Shares of SS&C Technologies Holdings, Inc. (NASDAQ:SSNC), a vendor of various financial technologies, detracted from performance. We attribute the decline to concerns that lackluster hedge fund performance will impact SS&C’s growth. We believe a low single-digit percentage of the company’s revenue is directly correlated to equity markets, far less than investors fear. We believe the company will continue to generate attractive revenue growth through market share gains, cross-sales of its expanded services portfolio into the installed customer base of Advent (a company it recently acquired), and new product introductions.
Baron Asset Fund second quarter shareholder letter.
