FedEx (FDX, Financial) added 302 basis points to the Fund's return, as its shares soared from $140.22 to $251.52 for a total return of 79.9%. The company reported a 60% increase in quarterly earnings, far exceeding investor expectations. Their domestic ground transportation division shifted into high gear during the quarter and delivered record revenues as the pandemic-induced surge in e-commerce shopping led to a sharp increase in parcel shipments. FedEx also operates the world's largest airfreight network and profits surged as its planes filled and pricing rose.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) third-quarter 2020 shareholder letter.
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