KLA-Tencor (NASDAQ:KLAC), a leading semiconductor equipment manufacturer, boosted the Fund’s return by 44 basis points, as the stock rose 15.8% from $91.51 to $106.00. The company reported better than expected earnings and raised guidance for the upcoming quarter, as shipments and backlog reached record levels. We believe increasing process control intensity in 3D NAND and strong growth from China will push the stock even higher.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund third quarter 2017 commentary.
