We have been invested in Equinix, Inc. (EQIX, Financial) for over a decade and it is truly remarkable to see how the company has created a globally differentiated and hard-to-replicate platform to serve their customers’ needs. Year to date, shares are up 23% as the company has completed its REIT transformation, reduced its cost of capital and taken advantage of those lower capital costs to try and buy a large European competitor. We believe that, if the acquisition goes through, the company should be able to generate greater value to shareholders. We continue to like the growth prospects for Equinix’s business and think that management has a clear and workable plan to keep growing at a higher pace than its peers, while improving business efficiencies and showing margin leverage.
From Baron Opportunity Fund's third quarter 2015 letter.
