Xoom Corporation (XOOM, Financial), a money transfer service provider, was down 14.5% in the quarter. While the company reported solid third quarter earnings results, it issued guidance for the fourth quarter that was disappointing. Investors were also concerned that Typhoon Haiyan would impact transaction volumes in the Philippines, which is one of Xoom's highest volume markets. We believe Xoom has a large opportunity in online money transfer and ultimately can continue to take share from its bigger competitors.
From Ron Baron (Trades, Portfolio)'s Baron Funds fourth quarter 2013 letter to shareholders.
