Credit card–issuer American Express (AXP, Financial) boosted the Fund’s return by 110 basis points, as the stock rose from $95.32 to $124.49 for a total return of 32.5%. The shares moved higher throughout the year, as the company delivered industry-leading revenue growth of 8% while maintaining its strong balance sheet.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2019 commentary.
