Applied Materials (NASDAQ:AMAT) increased the Fund’s return by 93 basis points, as its stock soared from $39.66 to $44.91, for a total return of 13.8%. Applied is the world’s leading supplier of manufacturing equipment, software and services for the semiconductor industry. Sales and profits came in better than feared, suggesting a stabilization in industry demand drivers such as high-performance computing, artificial intelligence and big data. Last month, Applied bought Japanese semiconductor manufacturing company Kokusai Electric to strengthen its position in the memory market in Asia. The deal’s sound strategic and financial merits also sent the stock higher.
From Jerome Dodson (Trades, Portfolio)'s second-quarter 2019 Endeavor Fund shareholder letter.
