Specialty retailer The Gap (GPS, Financial) boosted the Fund's return by 141 basis points, as its stock rose from $12.62 to $17.03 for a total return of 34.9%. Gap sells clothes and accessories under the Old Navy, Banana Republic and Athleta brands among others. Despite the challenges faced by brick and mortar retailers during the pandemic, Gap's management took swift action to adapt the business. The company reduced the number of stores and increased liquidity while investing in online sales which nearly doubled from last year. Gap still has a lot of work to do, but investors liked the progress and snapped up shares while they were on sale.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) third-quarter 2020 shareholder letter.
