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Parnassus - an Asia fund - huh?

AndyJ
edited May 2013 in Fund Discussions
From previous discussions, I know there are some readers/posters around here who know or are invested in PRBLX, Parnassus Equity Income, as I am. So this comes as a Huh? moment: Parnassus, with several funds but none that venture beyond the U.S. borders except in dribs and drabs, is launching an Asia fund, to be managed by Jerome Dodson**:

http://www.parnassus.com/our-firm/highlight.aspx?hl=121

Does JD really think, with no history at all in Asia, or really ex-U.S. at all, that he can compete with that, um, other San Francisco shop that specializes in Asia? And if he thinks a competitive edge might come into play through P's mild social & environmental screening, why wouldn't he start a broad ex-U.S. fund instead of a focused fund?

** JD is the dad of Stephen Dodson, the manager of the Bretton Fund, the subject of David's conference call on May 28.

Comments

  • scott
    I think given the fact that people have soured to some degree on emerging markets in recent months there are some opportunities probably, but - as you note - Parnassus really doesn't have much foreign experience at all.
  • AndyJ
    The other thing that would give me pause about investing in the new Asia fund is that JD himself is going to be the manager. He's had some success with the other funds he runs in their lineup, but the better funds in the shop are the ones he doesn't manage. He tends to make pretty concentrated bets in a growthy-risky style, so for example his PARWX and PARSX have had great moments, but over the past couple of years haven't done very well. PRBLX and PARMX, run by other folks, tend to be as good or better on returns, plus much more consistent and lower risk.
  • ketchuplover
    ancient chinese secret huh?
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