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 Equinix, Inc. (NASDAQ:EQIX) in the first quarter 2023 investor letter. Equinix, Inc. (NASDAQ:EQIX) is a digital infrastructure company. On June 26, 2023, Equinix, Inc. (NASDAQ:EQIX) stock closed at $759.94 per share. One-month return of Equinix, Inc. (NASDAQ:EQIX) was 3.46%, and its shares gained 13.58% of their value over the last 52 weeks. Equinix, Inc. (NASDAQ:EQIX) has a market capitalization of $71.072 billion.
Baron Real Estate Fund made the following comment about Equinix, Inc. (NASDAQ:EQIX) in its first quarter 2023 investor letter:
“Technology-centric wireless tower and data center REITs that we believe have prospects for strong and enduring cash-flow growth driven by rising data consumption, the buildout of 5G, the growth in cloud computing, and other secular growth demand opportunities.
Examples: American Tower Corp. and Equinix, Inc. (NASDAQ:EQIX)
Equinix, Inc. is the premier global carrier and cloud-neutral data center operator with 250 data centers in 70 metropolitan areas and 30 countries.
Equinix is currently valued at only 20.5 times 2024 estimated cash flow versus private market data center transactions that have occurred at 25 to 30 times cash flow. The shares are valued at a small premium to REITs, despite superior and more durable cash-flow growth prospects.”
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Equinix, Inc. (NASDAQ:EQIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Equinix, Inc. (NASDAQ:EQIX) at the end of first quarter 2023 which was 38 in the previous quarter.
We discussed Equinix, Inc. (NASDAQ:EQIX) in another article and shared the list of stocks receiving price-target hike from analyst. 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.
