Baron Funds Quarterly Letter

from gurufocus.com:

>>On Equinix

Despite receiving approval to close its Switch & Data acquisition in February, which had been weighing on the shares for months, Equinix shares ultimately traded down in the second quarter, due to weakening currencies and then concerns about a double dip recession. Equinix has some exposure to the euro and the British pound, but we believe that the impact in terms of translated financials is modest. Meanwhile, end-demand for the company’s data centers has remained robust, and the company is on track to continue to fill its available capacity, while adding new capacity as needed around the world. Management continues to be disciplined in reinvesting its excess cash flow, targeting expansions that drive attractive returns on investment, while the base business continues to be characterized by a high degree of recurring revenue. (Rich Rosenstein)