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Jerome Dodson's Parnassus Funds Comments on Belmond

- By Holly LaFon

Moving on to happier subjects, luxury hotelier Belmond ( NYSE:BEL ) was the Fund's biggest winner, contributing 172 basis points to the Fund's return, as its stock generated an amazing total return of 104.3%. The shares soared when the company announced it was selling itself for $25 per share to Paris-based luxury goods conglomerate LVMH. We've owned Belmond since 2013, and we remained confident that the stock price would eventually rise to reflect the value of the company's iconic hotels. We're happy that our patience was rewarded.




From Jerome Dodson (Trades, Portfolio)'s Parnass Funds' fourth-quarter 2018 shareholder letter.
This article first appeared on GuruFocus.