Shares of global industrial machinery company Colfax Corp. (CFX) fell in the fourth quarter on reports of weaker-than-expected third quarter earnings and below-consensus 2015 guidance. Shares also declined as the market rotated out of companies such as Colfax with exposure to falling oil and gas pricing, slowing international markets, and headwinds from foreign exchange exposure. We believe Colfax will use its proven business system to improve operations of acquired companies, which we believe will generate substantial shareholder value over time. (Rebecca Ellin)
From Ron Baron (Trades, Portfolio)’s Baron Focused Growth Fund Q4 2014 Quarterly Report.
