Former Parnassus Investment president Stephen Dodson is getting back into the mutual fund game with a newly founded investment advisory shop. Dodson is creating Bretton Capital Management. The San Franciso-based start-up will advise the Bretton Fund [see profile].

Dodson could not be immediately reached to comment on the new fund. However, he has filed an S-1 with the SEC for the fund.

Dodson most recently was president of San Francisco-based Parnassus Investments where he was the son of founder Jerome Dodson. He joined Parnassus in 2002 from the venture capital group of Advent International and was named one of the 20 "Rising Stars" of the mutual fund industry in 2008. He also served as chief compliance officer, chief operating officer and a portfolio manager while at Parnassus.

It could not be determined when he left Parnassus; Dodson's LinkedIn page lists him as a "temporary retiree."

Based upon information in the SEC filing, Bretton Fund will be a concentrated no-load fund. Dodson will invest in the "undervalued" securities of 15 to 20 companies, according to the prospectus. The filing does not mention any socially-responsible investing mandate.

Bretton will be paid an investment advisory fee of 150 basis points and the fund will carry 2 bps of additional expenses.

The new fund is being launched as a series of the PFS Funds, which are a trust created by turn-key fund servicer Premier Fund Solutions. The fund's custodian will be U.S. Bank and its distributor Rafferty Capital Markets.

The legal counsel and public accounting firm for the fund have not been named.  

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