Ski resort owner and operator Vail Resorts, Inc. (MTN) is the Fund’s third largest holding, representing 5.2% of net assets. The stock has increased more than eight-fold since we first invested. Restrictions on and expenses associated with developing new ski resorts create high barriers to entry. Vail is focused on increasing season pass sales, which helps immunize it from poor snowfall seasons. It has embarked on an aggressive acquisition strategy to enhance the attractiveness of its multi-resort season passes. In the last several years, it has added Park City in Utah, Perisher in Australia, Whistler Blackcomb in Canada, and most recently, Stowe in Vermont. It has also been upgrading its properties to offer new and improved services and amenities.
From Baron Asset Fund first quarter 2017 shareholder letter.
