Following a 100 percent return in 2012, Equinix, Inc. (EQIX, Financial)'s shares were down in the fourth quarter and 2013. An uptick in supply and an increase in competition that pressured rents negatively impacted many data center companies in 2013. At its current price, we think concerns are largely discounted in the company's shares. We continue to believe Equinix will deliver strong growth in the next few years and will benefit from higher valuations derived from its planned conversion to a REIT, targeted for early 2015. We remain optimistic about the long-term prospects for the company
From Baron Funds fourth quarter 2013 shareholder letter.