Shares of FactSet Research Systems, Inc. (FDS, Financial), a leading provider of investment management tools, detracted from performance this quarter. The company announced a new three-year investment plan to accelerate intermediate-term revenue growth. We view the incremental investment as warranted given FactSet’s large addressable market, and we expect to see the company enhance its leading position in analytics while accelerating traction in data feeds, wealth management, and private market data. We continue to view FactSet as a net share gainer with a remarkable track record of durable revenue and earnings growth.
From Ron Baron (Trades, Portfolio)'s Baron Growth Fund third-quarter 2019 shareholder letter.
