Micron Technology (NASDAQ:MU) was the Fund’s best performer for the second consecutive quarter, adding 119 basis points to the Fund’s return, as its stock soared 29.2% from $13.76 to $17.78. Micron makes semiconductor memory chips, and its stock climbed higher as prices for dynamic random access memory (also known as DRAM) continued to rise, spurred by a recovery in demand for personal computers and strong smartphone growth. Since production capacity is growing at a slower rate than demand, we think DRAM prices have further to run, so we’re holding onto the stock.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund third-quarter 2016 commentary.
