Hanesbrands (HBI, Financial), a leading manufacturer of undergarments and athletic apparel, added 143 basis points to the Fund’s return, as its stock price jumped from $7.87 to $11.29 for a total return of 45.8%. Management noted some improving consumer demand as retail stores began to gradually reopen. The company also saw online sales accelerating through April, reaching triple-digit growth rates across several retail partners’ websites. Finally, the board of directors appointed Stephen Bratspies as CEO effective August 3. He joins Hanesbrands with over 25 years of experience, including 15 at Walmart, where he most recently served as the chief merchandising officer. His considerable experience with consumer products and knowledge of the evolving retail landscape should help the company capitalize on growth opportunities.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) second-quarter 2020 commentary.
