Baron Funds, an investment management firm, released its “Focused Growth Fund” fourth quarter 2023 investor letter, a copy of which can be downloaded here. The fund had a strong fourth quarter and increased by 9.74% (Institutional Shares) underperforming the Russell 2500 Growth Index’s (the Benchmark) 12.59% return. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
Baron Focused Growth Fund featured stocks like Red Rock Resorts, Inc. (NASDAQ:RRR) in the Q4 2023 investor letter. Headquartered in Las Vegas, Nevada, Red Rock Resorts, Inc. (NASDAQ:RRR) develops and operates casino and entertainment properties. On March 4, 2024, Red Rock Resorts, Inc. (NASDAQ:RRR) stock closed at $57.55 per share. One-month return of Red Rock Resorts, Inc. (NASDAQ:RRR) was 4.58%, and its shares gained 30.77% of their value over the last 52 weeks. Red Rock Resorts, Inc. (NASDAQ:RRR) has a market capitalization of $5.908 billion.
Baron Focused Growth Fund stated the following regarding Red Rock Resorts, Inc. (NASDAQ:RRR) in its fourth quarter 2023 investor letter:
“Shares of Red Rock Resorts, Inc. (NASDAQ:RRR), a casino operator in the Las Vegas Locals market, increased on the opening of its new Durango casino in early December. The company reported strong initial visitation and spend levels without cannibalization at its other properties. Red Rock expects the casino to generate profits from its first day of operation and projects a 20% annualized return on capital its $800 million investment by 2026. The company has 300 acres of gaming-entitled land in the Las Vegas Locals market to develop and expects to double its current EBITDA levels by the end of the decade while funding all new developments internally with cash flow. We believe its stock remains very attractively valued at current levels.”
A picturesque sunset view of the Graton Resort & Casino, with patrons gambling in the background.
Red Rock Resorts, Inc. (NASDAQ:RRR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Red Rock Resorts, Inc. (NASDAQ:RRR) was held by 15 hedge fund portfolios, down from 17 in the previous quarter, according to our database.
We discussed Red Rock Resorts, Inc. (NASDAQ:RRR) in another article and shared the list of best gambling stocks to buy. 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.
