FactSet Research Systems, Inc. (FDS, Financial), a leading provider of investment management tools, contributed to performance. The company announced fiscal fourth quarter earnings in late September that included weak guidance for fiscal year 2020 and a new three year investment plan. The stock fell on this news that came at the end of the third quarter, but has since recovered nicely in the fourth quarter on limited incremental news. We retain conviction in FactSet due to the large addressable market, consistent execution on both new product development and financial results, and robust free cash flow generation.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund fourth-quarter 2019 shareholder letter.
