Life sciences tools company Agilent (A, Financial) was our biggest winner. It added 17 basis points to the Fund’s return, as the stock climbed from $147.81 to $157.53, for a total return of 6.7%. The company again beat earnings and raised guidance, as the business continued to fire on all cylinders. Management is executing very well with significant market-share gains and best-in-class sales growth in wide-moat markets. Agilent specifically pointed to sustained momentum and a continued recovery in its more cyclical chemical and energy markets. Going forward, we believe the company will benefit from shifts in the portfolio toward applications such as large-molecule research for biopharmaceutical customers, as well as further margin expansion.
From the Parnassus Endeavor Fund (Trades, Portfolio)'s third-quarter 2021 letter.
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