Apple (AAPL, Financial) added 127 basis points to the Fund’s return, as its stock appreciated from $254.29 to $364.80 for a total return of 43.8%. The company reported results that were better than expected despite store closures and supply chain disruptions. The near-term shift to remote work environments benefitted hardware sales, while services continued to demonstrate strong growth. In response to the volatile environment, management also increased their buyback authorization. We believe Apple stock should continue to benefit as we approach the 5G smartphone upgrade cycle.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) second-quarter 2020 commentary.
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