Core Insights - Parnassus Investments reported that the S&P 500 Index increased by 8.12% in Q3 2025, driven by investor optimism regarding monetary easing, strong consumer demand, and solid corporate earnings [1] - The Parnassus Core Equity Fund (Investor Shares) returned 2.57% in Q3 2025, underperforming the S&P 500 Index, with a year-to-date return of 9.89% compared to the index's 14.83% [1] Company Highlights - W.W. Grainger, Inc. (NYSE:GWW) is highlighted as a key holding in the Parnassus Core Equity Fund, with a one-month return of 9.89% and a 52-week loss of 5.14% [2] - As of December 22, 2025, W.W. Grainger, Inc. shares closed at $1,034.87, with a market capitalization of $49.21 billion [2] - The company reported Q3 2025 sales of $4.7 billion, reflecting a 6.1% increase on a reported basis and a 5.4% increase on a daily constant currency basis [4] Investment Strategy - The Parnassus Core Equity Fund has reallocated assets by trimming IT holdings in Advanced Micro Devices and Broadcom, and investing in W.W. Grainger, Inc. due to its economies of scale, network effects, and strong customer loyalty [3] - The management team of W.W. Grainger, Inc. is noted for its proven track record of outperforming industry peers, positioning the company to benefit from trends such as digitization and nearshoring [3]