Shares of Naspers Limited (NPN), a South African internet and media platform company, fell 15% during the quarter largely due to the weakness of Tencent Holdings, a company in which Naspers has a large ownership stake. Additionally, the company’s pay TV business was impacted by the devaluation of the South African Rand. We believe that shares will recover as Tencent grows and Naspers takes steps to provide visibility into its internet investments.
From Baron Funds' Fifth Avenue Growth Fund fourth quarter 2016 commentary.
