FactSet Research Systems, Inc. (FDS, Financial), a leading provider of investment management tools, contributed on solid fiscal third quarter of 2020 earnings results with annual subscription value reacceleration, meaningful margin outperformance, and a guidance raise for fiscal year 2020. These results illustrate the resilient nature of the FactSet business model, as they were achieved in the midst of the COVID-19 pandemic. We remain invested 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 Focused Growth Fund second-quarter 2020 shareholder letter.
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