Shares of CoStar Group, Inc. (CSGP, Financial), a real estate information and marketing services company, detracted as a result of a broader rotation away from higher-multiple growth stocks. CoStar has seen an acceleration in demand for its digital marketplace businesses as traditionally offline activities shifted online. Modest headwinds in its data licensing businesses that hampered growth in 2020 are now abating. CoStar has moved to enter the residential real estate market, which meaningfully expands its market and should amplify growth as it launches new technological innovations.
From Ron Baron (Trades, Portfolio)'s Baron Partners Fund first-quarter 2021 shareholder commentary.
