Shares of CoStar Group, Inc. (CSGP, Financial), a real estate information and marketing services company, contributed to performance. Business trends are excellent, with the company’s bookings improving by approximately 31% year-over-year in its most recently reported quarter to a record $59 million. We see a path for quarterly bookings to improve toward $70 million, driving revenue acceleration toward 20%. The company now has over $1.3 billion of cash on its balance sheet, which we expect it to use for opportunistic acquisitions, which should expand CoStar’s addressable market.
From Ron Baron (Trades, Portfolio)'s Baron Focused Growth Fund third-quarter 2019 shareholder letter.
