Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 7.07% (Institutional Shares) compared to a 2.39% return for the MSCI US REIT Index (the “REIT Index”) and a 4.73% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The firm is optimistic about the prospects for the stock market, public real estate securities, and the fund. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Real Estate Fund highlighted stocks like Blackstone Inc. (NYSE:BX) in the first quarter 2023 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm specializing in Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. On June 26, 2023, Blackstone Inc. (NYSE:BX) stock closed at $88.78 per share. One-month return of Blackstone Inc. (NYSE:BX) was 2.75%, and its shares lost 6.39% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $106.675 billion.
Baron Real Estate Fund made the following comment about Blackstone Inc. (NYSE:BX) in its first quarter 2023 investor letter:
“Blackstone Inc. (NYSE:BX) is the world’s largest alternative asset manager with $1 trillion in assets under management and the largest real estate manager in the world. Blackstone has a premier brand, a global franchise, loyal customers, an exceptional balance sheet, and an excellent management team.
It is currently valued at a modest premium to the S&P 500 Index multiple despite far superior long-term growth prospects. The company’s current dividend yield is 5.2%
We are optimistic about the long-term prospects for Brookfield and Blackstone because we believe both companies are likely to increase market share in a secular growth opportunity for alternative assets…” (Click here to read the full text)
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Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of first quarter 2023 which was 51 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared Artisan Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
