Applied Materials (NASDAQ:AMAT) increased the Fund’s return by 128 basis points, as its stock soared from $32.74 to $39.66, yielding a total return of 21.8%. Applied Materials is the world’s leading supplier of manufacturing equipment, software and services for the semiconductor industry. Sales and profits came in better than expected, supported by strong industry demand drivers such as high-performance computing, artificial intelligence and big data. The long-term trajectory of the business remains positive and the stock is inexpensive, so we held on to our position.
From Jerome Dodson (Trades, Portfolio)'s Parnassus Endeavor Fund first-quarter 2019 shareholder commentary.
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