Hanesbrands (HBI, Financial), a leading manufacturer of undergarments and athletic apparel, contributed 131 basis points to the Fund’s return, as its stock rose from $12.53 to $14.85 for a 23.0% total return. Stronger-than-expected performances in the company’s Champion brand and international businesses led management to raise its revenue guidance for fiscal year 2019. The company also used its cash flows to pay down debt to improve its capital structure.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2019 commentary.
