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Jerome Dodson's Parnassus Funds Comments on Patterson Companies

- By Holly LaFon

Patterson Companies ( NASDAQ:PDCO ), a distributor of dental and animal health products, cut 93 basis points from the Fund's return, as the stock's total return for our Fund was negative 34.1%. The company experienced a sharp decline in demand for its dental consumables and equipment due to the loss of exclusivity with its largest manufacturing partner, Dentsply Sirona. Additionally, Patterson experienced disruption from internal sales-force changes and greater competition from online players such as Amazon. We sold the stock during the year after we lost confidence in management's turnaround plan.

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