Baron Funds, an investment management firm, released its “Baron Real Estate Income Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. In the first nine months of 2023, the Fund has increased 1.20%, outperforming the REIT Index, which declined 2.89%. As of September 30, 2023, the Fund has maintained its top 3% ranking among all real estate funds for its 5-year performance period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Baron Real Estate Income Fund mentioned Tanger Factory Outlet Centers, Inc. (NYSE:SKT) and explained its insights for the company. Founded in 1981, Tanger Factory Outlet Centers, Inc. (NYSE:SKT) is a Greensboro, North Carolina-based real estate investment trust company with a $2.4 billion market capitalization. Tanger Factory Outlet Centers, Inc. (NYSE:SKT) delivered a 31.22% return since the beginning of the year, while its 12-month returns are up by 43.80%. The stock closed at $23.54 per share on October 19, 2023.
Here is what Baron Real Estate Income Fund has to say about Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in its Q2 2023 investor letter:
“The shares of Tanger Factory Outlet Centers, Inc., a real estate owner of the second-largest outlet center portfolio in the U.S., increased modestly following strong quarterly results. We met with CEO Stephen Yalof and CFO Michael Billerman earlier this year and came away impressed. The management team continues to look for opportunities to manage the business more profitably, prioritize Tanger’s digital transformation, and expand outlet center offerings. Tanger, unlike mall REITs, focuses solely on retail outlets so it is immune from department store tenant risk. We believe the shares are attractively valued and are optimistic about the company’s long-term prospects.”
A business executive in a sharp suit shaking hands on a real estate deal. Editorial photo for a financial news article. 8k. –ar 16:9
Our calculations show that Tanger Factory Outlet Centers, Inc. (NYSE:SKT) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Tanger Factory Outlet Centers, Inc. (NYSE:SKT) was in 15 hedge fund portfolios at the end of the second quarter of 2023, compared to 17 funds in the previous quarter. Tanger Factory Outlet Centers, Inc. (NYSE:SKT) delivered a -0.88% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
