Shares of Korea’s leading search company NAVER Corporation (XKRX:035240, Financial) fell in the fourth quarter due to a global internet sector correction and asset rotation away from emerging markets. We believe the company’s fundamentals remain strong as the e-commerce platform continues to drive ad revenue and gross merchandise volume. We remain optimistic on NAVER’s performance in 2017. (Shu Bai)
From Baron Emerging Markets Fund fourth quarter 2016 commentary.
