Autodesk (NASDAQ:ADSK) is the leading software provider for architects, engineers and designers, and it generated a total return of 19.1% for the quarter, increasing the Fund’s return by 62 bps, as its stock went from $131.09 to $156.11. Strong demand for its cloud-based products increased revenue and earnings, while the number of subscribers moved higher. We believe Autodesk’s earnings will continue to move higher, as it benefits from increasing adoption of its software tools in the design process. The company should see market-share gains and increased operating leverage.
From Jerome Dodson (Trades, Portfolio)'s third-quarter 2018 Endeavor Fund shareholder letter.
