Shopify Inc. (SHOP, Financial) is the third largest cloud-based software provider offering an operating system for multi-channel commerce in the U.S. The company has over one million merchants that have processed over $60 billion in sales during the last year. Shares of Shopify outperformed during the period held in the quarter due to the company’s position in e-commerce, a more resilient segment to COVID-19-related challenges. We believe Shopify has created a platform enabling it to disproportionally benefit from the growth in e-commerce penetration as it further expands its market share over time.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund first-quarter 2020 shareholder commentary.
