Disappointing Earnings Results Dragged Marriott Vacations Worldwide Corporation (VAC) 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 Marriott Vacations Worldwide Corporation (NYSE:VAC) in the fourth quarter 2023 investor letter. Headquartered in Orlando, Florida, Marriott Vacations Worldwide Corporation (NYSE:VAC) is a vacation company. On January 22, 2024, Marriott Vacations Worldwide Corporation (NYSE:VAC) stock closed at $83.21 per share. One-month return of Marriott Vacations Worldwide Corporation (NYSE:VAC) was -5.13%, and its shares lost 46.51% of their value over the last 52 weeks. Marriott Vacations Worldwide Corporation (NYSE:VAC) has a market capitalization of $2.955 billion.

Baron Real Estate Fund stated the following regarding Marriott Vacations Worldwide Corporation (NYSE:VAC) in its fourth quarter 2023 investor letter:

“The shares of Marriott Vacations Worldwide Corporation (NYSE:VAC), a leading timeshare company with more than 120 resorts, remained under pressure in the most recent quarter following disappointing earnings results. We exited the Fund’s small position in the company and reallocated the capital to other travel-related real estate-related companies that we believe offer superior near-term business prospects.”

The iconic entrance of a Marriott hotel, framed by an impressive lobby.

Marriott Vacations Worldwide Corporation (NYSE:VAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Marriott Vacations Worldwide Corporation (NYSE:VAC) at the end of third quarter which was 26 in the previous quarter.

We discussed Marriott Vacations Worldwide Corporation (NYSE:VAC) in another article and shared TimesSquare Capital’s views on the company in the previous quarter. 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.