Shares of Constellation Software, Inc. (TSX:CSU, Financial) performed well during the fourth quarter as the company announced another quarter of strong results and a promising European acquisition (TSS). The results continue to affirm Constellation's large growth potential through small add-on acquisition candidates for existing verticals. The acquisition of TSS also signals that Constellation may become a more aggressive acquirer in the larger target market, heretofore dominated by private equity. We believe that both trends will be positive for the franchise and remain optimistic about Constellation's growth potential. (Aaron Wasserman)
From Baron Funds fourth quarter 2013 shareholder letter.
