Applied Materials (NASDAQ:AMAT), maker of equipment used in semiconductor manufacturing, added 74 basis points to the Fund’s return, as its stock jumped 13.4% from $18.67 to $21.18. The company provided an inspiring outlook, including 14% revenue growth next quarter and further strength in the second half of the year. Applied Materials also commented on its long-term optimism for the display business, as the industry is accelerating investments in new manufacturing technology, which should lead to more orders for the company’s equipment.
From the Parnassus Fund first quarter 2016 shareholder letter.
