From Baron Funds first quarter letter: CARBO Ceramics, Inc. (CRR, Financial) is the leading supplier of ceramic proppant used in hydraulic fracturing. CARBO's share price was volatile in the quarter and has suffered since the company announced lower fourth-quarter earnings. The company warned that a rapid rotation from gas to oil drilling in the U.S. was leading to significant logistics and cost challenges. The shares partially recovered as it became clear that its challenges are related to logistics rather than end-market demand or competition. However, it will be several quarters before these concerns dissipate, at which time we believe CARBO shares will begin to perform well once again. (Jamie Stone)
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