Industrial gas supplier Praxair (NYSE:PX) added 45 basis points to the Fund’s return, as the stock jumped 11.8% from $118.60 to $132.55. During the quarter, Praxair announced a merger of equals with Linde, a German competitor. The merger will create the world’s largest industrial gas supplier, combining Praxair’s leading position in the Americas with Linde’s strong presence in Europe and Asia. The combination of Praxair’s operational excellence and Linde’s engineering and technology leadership should accelerate earnings growth.
From Jerome Dodson (Trades, Portfolio)'s second quarter 2017 Parnassus Fund commentary.
