Next was Lam Research (LRCX, Financial), a competitor to Applied, which added 518 basis points to the Fund’s return, as the stock rose from $136 to $292 for a 119.3% total return. Despite the weak market for memory chips, Lam grew its installed base of machines, suggesting that demand for equipment had bounced off the bottom. Strong demand for semiconductor equipment in China, and an expected upswing in the memory chip market helped Lam.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2019 commentary.
