Parnassus Investments says it will no longer state ESG exclusions in its funds prospectus.

The announcement means the firm will stop stating that their funds exclude companies that generate significant revenues from alcohol, tobacco, weapons manufacturing, gambling or the extraction, production or refining of fossil fuels. Parnassus says their investment process will remain the same but that the change will improve its efficiency.

Benjamin Allen, CEO of Parnassus, said, “We continue our steadfast commitment to the values we’ve held since our founding. Investing in quality companies that are sustainable and can create enduring value for investors and the world around us will always be in our DNA. This enhancement to our investment process helps us make a more detailed evaluation of a company through multiple lenses of risk. Ultimately, we want to make better, more-informed decisions about which companies are best suited for our portfolios.”

END