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Baron Funds Comments on Fastenal
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From Baron Funds' first quarter letter: Shares of Fastenal Co. (FAST), the leading industrial supplies distributor, gained 24.5%, as demand from manufacturing and commercial construction clients continued to improve. Sales across the company's 2,500 branches have continued to show healthy comparative sales increases, even at stores more than 10 years old.This broad-based strength is indicative of a growing rebound in factory production, new initiatives such as automated vending taking hold, and market-share gains out of the 2008-2009 downturn. Fastenal's customers are increasingly relying on the company to save them costs, cut working capital and improve productivity. (Matt Weiss)
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