Benjamin Allen to Manage Parnassus Equity Income Fund
with Todd Ahlsten
SAN FRANCISCO, California - May 1, 2012
Parnassus Investments announces the promotion of Benjamin Allen to Portfolio Manager of the Parnassus Equity Income Fund (PRBLX / PRILX) effective May 1, 2012. Allen joins Todd Ahlsten, Lead Portfolio Manager of the strategy.
"In an increasingly complex world, Ben demonstrates a great ability to focus on what’s important, avoid risks and think independently. He has the right temperament, intellect and investment skills to help me manage the Fund," said Todd Ahlsten. "Given his talents and the growing size of the Parnassus Equity Income Fund, I feel the timing is right to add Ben as Portfolio Manager. I’m confident that together we can continue the strong long-term track record of the Fund." The Parnassus Equity Income Fund is the largest of the Parnassus Funds with $4.4 billion in assets under management as of March 31, 2012.
Benjamin Allen has nearly 13 years of industry experience. He joined Parnassus Investments in 2005 as a Senior Research Analyst and succeeded Todd Ahlsten as Director of Research in 2008. He also served as a portfolio manager of the Parnassus Mid-Cap Fund (PARMX) from 2008 to 2012. Prior to joining the firm, Mr. Allen worked at Morgan Stanley in New York, first as an Investment Banking Analyst and later in the firm's venture capital group. He graduated Phi Beta Kappa, magna cum laude from Georgetown University with a bachelor's degree in government, and completed the general course in philosophy at the London School of Economics. Mr. Allen received his master's degree in business administration from the University of California, Berkeley.
About Parnassus Investments
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. Assets under management have grown to $6.1 billion as of March 31, 2012.
The Parnassus Funds are distributed by Parnassus Funds Distributor, an affiliate of Parnassus Investments and a FINRA member.
Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of a fund and should carefully read the prospectus or summary prospectus, which contain this and other information. The prospectus or summary prospectus can be found at www.parnassus.com or by calling (800) 999-3505. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original principal cost and you could lose money.