Parnassus Mid-Cap Fund added to Schwab's Income Mutual Fund Select List™
SAN FRANCISCO, California – February 2, 2012
The Parnassus Mid-Cap Fund (PARMX) has been named to Charles Schwab's ("Schwab") Income Mutual Fund Select List™ for the first quarter of 2012. The Income Mutual Fund Select List (IMFS) is a list of no-load and no-transaction fee mutual funds that have passed rigorous screening for performance, risk, expenses, style consistency and diversification by the Charles Schwab Investment Advisory, Inc. The List exists to help investors achieve an income-producing portfolio with growth potential.
"We're thrilled that Schwab has added our fund to their Income Mutual Fund Select List, based on the strength of our risk-adjusted returns and unique investment approach. We trust that our strategy of investing in attractively valued businesses with increasingly relevant products or services, sustainable competitive advantages and quality management teams will continue to generate long-term outperformance for investors", says Matt Gershuny, lead Portfolio Manager of the Parnassus Mid-Cap Fund, speaking on behalf of the Fund's Portfolio Management Team, which also includes Lori Keith and Benjamin Allen.
The Parnassus Mid-Cap Fund invests principally in undervalued equity securities of medium-capitalization companies between $3 billion and $20 billion in market capitalization at the time of initial purchase. The Fund seeks to invest in established companies with good businesses that are still developing. The Fund also takes environmental, social and governance factors into account in making investment decisions. As of December 31, 2011, the Parnassus Mid-Cap Fund's assets totaled $61 million, allowing for substantial growth in assets.
This is not the only Parnassus Fund appearing on the Schwab IMFS List. The Parnassus Equity Income Fund (PRBLX) has been on the list since 2010.
"It is an honor to have two of the Parnassus Funds included on Schwab's Income Mutual Fund Select List," says Director of Research Benjamin Allen. "We are pleased that our long-term record of creating strong returns and our unique investment approach has been recognized by such a well known leader in the industry."
Parnassus Investments is an independent and employee-owned investment management company based in San Francisco, CA. The firm seeks to invest in good businesses that have increasingly relevant products or services, sustainable competitive advantages, quality management teams and ethical business practices. Parnassus Investments believes the most attractive opportunities for investments arise when companies with good business fundamentals become temporarily undervalued. The firm's goal is to provide value to its shareholders by generating attractive risk-adjusted returns over the long-term. The firm was founded in 1984, and currently manages five fundamental, U.S., core equity strategies across multiple market capitalizations, and one U.S., intermediate, government/credit fixed-income strategy. For more information about Parnassus Investments, visit www.parnassus.com.
More information on the Charles Schwab Income Mutual Funds List, as well as the full list of funds, can be found on the Mutual Funds Research page of the Charles Schwab website under Income Mutual Funds Select List.
The Income Mutual Fund Select List is provided for informational purposes and should not be considered as an individualized recommendation. Schwab produces the list quarterly to help investors navigate the vast number of funds available through the Schwab Income Mutual Funds List and identify funds that might be appropriate for their portfolios.
Mutual fund investing involves risk, and loss of principal is possible. Common stock prices fluctuate based on changes to a company's financial condition and on overall market and economic conditions. Small-and mid-cap companies can be particularly sensitive to changing economic conditions and have fewer financial resources than large-cap companies.
The Parnassus Funds are underwritten and distributed by Parnassus Funds Distributor, a subsidiary of Parnassus Investments and a FINRA member.
Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the fund and should carefully read the prospectus or summary prospectus, which contains this information. A prospectus or summary prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.