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Here’s Why Baron Asset Fund Likes Equinix (EQIX) Stock

Baron Asset Fund recently published its first-quarter commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Baron Asset Fund returned -16.63% (institutional shares). In comparison, the benchmark S&P 500 Index was down 19.60%, while the Russell Midcap Growth Index was down 20.04%.

In the said letter, Baron Asset Fund highlighted a few stocks and Equinix Inc (NASDAQ:EQIX) is one of them. Year-to-date, EQIX stock gained 17.8% and on May 4th it had a closing price of $675.97. Its market cap is of $59.06 billion. Here is what Baron Asset Fund said:

“Equinix, Inc. is a real estate investment trust that operates network-dense, carrier-neutral colocation data centers. The stock contributed to performance after reporting robust quarterly metrics related to new customer bookings. Like SBA, Equinix’s business, which somewhat tracks the overall growth in internet usage, should be relatively unimpacted by near-term economic disruption. We retain conviction in our investment because of the ongoing growth of internet traffic, cloud adoption, and IT outsourcing; and Equinix’s relatively unique position as one of the few operators offering customers a connected global data center platform.”

In Q4 2019, the number of bullish hedge fund positions on EQIX stock increased by about 8% from the previous quarter (see the chart here).

Disclosure: None. This article is originally published at Insider Monkey.

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