We are participating in the secular shift to digital commerce through other investments as well. Our holding AO Worldplc (LSE:AO.) is the U.K.’s leading online retailer of major domestic appliances (e.g., refrigerators, ovens, and dishwashers). We think AO derives its competitive advantage from a unique supply chain and customized software. We believe the company can be several times larger over the next several years given its expansion into new product categories and into continental Europe.
Baron Funds Spring Newsletter: Investing in the International Equity Markets.
