Patterson Companies (NASDAQ:PDCO), a leading animal health and dental distributor, sank 11.9% from $41.03 to $36.13, lowering the Fund’s return by 34 basis points. The company reported weak earnings due to sluggish dental sales caused by personnel issues and the loss of exclusivity with its largest dental manufacturing partner. The stock is now on the bargain table, and we’re hopeful the newly appointed CEO, Mark Walchirk, will improve Patterson’s sales execution and operating margins.
From Jerome Dodson (Trades, Portfolio)'s fourth-quarter 2017 Parnassus Fund shareholder letter.
