Shares of American Express (AXP, Financial) gained 14.6% in the quarter, contributing 0.35% to the Fund’s performance. American Express benefitted from a variety of economic factors in the quarter, including inflation, rising wages and improved business travel. Because American Express earns fees on transactions, it is one of the few companies that directly profits from rising inflation. Consumer spending remained strong to start the year, and business travel continued to normalize, all of which helped American Express’s current earnings and outlook.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio)'s first-quarter 2022 commentary.
