Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the Q3 2022 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is a wireless communications infrastructure operator. On November 21, 2022, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $295.62 per share. One-month return of SBA Communications Corporation (NASDAQ:SBAC) was 15.21% and its shares lost 15.28% of their value over the last 52 weeks. SBA Communications Corporation (NASDAQ:SBAC) has a market capitalization of $31.917 billion.
Baron Funds made the following comment about SBA Communications Corporation (NASDAQ:SBAC) in its Q3 2022 investor letter:
“In the most recent quarter, we acquired additional shares in SBA Communications Corporation (NASDAQ:SBAC) , a U.S.-centric tower company with 35,000 total communication sites globally and 17,000 in the U.S. The company derives approximately 80% of its cash leasing revenue in the U.S. with the balance coming from international markets (mainly Brazil). We have known CEO Jeff Stoops for over 15 years and have high respect for him and the broader executive management team after carefully observing their capital allocation decisions over many years.
We believe the company is well positioned to benefit from secular growth drivers including strong mobile data growth and the adoption of fifth generation mobile network (5G), which will enable future applications (e.g., autonomous cars, augmented reality, 3D video) that are even more data intensive than the applications that exist today. We believe SBA can deliver double-digit annual cash-flow-per-share growth each of the next few years through organic growth, 5% to 10% portfolio growth (acquisition and development), and by reinvesting in its own towers via share repurchases.”
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SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the third quarter which was 36 in the previous quarter.
We discussed SBA Communications Corporation (NASDAQ:SBAC) in another article and shared the best data center stocks to invest in according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
