Gilead Sciences (GILD, Financial) was our best performer during the quarter, adding 36 basis points to the Fund’s return, as its stock jumped from $64.98 to $74.76 for a total return of 16.2%. The company had a very strong quarter, due to early data that suggest that their drug, Remdesivir, might be an effective therapy for COVID-19. Gilead released positive pre-clinical results; data from human trials are expected in April. Given the urgent need, the company is already working to ramp up production for a possible quick approval from the FDA. In addition, sales of their HIV medicine continues to generate strong cash flow.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) first-quarter 2020 shareholder commentary.
