Thoughts on Parnassus Investmnets and ESG funds?
Couldn't find much about them on WSO, but I've heard good things? Can anyone add their takes on the firm, its prestige, and general opinions on ESG funds?
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General opinion on ESG funds: They are only going to keep doing well, because with today's world being very conscious of impact and socially responsible investing; I don't think that is going to change any time soon. This being the case, I think ESG funds are a good place to be in.
Here's MSCI's opinion on ESG: https://www.msci.com/documents/10199/5b8d92f4-5427-5c8b-e57c-86b7b14665…
I know somebody that works there on the research side. They generally have good things to say about the culture and firm. ESG funds are one of the very few areas of actively-managed funds that are growing and Parnassus was an early mover (+ continues to be considered a leader), so I would think their outlook is good. Their AuM growth has been phenomenal, they're one of the very few firms I can think of with growing AuM and positive net flows.
The only downside the person mentioned is the founder (Jerome) controls basically everything and seems reticient to delegate or listen to others. He also seems pretty conservative in terms of introducing new products. Finally, he owns almost all of the equity in the firm, so the economics weren't being shared widely. That may have changed more recently and I think given Jerome's age this will have to change sooner rather than later, but if you're looking at a mid-senior role it's something to consider.
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