Turning to our winners, Micron Technology (MU, Financial) increased the Fund's performance by 513 basis points, as its stock jumped from $53.78 to $75.18, for a total return of 39.8%. Micron manufactures memory chips used in a variety of devices, including servers, phones and computers. Despite near-term headwinds from the loss of Huawei as a large customer, Micron executed well and had a strong year. We expect an even better 2021, with recovery in segments impacted by the pandemic, such as mobile, industrial and automotive, as well as improved pricing, particularly in DRAM. Increased volume and pricing, coupled with decreasing costs, should result in another strong year for Micron.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2020 commentary.
