Shares of MSCI, Inc. (MSCI, Financial), a leading provider of investment decision support tools, contributed to performance. The company reported solid third quarter earnings despite the challenging COVID-19 backdrop, and management is continuing to proactively manage its cost base. MSCI's asset-based fee revenue has also positively contributed due to strong underlying market conditions and inflows. We retain long-term conviction as the company owns strong, "all weather" franchises and remains well positioned to benefit from multiple prominent tailwinds in the investment community.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund fourth-quarter 2020 shareholder letter.
