The Fund’s investments in real estate and resort businesses, growing enterprises that also represent a long-term hedge against inflation, achieved modest returns in the period. We attribute this principally to recent increases in interest rates, which we think will not have a material impact on their long-term prospects. Hyatt Hotels Corp. (NYSE:H) has continued to achieve favorable and above industry average revenue per available room gains. This is in part due to its reliance upon business meetings, not transient guests.
From Ron Baron (Trades, Portfolio)'s third-quarter Baron Partners Fund shareholder letter.
