Cummins (CMI, Financial), a leading maker of diesel engines, added 179 basis points to the Fund’s performance. Its stock rose from $134 to $179, for a total return of 38.1%. Although total orders for Class 8 trucks fell during the year, the company’s profits grew due to an increase in off-highway sales and lower warranty charges. We believe Cummins has the financial strength to invest through the cycle by continuing to launch new products and services that help improve fuel economy and lower diesel engine emissions.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2019 commentary.
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