Thomson Reuters (NYSE:TRI) provides information and data for professionals in the legal, tax, accounting and financial sectors. The stock generated a total return of 14.3% and contributed 79 basis points to the Fund’s performance. The shares declined at the beginning of the year, as investors were initially disappointed by the company’s decision to sell a 55% interest in its financial segment to Blackstone. We added to our position on the weakness, because the sale allows Thomson Reuters to focus on its higher-growth and higher-margin segments. Investors eventually came around to our perspective and the stock rebounded, then continued to move higher as revenue growth in its legal segment accelerated.
From Jerome Dodson (Trades, Portfolio)'s Parnass Funds' fourth-quarter 2018 shareholder letter.
