Windy City Investment Holdings, L.L.C. , formerly known as Nuveen Investments (NQM, Financial), is an asset management firm. Windy City is not traded publicly; we value it using a model and public market comparables. Multiples in the company's comparable peer group declined during the quarter, and we marked down our investment in Windy City accordingly. Windy City's asset levels are nearly unchanged since the beginning of the year, as management turnover and poor performing credit-based assets hindered growth. (Michael Baron)
From Ron Baron’s Baron Funds third quarter 2013 letter.
From Ron Baron’s Baron Funds third quarter 2013 letter.
