What Makes Sun Communities (SUI) the Best Investment Opportunity?

Third Avenue Management, an investment management company based in New York City, released its “Real Estate Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the first half of 2023, the fund returned +8.13% (after fees) versus +1.57% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Third Avenue Real Estate Value Fund highlighted stocks like Sun Communities, Inc. (NYSE:SUI) in the second quarter 2023 investor letter. Sun Communities, Inc. (NYSE:SUI) is a real estate investment trust. On July 28, 2023, Sun Communities, Inc. (NYSE:SUI) stock closed at $131.50 per share. One-month return of Sun Communities, Inc. (NYSE:SUI) was -0.30%, and its shares glost 19.13% of their value over the last 52 weeks. Sun Communities, Inc. (NYSE:SUI) has a market capitalization of $17.032 billion.

Third Avenue Real Estate Value Fund made the following comment about Sun Communities, Inc. (NYSE:SUI) in its second quarter 2023 investor letter:

“The Fund had the opportunity to initiate a position in the common stock of Sun Communities, Inc. (NYSE:SUI) during the quarter, as its recent divergence created a rare price-to-value disconnect in Fund Management’s opinion.

Founded by the Shiffman family in the mid 1970’s, Sun Communities Inc. (“Sun”) has been publicly-traded since 1993, and meaningfully expanded its platform over the past 40 years. In fact, Sun is now the largest single owner of Manufactured Housing and Recreational Vehicle communities in North America, with more than 500 properties comprised of nearly 150,000 leasable sites, and a particular focus on the Sunbelt and Midwest regions of the U.S. The company is also the largest owner of marinas in the U.S. with 135 locations and nearly 50,000 slips, as well as investments in the MH and RV space internationally, primarily through its wholly-owned subsidiary Park Holidays in the U.K. and 10% stake in separately-listed Ingenia Communities in Australia (also held in the Fund)…” (Click here to read the full text)

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Sun Communities, Inc. (NYSE:SUI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Sun Communities, Inc. (NYSE:SUI) at the end of first quarter which was 28 in the previous quarter.

We discussed Sun Communities, Inc. (NYSE:SUI) in another article and shared Baron Real Estate Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.