Hanesbrands (HBI, Financial), a leading manufacturer of undergarments and athletic apparel, added 78 basis points to the Fund's return, as its stock rose from $11.29 to $15.75 for a total return of 40.8%. The company's key underwear category returned to strong growth trends during the quarter, with management noting that demand levels in May and June were higher than the equivalent pre-pandemic periods. The company also gained market share throughout the quarter due to larger shelf-space allocation for socks and underwear at Walmart. Finally, consumers continued to shop online, driving online sales growth of more than 70% globally, with triple-digit growth at some of the company's largest online retailers.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) third-quarter 2020 shareholder letter.
