Shares of FactSet Research Systems, Inc. (FDS, Financial), a leading provider of investment management tools, detracted from performance. The company reported resilient first fiscal quarter 2021 earnings results, but shares lagged during the quarter after outperforming earlier in the year. We retain conviction 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 Growth Fund fourth-quarter 2020 shareholder letter.
