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 American Homes 4 Rent (NYSE:AMH) in the fourth quarter 2022 investor letter. American Homes 4 Rent (NYSE:AMH) is a real estate investment trust that acquires, owns, and operates single-family home rental properties. On March 13, 2023, American Homes 4 Rent (NYSE:AMH) stock closed at $29.96 per share. One-month return of American Homes 4 Rent (NYSE:AMH) was -13.12%, and its shares lost 22.51% of their value over the last 52 weeks. American Homes 4 Rent (NYSE:AMH) has a market capitalization of $12.378 billion.
Baron Real Estate Income Fund made the following comment about American Homes 4 Rent (NYSE:AMH) in its Q4 2022 investor letter:
“We significantly reduced our position in American Homes 4 Rent (NYSE:AMH) during the quarter due to a higher-than-expected expense outlook pressuring cash-flow growth, elevated financing costs impacting external acquisitions and broader macroeconomic uncertainty. We re-allocated capital given the cloudy outlook around job losses and real income growth potentially impacting the current and prospective resident pool and/or the company’s ability to grow rents in the future. Notwithstanding, we remain positive on the long-term demographic trends supporting demand for single-family rental, visible external growth through AMH’s self-funded development pipeline and diversified market exposure.”
Photo by Breno Assis on Unsplash
American Homes 4 Rent (NYSE:AMH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held American Homes 4 Rent (NYSE:AMH) at the end of the fourth quarter which was 24 in the previous quarter.
We discussed American Homes 4 Rent (NYSE:AMH) in another article and shared the list of stock picks of Michael Bilger’s 59 North Capital. In addition, please check out our hedge fund investor letters Q4 2022 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.
