U.S. Markets closed

Baron Asset Fund Comments on The Priceline Group

- By Holly LaFon

The Priceline Group, Inc. (PCLN) is a Consumer Discretionary company that operates online platforms connecting retailers in the travel space - hoteliers, airlines, rental cars, and restaurants - with consumers. Priceline is the global leader among online travel agencies, operating in more than 200 countries through six primary brands: Booking.com, priceline.com, agoda.com, KAYAK, Rentalcars.com, and OpenTable. The stock has increased more than nine-fold since our initial investment. We think Priceline has a continued long runway for growth, especially in emerging markets, where industry penetration levels are still much lower than in developed countries.

From Baron Asset Fund first quarter 2017 shareholder letter.

This article first appeared on GuruFocus.