Gartner (IT) provides syndicated information and technology research and advisory services to IT and other businesses. The low price of its research relative to value has produced retention rates running above 100%. The Gartner brand is highly regarded, and it is frequently cited in the media as a leading expert on IT trends. Its stock price has almost quadrupled since we first invested and it is currently the Fund’s second largest holding. We think Gartner still has considerable room to expand both organically and through acquisitions such as research and advisory company CEB Inc., which it acquired earlier this year. We believe its key forward-looking metrics, including easing annual comparisons, improved sales force productivity, and increasingly refined sales tactics, point toward continued robust growth.
From Baron Asset Fund first quarter 2017 shareholder letter.
