Cummins (NYSE:CMI), a leading maker of diesel engines for trucks, added 42 basis points to the Fund’s return. Its stock rose from $157.87 to $171.34, for a total return of 9.3%. Although total orders for Class 8 trucks fell during the first half of the year, the company’s profits grew due to an increase in off-highway sales and lower warranty charges. Profits were also less impacted by President Trump’s tariffs than initially feared, since the company had diversified some of its alternator production away from China.
From Jerome Dodson (Trades, Portfolio)'s second-quarter 2019 Endeavor Fund shareholder letter.
