Parnassus Endeavor Fund (PARWX) Goes Fossil Free
San Francisco, California – April 28, 2014
Effective May 1, 2014, the Parnassus Workplace Fund (Ticker: PARWX) will no longer invest in companies engaged in the extraction, exploration, production, manufacturing or refining of fossil fuels. In addition, the Fund will be renamed the Parnassus Endeavor Fund.
Over the past few years, university endowments and large investors have been encouraged by students and alumni to divest from investments in fossil-fuel-based companies as part of an effort to halt climate change. Investors and prospective clients have also suggested that Parnassus Investments build a fund to address this concern. Since its inception in 2005, the strategy has only invested in a few fossil-fuel-based companies, and therefore the firm believes that the divestment will not affect the Fund’s performance.
We believe the name “Endeavor” captures the spirit of the Fund’s expanded mandate. The Parnassus Endeavor Fund strives to be a leader in environmental, social and governance issues, and fossil fuel divestment is the next step in meeting that objective.
The Fund has done well over the years by investing in innovative companies that provide great workplaces for their employees. Parnassus Investments believes it has proven its contention that companies that treat their employees well will do well as businesses, so the firm is not changing its investment strategy.
The Fund will continue to be managed by Jerome L. Dodson.
Past performance is not a guarantee of future results. Mutual fund investing involves risk, and loss of principal is possible.
The Funds’ share prices may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the asset levels of individual companies and in response to general U.S. and international market and economic conditions. In addition to large-cap companies, these Funds may invest in small- and/or mid-cap companies, which can be more volatile than large-cap firms. Security holdings in the fund can vary significantly from broad market indexes.
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.
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