Baron Real Estate Fund Sold Public Storage (PSA) in Q4

Baron Funds, an investment management company, released its “Baron Real Estate Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in 2023 and generated a gain of 25.04% (Institutional Shares). This is more than double the MSCI US REIT Index (the REIT Index), which rose 12.27% and also outperformed the MSCI USA IMI Extended Real Estate Index’s 23.09% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron Real Estate Fund featured stocks such as Public Storage (NYSE:PSA) in the fourth quarter 2023 investor letter. Headquartered in Glendale, California, Public Storage (NYSE:PSA) is a real estate investment trust, that owns and operates self-storage facilities. On January 22, 2024, Public Storage (NYSE:PSA) stock closed at $293.65 per share. One-month return of Public Storage (NYSE:PSA) was -2.73%, and its shares lost 0.05% of their value over the last 52 weeks. Public Storage (NYSE:PSA) has a market capitalization of $51.777 billion.

Baron Real Estate Fund stated the following regarding Public Storage (NYSE:PSA) in its fourth quarter 2023 investor letter:

“In the most recently reported quarter, business results for Public Storage (NYSE:PSA), a REIT that is the world’s largest owner, operator, and developer of self-storage facilities, were mildly disappointing as occupancy trends and rents moderated as a result of less housing-related movement and a more price-sensitive consumer. We decided to sell our position because we believe near-term rent and overall cash-flow growth may remain subdued. We are likely to revisit Public Storage in the future.”

Aerial view of a thriving self-storage facility, showcasing the company’s expertise in acquisition and development.

Public Storage (NYSE:PSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Public Storage (NYSE:PSA) at the end of third quarter which was 27 in the previous quarter.

We discussed Public Storage (NYSE:PSA) in another article and shared the list of high growth high margin stocks to buy. In addition, please check out our hedge fund investor letters Q4 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.