Apple (AAPL, Financial) added 110 basis points to the Fund's return, as the stock went from $91.20 to $115.81 for a total return of 27.2%. The company reported much better-than-expected results, demonstrating impressive execution during the pandemic. Strong iPhone sales drove better results, and this should continue as we go into the next upgrade cycle.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) third-quarter 2020 shareholder letter.
