Baron Real Estate Fund Trimmed Prologis (PLD) to Reallocate the Capital

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 Prologis, Inc. (NYSE:PLD) in the second quarter 2023 investor letter. Prologis, Inc. (NYSE:PLD) is a logistics real estate company. On July 25, 2023, Prologis, Inc. (NYSE:PLD) stock closed at $127.10 per share. One-month return of Prologis, Inc. (NYSE:PLD) was 5.15%, and its shares lost 0.38% of their value over the last 52 weeks. Prologis, Inc. (NYSE:PLD) has a market capitalization of $117.373 billion.

Baron Real Estate Fund made the following comment about Prologis, Inc. (NYSE:PLD) in its second quarter 2023 investor letter:

“We recently modestly trimmed our large investment in Prologis, Inc. (NYSE:PLD), the world’s largest industrial REIT, and reallocated the capital to smaller positions in the Fund that we believe have compelling shareholder return prospects. We continue to believe the appreciation potential for the shares of Prologis remains compelling given that the company’s rents on its in-place leases are more than 65% below current market rents, thus providing a strong runway for growth in the next three to five years.”

Travel mania/Shutterstock.com

Prologis, Inc. (NYSE:PLD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Prologis, Inc. (NYSE:PLD) at the end of first quarter which was 55 in the previous quarter.

We discussed Prologis, Inc. (NYSE:PLD) 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.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.