Shares of athletic apparel company Under Armour, Inc. (NYSE:UA) declined in the first quarter after the company reported fourth quarter revenues and earnings and provided 2017 guidance that missed Street expectations. Increased promotional activity in the athletic apparel space, improved competitor positioning and the bankruptcy of Sports Authority is pressuring UA’s wholesale business. We exited our remaining UA shares during the quarter. (Michael Baron)
From the Baron Opportunity Fund first quarter 2017 shareholder letter.