Our biggest winner this quarter was Qualcomm (NASDAQ:QCOM), the leading manufacturer of mobile phone chips. It contributed 110 basis points to the Fund's return, as the stock soared from $57.03 to $76.07 for a total return of 34.6%. The stock saw its biggest one-day jump in nearly 20 years after Qualcomm reached an agreement with Apple to settle all litigation between the two companies worldwide. The years-long dispute centered around what royalties Apple should pay for the chip that powers the Apple iPhone. Ultimately, Apple paid Qualcomm for the chips it received, and further agreed to long-term license and supply agreements. Though Qualcomm's victory was later tempered by antitrust rulings in the U.S. and EU, we applaud management's commitment to R&D, and believe the stock has more upside in the years ahead.
From Jerome Dodson (Trades, Portfolio)'s second-quarter 2019 Endeavor Fund shareholder letter.
This article first appeared on GuruFocus.
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