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 Caesars Entertainment, Inc. (NASDAQ:CZR) in the second quarter 2023 investor letter. Headquartered in Reno, Nevada, Caesars Entertainment, Inc. (NASDAQ:CZR) is a gaming and hospitality company. On July 25, 2023, Caesars Entertainment, Inc. (NASDAQ:CZR) stock closed at $58.10 per share. One-month return of Caesars Entertainment, Inc. (NASDAQ:CZR) was 20.36%, and its shares gained 44.17% of their value over the last 52 weeks. Caesars Entertainment, Inc. (NASDAQ:CZR) has a market capitalization of $12.503 billion.
Baron Real Estate Fund made the following comment about Caesars Entertainment, Inc. (NASDAQ:CZR) in its second quarter 2023 investor letter:
“In the most recent quarter, we reduced our investment in Caesars Entertainment, Inc. (NASDAQ:CZR), the largest casino-entertainment company in the U.S. and one of the world’s most diversified casino-entertainment providers. We chose to modestly reduce our significant exposure in travel-related real estate companies and reallocated the capital to other non-travel related real estate companies. We are big fans of CEO Tom Reeg and remain optimistic about the long-term prospects for the company.”
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Caesars Entertainment, Inc. (NASDAQ:CZR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Caesars Entertainment, Inc. (NASDAQ:CZR) at the end of first quarter which was 61 in the previous quarter.
We discussed Caesars Entertainment, Inc. (NASDAQ:CZR) in another article and shared the list of under-the-radar stocks that are on the move. In addition, please check out our hedge fund investor letters Q2 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.
