NVIDIA Corporation (NVDA, Financial) added 291 basis points to the Fund’s performance, as its stock rose from $134 to $235 for a total return of 77.0%. The company started the year down over 50% from its recent highs, after the cryptocurrency bubble burst and management was forced to lower their financial targets. As the year progressed, NVIDIA exceeded earnings expectations and the company introduced new products. We believe in NVIDIA’s widening moat as demand for artificial intelligence chips continues to accelerate.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2019 commentary.
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