From Baron Funds' first quarter letter: Polypore International, Inc. (NYSE:PPO), a leading high-tech filtration and separator materials company, declined 20% as management lowered expectations for the near term. Separation sales to the electric vehicle segment were lower as the production schedules of certain car models at large customers were slowed down. The market has extrapolated this into believing that the prospects for long-term sales to this segment will not be robust. However, we think that we are on the front end of a big opportunity for Polypore that will enable the company to double its earnings over the next three years. We believe Polypore is oversold since it now trades at a low market multiple yet has such strong growth prospects.