Guidewire Software, Inc. (GWRE) shares declined as investors rotated from growth into value stocks and from small cap into larger cap stocks. The impact was particularly acute in stocks that had been strong recent performers, such as Guidewire, as investors abandoned winners in search of recent underperformers. Guidewire is the gold standard of property & casualty core system vendors, as evidenced by near-perfect retention rates, growing installed base, and accelerating adoption of its complete product suite. We maintain conviction in the stock. (Neal Rosenberg)
From Ron Baron (Trades, Portfolio)’s Baron Funds Second Quarter 2014 Report.
