Baron Funds, an investment management company, released its “Baron Real Estate Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the first half of 2023, the fund rose 15.00% (Institutional Shares) compared to a 4.78% return for the MSCI US REIT Index (the “REIT Index”) and a 12.11% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The fund rose 7.41%, modestly outperforming the indexes in the second quarter, which returned 2.34% and 7.04%, respectively, in the same period. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Real Estate Fund highlighted stocks like CBRE Group, Inc. (NYSE:CBRE) in the second quarter 2023 investor letter. Headquartered in Dallas, Texas, CBRE Group, Inc. (NYSE:CBRE) is a commercial real estate service and investment company. On July 25, 2023, CBRE Group, Inc. (NYSE:CBRE) stock closed at $88.11 per share. One-month return of CBRE Group, Inc. (NYSE:CBRE) was 12.28%, and its shares gained 6.44% of their value over the last 52 weeks. CBRE Group, Inc. (NYSE:CBRE) has a market capitalization of $27.387 billion.
Baron Real Estate Fund made the following comment about CBRE Group, Inc. (NYSE:CBRE) in its second quarter 2023 investor letter:
“Our other real estate-related opportunities category includes companies that do not fit neatly in more traditional real estate categories of REITs, residential-related real estate, and travel-related real estate. They currently include: • Commercial real estate services companies Examples: CBRE Group, Inc. and Jones Lang LaSalle Incorporated.
We remain bullish on the long-term growth opportunity for the commercial real estate brokerage category because of structural and secular tailwinds that should benefit leading global companies such as CBRE Group, Inc. (NYSE:CBRE) and Jones Lang LaSalle. Tailwinds include.
The outsourcing of commercial real estate: A growing number of companies are increasingly looking to outsource their commercial real estate needs. CBRE estimates that the overall facilities management market will be $1.9 trillion by 2024, representing a massive growth opportunity for large global commercial real estate services companies…” (Click here to read the full text)
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CBRE Group, Inc. (NYSE:CBRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held CBRE Group, Inc. (NYSE:CBRE) at the end of first quarter which was 38 in the previous quarter.
We discussed CBRE Group, Inc. (NYSE:CBRE) in another article and shared the list of best commercial real estate stocks to buy according to hedge funds. 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.
