Micron Technology (MU, Financial) cut 172 basis points from the the Fund’s return, as its stock fell 21.8% from $53.78 to $42.06. The company makes dynamic random-access memory chips (DRAM) and other types of memory chips used in personal computers, smartphones and data servers. While Micron had pretty good quarterly results, the stock dropped, because of concerns that the coronavirus will disrupt both its supply chain and consumer demand. We believe the disruption will be temporary, and Micron should survive the global pandemic because of its strong balance sheet and the strong demand for the quality memory chips it supplies.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) first-quarter 2020 shareholder commentary.
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