Shares of farm and construction-equipment provider John Deere (DE, Financial) jumped 11.9%, contributing 0.3% to the Fund’s return. The company reported a decent quarter despite significant cost and supply-chain headwinds. Importantly, Deere noted strong momentum in their early order program for next year’s products. We bought into Deere last quarter when the stock price sank due to supply-chain concerns and are delighted to include it in our list of winners so soon. We continue to like Deere’s near-term positioning and believe the long-term secular story remains underappreciated.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund (Trades, Portfolio) third-quarter 2022 commentary.
