Shares of CoStar Group, Inc. (CSGP, Financial), a real estate information and marketing services company, detracted in the quarter after strong performance earlier in the year. Business trends are outstanding, with the company’s bookings improving by approximately 14% year-over-year in its most recently reported quarter. We are optimistic about the company’s incremental investment in the multi-family marketing space. While this investment will reduce earnings in 2020, we believe it will generate attractive returns for shareholders over the intermediate and long term.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund fourth-quarter 2019 shareholder letter.
