We call the steady growers that regularly return excess free cash to its shareholders foundational investments and represent approximately 19% of the Fund’s portfolio. Consumer products company, Church & Dwight Co., Inc. (NYSE:CHD), which the Fund originally purchased in September 2007 at a split-adjusted price of $22.91 ended the quarter at $102.89. Church & Dwight’s value oriented products continue to gain share due to innovation and improved marketing. Acquisitions supplement this growth. When acquisitions are not available at attractive prices or they do not meet high synergy, growth and margin hurdles, the company has been steadily increasing its dividend and reducing its share count.
Baron Focused Growth Fund second quarter 2016 commentary.
