During the September quarter, we initiated a position in Frank's International (FI, Financial). The company is a leading provider of the high end tubular services to the oil & gas industry. Founded in 1938, the company has been run by three generations of the Mosing family. We were particularly impressed by its current CEO, Keith Mosing who has been with the company for over 40 years and has been the architect of its successful geographic expansion. We were also impressed by Frank's substantial margins and premium returns on invested capital, which we took as affirmation of the company's competitive advantages and the size of its moat.
From Ron Baron's Baron Funds third quarter 2013 commentary.
From Ron Baron's Baron Funds third quarter 2013 commentary.
