Charles Schwab (NYSE:SCHW), the San Francisco–based bank and brokerage firm, jumped 24.7% from $25.31 to $31.57, adding 78 basis points to the Fund’s return. During the quarter, investors started anticipating an increase in interest rates. This matters for Schwab, because higher rates improve the company’s ability to profit from its bank assets and money market funds.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund third-quarter 2016 commentary.
