A news release said the Parnassus Equity Income Fund is advised by Parnassus Investments, which 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, according to the announcement.
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.More about the fund can be found at http://www.parnassus.com.