Baron Funds, an investment management company, released its “Baron Real Estate Income Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 2.10% (Institutional Shares) compared to a 4.90% return for the MSCI US REIT Index (the “REIT Index”). For 2022, the fund declined 27.47% underperforming the benchmark which declined 25.37%. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Real Estate Income Fund highlighted stocks like Equity LifeStyle Properties, Inc. (NYSE:ELS) in the fourth quarter 2022 investor letter. Headquartered in Chicago, Equity LifeStyle Properties, Inc. (NYSE:ELS) is a real estate investment trust. On March 13, 2023, Equity LifeStyle Properties, Inc. (NYSE:ELS) stock closed at $65.74 per share. One-month return of Equity LifeStyle Properties, Inc. (NYSE:ELS) was -8.31%, and its shares lost 10.80% of their value over the last 52 weeks. Equity LifeStyle Properties, Inc. (NYSE:ELS) has a market capitalization of $12.848 billion.
Baron Real Estate Income Fund made the following comment about Equity LifeStyle Properties, Inc. (NYSE:ELS) in its Q4 2022 investor letter:
“We are bullish regarding the long-term prospects for the Fund’s investments in manufactured housing REITs, Sun Communities, Inc. and Equity LifeStyle Properties, Inc. (NYSE:ELS).
Sun Communities and Equity Lifestyle Properties are part of a niche real estate category that we expect to continue to benefit from favorable demand and supply dynamics. Both companies are the beneficiaries of strong demand from budget-conscious home buyers such as retirees and millennials, and negligible new inventory due to high development barriers. Demand for affordable outdoor vacations (recreational vehicles) also remains strong.
Sun Communities and Equity Lifestyle Properties have strong long-term cash-flow growth prospects and low capital expenditure needs. If the macroeconomic environment worsens, we expect business results to be resilient due to each company’s focus on affordable housing and affordable outdoor vacations.”
Equity LifeStyle Properties, Inc. (NYSE:ELS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 15 hedge fund portfolios held Equity LifeStyle Properties, Inc. (NYSE:ELS) at the end of the fourth quarter which was 18 in the previous quarter.
We discussed Equity LifeStyle Properties, Inc. (NYSE:ELS) in another article and shared the list of best REIT stocks to buy right. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- Hedge Funds Are Fleeing These 10 Growth Stocks
- 10 Penny Stocks with Insider Buying
- Hedge Funds Are Fleeing These 10 Growth Stocks
Disclosure: None. This article is originally published at Insider Monkey.
