Semiconductor giant Intel (NASDAQ:INTC) added 41 basis point to the Fund’s return, as its stock jumped 12.8% from $46.16 to $52.08. The stock dropped in January due to concerns over a chip security flaw, but bounced back after management reassured investors that the financial impact was immaterial, and revealed updated chip designs to address the security and performance concerns. The stock continued to move higher after Intel reported stellar earnings, as the company achieved its most profitable quarter ever due to broad-based demand for its high-performance products.
From Jerome Dodson (Trades, Portfolio)'s first-quarter 2018 Parnassus Fund shareholder letter.
