We sold ExamWorks Group, Inc. (NYSE:EXAM) in the quarter after it announced that it would be acquired by a private equity firm. This was another one of the stocks that had gone down dramatically in 2015 (it was down 36% in 2015 and it was a significant holding in the Fund), which rebounded sharply in 2016 (up 32% for the year to the acquisition price). Holding the investment during this period was possible only because we had such confidence in our fundamental research.
From Baron Discovery Fund's second quarter 2016 commentary.
