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 Q3 2023 investor letter, Baron Real Estate Income Fund mentioned Equity Residential (NYSE:EQR) and explained its insights for the company. Founded in 1969, Equity Residential (NYSE:EQR) is a Chicago, Illinois-based real estate investment trust company with a $22.1 billion market capitalization. Equity Residential (NYSE:EQR) delivered a -0.86% return since the beginning of the year, while its 12-month returns are down by -8.05%. The stock closed at $58.49 per share on October 19, 2023.
Here is what Baron Real Estate Income Fund has to say about Equity Residential (NYSE:EQR) in its Q3 2023 investor letter:
“In the third quarter, we maintained our exposure to apartment REIT Equity Residential (NYSE:EQR). We believe public valuations remain discounted relative to the private market. Tenant demand remains healthy and rent growth has modestly improved since the first quarter of 2023. Rental apartments continue to benefit from the current homeownership affordability challenges. Multi-family REITs provide partial inflation protection to offset rising costs due to leases that can be reset at higher rents, in some cases, annually. We continue to closely monitor new supply deliveries and job losses in key geographic markets.”
An aerial view of a New York city skyline, showing the expansive real estate projects of the company. Editorial photo for a financial news article. 8k. –ar 16:9
Our calculations show that Equity Residential (NYSE:EQR) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Equity Residential (NYSE:EQR) was in 27 hedge fund portfolios at the end of the second quarter of 2023, compared to 25 funds in the previous quarter. Equity Residential (NYSE:EQR) delivered a -14.70% return in the past 3 months.
We also discussed Equity Residential (NYSE:EQR) in another article. 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.
