Shares of MSCI, Inc. (MSCI, Financial), a leading provider of investment decision support tools, detracted from performance. The stock pulled back as part of the broader market rotation that saw steady compounders, especially ones with strong 2020 performance, temporarily fall out of favor. There was no materially negative company-specific news; MSCI reported largely solid fourth quarter earnings and hosted an upbeat investor day. We retain long-term conviction as MSCI owns strong, all-weather franchises and remains well positioned to benefit from numerous tailwinds in the investment community.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund first-quarter 2021 shareholder letter.
