Shares of real estate information and marketing services provider CoStar Group, Inc. (CSGP, Financial) contributed to performance as net new sales reaccelerated more quickly than investor forecasts. Demand for CoStar's digital marketplace businesses has grown as traditionally offline activities have increasingly shifted online during the pandemic. This growth was partially offset by slower trends in CoStar's CRE data licensing businesses. The company has over $3.6 billion of cash on its balance sheet, which we expect to be used for market-expanding acquisitions.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund third-quarter 2020 shareholder letter.
