman of Parnassus Investments.
******
Please Read Carefully and Keep for Future Reference
Puerto Rico I know a couple of individuals who own a few PR bonds. Most but not all from these small samples are nonperforming. One went from performing to nonperforming in the past couple of years. Their prices have bounced all over the map, with some bonds holding most of their value, while one dropped to 60% or so of par, rebounded to 80%, declined back into the 60s, and now sits around 70%. (It will depend on the source of revenue backing the bonds.)
Needless to say, PR is not exercising its call options on these or other bonds. So they may be outstanding for decades.
If you like speculating on fairly volatile non-income-producing assets, you could look at these bonds. Or if you feel you have special insight into the various negotiations that seem to be forever ongoing, you could try to take advantage of that knowledge. Otherwise, this is not an asset class I would consider getting into on my own.
A fund might dabble in the bonds for capital appreciation, playing on the volatility or the politics. I think that's fine, but something best left to the professional managers.
2020-21 Capital Gains estimates
Futures jump with news on vaccine for covid (news link from CNBC) More on this from The Guardian:
Hopes are soaring that a Covid vaccine is within reach, following news that an interim analysis has shown Pfizer/BioNTech’s candidate was 90% effective in protecting people from transmission of the virus in global trials.
The vaccine performed much better than most experts had hoped for, according to the companies’ analysis, and brings into view a potential end to a pandemic that has killed more than a million people, battered economies and upended daily life worldwide.
The data is from an interim analysis and the trial continues into December but the headline results were emphatic. Regulators will be looking to process an emergency licence application at record speed.
Manufacturing is already under way. Pfizer said they expect to supply globally up to 50m vaccine doses in 2020 and up to 1.3bn doses in 2021. Countries will decide who they prioritise for vaccination.
The news comes too late to help Donald Trump’s re-election campaign in the US, but the vice-president, Mike Pence, tried to claim their administration’s Operation Warp Speed programme had helped the vaccine’s development.
Pfizer denied the suggestion:
“We were never part of the Warp Speed,” Kathrin Jansen, a senior vice-president and the head of vaccine research and development at Pfizer, said in an interview. “We have never taken any money from the US government, or from anyone.”
BioNTech, the small biotechnology company that is the originator of the vaccine, was founded by two married German scientists, Uğur Şahin and Özlem Türeci, both born to Turkish immigrant parents, and the Austrian oncologist Christopher Huber. It originally set out to develop new types of immunotherapy for cancer, but has concentrated its capacities on the race for a Covid-19 vaccine.
There are so far no safety concerns around the vaccine, with the two companies reporting no serious side-effects. The high percentage of those protected makes it especially compelling. Regulators have previously said they would approve a vaccine that has just a 50% effectiveness rate – protecting half of those who get vaccinated.
“We are reaching this critical milestone in our vaccine development programme at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
The above report was lightly edited for brevity.
Futures jump with news on vaccine for covid (news link from CNBC) Dr. Fauci said several months ago there is likely vaccine for COVID19 by end of
2020. Moderna, Pfizer, AstaZecca and several others are at Phase III testing. The more important question is the scale up (billions dosage) and distribution of them to people. Dr. Redfield said spring 2021 vaccines will likely be ready. I tend to agree with that timeframe. Remember Pfizer and Moderna vaccines require to keep frozen at least -2 C (dry ice temp) while flu vaccine is kept at refrigerator temp. Logistics on distribution will be a challenge but it can done provide the have a plan.
Watch for health care sector if the market is response to it. Otherwise it may signal that the election is done and everything is moving forward.
@davidmoran should be happy that CAPE is up 12%. IAU is down 4%. So are the bonds. Risk offnow?
Futures jump with news on vaccine for covid (news link from CNBC)
Fund Moves in 2020 I've not bought any new funds in 2020, but have had many debates with myself about holding some that I already own.
I've had Fidelity Growth Fund FDGRX in my IRA for quite a few years. It's been a solid fund which really took off earlier in 2020. I just couldn't believe the growth rate was sustainable -- it really became a momentum play -- so I took money off the table in early June. What a dummy!
It wiggled a little, but continued to go up. I did retain some shares in case I want to get back in (it's closed to new investors).
My largest position is Fidelity Select Semiconductors FSELX, also in my IRA. It can be very volatile.
Every time it hits a new peak, I consider cashing in.
Every time it plummets, I wish I had cashed in, but hold on.
It's up 44.5 % for the past 12 months (and 21.2% per year for the past 10 years, which is why it's become my largest position).
Not in 2020 but last year, I bought Acre Focus AKREX because of comments on this board. It has been a solid fund -- thanks, folks.
David
October Update Marks MFO Premium’s 5th Year Anniversary All ratings have been updated on
MFO Premium site, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, and Fund Family Scorecard. The site now includes several analysis tools, including Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Please read more
here.
this time it's not the same (or is it?) Thanks catch. For whatever reason it worked now. Must be the 2020 virus working it's thing.
Fund Moves in 2020 @little5bee: on a M* fund profile, click on “Parent” and you will find fund flow stats for the entire MF company. Under the graph on the “Quote” tab that shows growth of $10k, you’ll find a smaller graph that shows fund flows by quarter for the individual fund. In my experience, funds that have outflows often wind up with larger
capital gains distributions at year end.
Seeking Yield With Safety
A second topic that came up is yields. There is the SEC Yield and trailing twelve month yields. Some funds pay annual dividends and others pay one time dividends. Why should you care? Take GAVIX. The forward yield is 7.1%, the four year average yield is 6% ...
The fund paid no income divs in 2018 or 2019. In 2016 it paid $0.07523/share with a reinvestment price of $14.73 (0.51%), and in 2015 it paid $0.06761/share with a reinvestment price of $13.54 (0.50%). That's an average dividend yield of 0.25% over the past four years.
Even if one includes cap
gains, distributions over the past four years were:
2019: $0.90414 reinvested at $13.21 (6.84%)
2018: $0.83899 reinvested at $12.71 (6.60%)
2017: $0.49539 reinvested at $14.73 (3.36%)
2016: $0.479321 reinvested at $13.54 (3.54%)
The cap
gains in 2018 and 2019 (there were no dividend distributions) did average 6%+, but over four years I can't see how, even after adding income divs and cap
gains together, one could average 6%.
My data source is
Fidelity's distribution page for the fund. I've verified the total distribution figures at the source:
https://knowledgeleadersfunds.com/
