KLA-Tencor (NASDAQ:KLAC), a semiconductor equipment manufacturer, contributed 48 basis points to the Fund’s return, as its stock surged 20.8% from $78.68 to $95.07. KLA’s quarterly shipments, revenue and earnings all exceeded management’s guidance range, and bookings reached an all-time high. Continued investments in DRAMs and 3D NAND are driving demand for the company’s wafer inspection tools and measurement solutions.
Jerome Dodson (Trades, Portfolio)'s first quarter 2017 Parnassus Funds commentary.
