Maryland Supplemental Retirement Plans adds Parnassus Equity Income Fund
SAN FRANCISCO, California – November 8 - The Board of Trustees of the Maryland Supplemental Retirement Plans, with the assistance of Mercer Investment Consulting, Inc., recently selected the Plans’ first responsible investment offering; the Parnassus Equity Income Fund. The Maryland Supplemental Retirement Plans are a 457(b), 401(k), 403(b) and 401(a) match plan for all Maryland State employees and officials and staff at State higher education institutions. The combined assets of $2.4 billion are administered on behalf of over 60,000 current and former participant employees. The Parnassus Equity Income Fund joins the existing menu of 15 mutual funds, a stable value fund, and a series of Target Date Retirement Funds.
The Parnassus Equity Income Fund is advised by Parnassus Investments, which is an independent and employee-owned investment management company based in San Francisco, CA. The firm seeks to invest in good businesses that have sustainable competitive advantages, increasingly relevant products or services, quality management teams and ethical business practices. The firm 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 our shareholders by generating attractive risk-adjusted returns over the long-term. Parnassus Investments was founded in 1984, and currently manages five fundamental, domestic, core equity funds with a value bias across multiple market capitalizations, and one intermediate government/credit fixed-income fund. Assets under management are $4.2 billion as of September 30, 2010.
Past performance is not a guarantee of future results. Mutual fund investing involves risk, and loss of principal is possible.
Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of the funds and should carefully read the prospectus, which contains this information. A prospectus can be obtained on the website, www.parnassus.com, or by calling (800) 999-3505.
The Parnassus Funds are distributed by Parnassus Funds Distributor.