Applied Materials (AMAT, Financial) makes semiconductor equipment. It added 445 basis points to the Fund's performance, as its stock climbed from $61.04 to $86.30, for a total return of 43.3%. Executing well despite the trade tensions with China, the company had a very strong year fueled by increased equipment demand due to new and more complex applications for semiconductor chips. We expect this growth to continue into 2021, with double-digit growth in industry equipment spend and its ongoing share gain in the DRAM memory market.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) fourth-quarter 2020 commentary.
