Shares of Tallgrass Energy Partners GP, LP (TEGP, Financial), the general partner of a midstream energy master limited partnership declined 22% during the fourth quarter as the broad MLP/GP market experienced selling pressure due to lower growth forecasts and tax-loss-selling as a result of slumping oil and gas prices. Tallgrass belongs to a group of high-growth, high-multiple stocks which saw even more selling pressure. Though we think Tallgrass has the ability to grow fast for a prolonged period time, we chose to exit this investment.
From the Baron Fifth Avenue Growth Fund Fourth Quarter 2015 Letter.
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