From Baron Funds' second quarter letter:
During the quarter, we also established a position in DEN Networks Ltd. (DEN), which, like Hathway Cable and Datacom Ltd., Dish TV India Ltd. and Zee Entertainment Enterprises Ltd. (also current holdings of the Fund), stands to benefit significantly from the recent mandate for digitization of pay television in India. DEN is a cable television distribution company, with additional operations in broadband Internet access and pay television content. The recent digital mandate will end the mass under-reporting of pay television subscribers in India, while enhancing the service quality. Further, given the significant capital investment required by the cable Multiple System Operator's to comply with the mandate, we anticipate improved pricing power over time for all industry participants.