Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in the quarter and generated a gain of 8.28% (Institutional Shares). The Fund beat both the MSCI US REIT Index (the REIT Index), which declined 0.62% and the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which rose 6.59%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Real Estate Fund featured stocks like Installed Building Products, Inc. (NYSE:IBP) in the first quarter 2024 investor letter. Based in Columbus, Ohio, Installed Building Products, Inc. (NYSE:IBP) engages in the installation of insulation, waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors, and other products. On April 24, 2024, Installed Building Products, Inc. (NYSE:IBP) stock closed at $235.25 per share. One-month return of Installed Building Products, Inc. (NYSE:IBP) was -11.44%, and its shares gained 87.88% of their value over the last 52 weeks. Installed Building Products, Inc. (NYSE:IBP) has a market capitalization of $6.498 billion.
Baron Real Estate Fund stated the following regarding Installed Building Products, Inc. (NYSE:IBP) in its first quarter 2024 investor letter:
“For example, the shares of Installed Building Products, Inc. (NYSE:IBP), one of the nation’s largest installers of insulation and complementary building products, appreciated by 45.0% during the recent quarter, in part owing to signs that industry conditions in the new single-family residential construction market continue to improve (new single-family residential construction drives approximately 60% of IBP’s revenues).
In addition, IBP is executing superbly across various strategic initiatives to drive growth from other construction end-markets (new multi-family construction, light and heavy commercial construction, remodel construction), improve pricing and profitability, and identify attractive tuck-in acquisition targets…” (Click here to read the full text)
A construction worker installing a garage door in a new residential home.
Installed Building Products, Inc. (NYSE:IBP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Installed Building Products, Inc. (NYSE:IBP) was held by 25 hedge fund portfolios, compared to 29 in the previous quarter, according to our database.
We previously discussed Installed Building Products, Inc. (NYSE:IBP) in another article, where we shared Baron Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
