Financial Engines, Inc. (FNGN, Financial), the nation's largest defined contribution managed account provider, declined 27% in the quarter after they reported lower than expected earnings. The stock had been a huge winner in 2013 and gave up some of its gains. We expect the company to continue to grow by continuing to penetrate existing accounts, adding new plans or "assets under contract" and selling new services, such as income plus and social security advice. We consider the company to be very unique and well-positioned for significant growth and believe it deserves to trade at a high multiple.
From Baron Funds' first quarter 2014 commentary.
