Chinese data center operator GDS Holdings Limited (GDS, Financial) detracted from performance as a result of the overall sell-off in Chinese technology-related companies due to tightening government regulations/restrictions, increased investor fears of U.S. market delisting, higher energy costs, and slower customer move-ins. We sold our position during the quarter due to ongoing regulatory uncertainty in China.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund fourth-quarter 2021 letter.