Semiconductor manufacturer Intel (INTC, Financial) was the Fund’s biggest detractor this quarter. It cut 53 basis points from the Fund’s return, as its stock sank from $64.00 to $56.14, for a total return of negative 11.8%.* The company delivered better-than-expected results overall, but showed weakness in their datacenter segment, which is a key area of scrutiny. Intel is a turnaround story that will take multiple quarters. We believe the new CEO and the assets the company has amassed over decades of innovation present significant options that should eventually benefit the stock at these levels.
From the Parnassus Endeavor Fund (Trades, Portfolio)'s second-quarter 2021 commentary.
