LendingTree, Inc. (TREE, Financial) operates an online marketplace that connects consumers with financial institutions to compare insurance, mortgages, credit cards, personal loans, and other financial products. Shares detracted from performance in the quarter due to headwinds from the COVID-19 pandemic and related macroeconomic pressure. Management expects a significant revenue decline in the near term due to lower demand from both lenders and consumers and less available capital for lending. We exited the position.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund second-quarter 2020 shareholder letter.
