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 Prologis, Inc. (NYSE:PLD) and explained its insights for the company. Founded in 1983, Prologis, Inc. (NYSE:PLD) is a San Francisco, California-based real estate investment trust company with a $94.7 billion market capitalization. Prologis, Inc. (NYSE:PLD) delivered a -9.00% return since the beginning of the year, while its 12-month returns are up by 0.12%. The stock closed at $102.58 per share on October 19, 2023.
Here is what Baron Real Estate Income Fund has to say about Prologis, Inc. (NYSE:PLD) in its Q2 2023 investor letter:
“The shares of Prologis, Inc., the world’s largest industrial REIT, declined in the third quarter of 2023 along with most REITs. We are big fans of CEO Hamid Moghadam and Prologis’ management team, and we remain optimistic about the company’s long-term growth outlook.
Prologis owns a high-quality real estate portfolio that is concentrated in major global trade markets and large population centers across the Americas, Europe, and Asia. Prologis has an unmatched global platform, strong competitive advantages (scale, data, and technology), and attractive embedded growth prospects. The company is the only industrial REIT with an A credit rating.
We continue to believe the appreciation potential for Prologis shares remains compelling given that the company’s rents on its in-place leases are more than 65% below current market rents, thus providing a strong runway for growth in the next three to five years.”
A professional couple smiling while signing a real estate contract in a modern office building. Editorial photo for a financial news article. 8k. –ar 16:9
Our calculations show that Prologis, Inc. (NYSE:PLD) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Prologis, Inc. (NYSE:PLD) was in 50 hedge fund portfolios at the end of the second quarter of 2023, compared to 51 funds in the previous quarter. Prologis, Inc. (NYSE:PLD) delivered a -17.11% return in the past 3 months.
We also discussed Prologis, Inc. (NYSE:PLD) 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.
