Horizon Kinetics LLC, an investment management company, released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed certain business models that can be valuable long-term components of a portfolio. You can check the fund’s top 5 holdings to know more about its best picks for 2023.
Horizon Kinetics highlighted stocks like Gladstone Land Corporation (NASDAQ:LAND) in the first quarter 2023 investor letter. Gladstone Land Corporation (NASDAQ:LAND) is a real estate investment trust that owns and operates farmland and farm-related properties. On May 31, 2023, Gladstone Land Corporation (NASDAQ:LAND) stock closed at $15.81 per share. One-month return of Gladstone Land Corporation (NASDAQ:LAND) was 2.53%, and its shares lost 40.99% of their value over the last 52 weeks. Gladstone Land Corporation (NASDAQ:LAND) has a market capitalization of $567.876 million.
Horizon Kinetics made the following comment about Gladstone Land Corporation (NASDAQ:LAND) in its Q1 2023 investor letter:
“Speaking of the Tejon Ranch farmland, this is an intriguing asset class that one might want exposure to. At least in principle. Gladstone Land Corporation (NASDAQ:LAND) is one of two publicly traded farmland companies. It owns over 115,000 acres of farmland, across 169 farms in 15 states. Unfortunately, it suffers the REIT growth limitations.
For the positives, there’s no operational expense in leasing; the farmer is responsible for capital expenditures such as farm equipment. The property owner merely supplies the land and obtains rent. If the prices of agricultural products rise, as during an inflationary cycle, the land should become inherently more valuable. U.S. cropland values rose from $3,350 per acre in 2012 to $5,050/acre in 2022, 19 which is a 10-year appreciation rate of 4.2%, well above the CPI inflation rate. There are vas expansion possibilities via acquisition: there being about 2 million U.S. farms, aggregating almost 900 million acres…” (Click here to read the full text)
Gladstone Land Corporation (NASDAQ:LAND) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Gladstone Land Corporation (NASDAQ:LAND) at the end of first quarter 2023 which was 7 in the previous quarter.
We discussed Gladstone Land Corporation (NASDAQ:LAND) in another article and shared the list of best stocks that pay monthly dividends. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Biggest Beer Brands in America
- 16 Jobs That Will Disappear in the Future Due to AI
- 15 Best Blue Chip Stocks To Buy According to Hedge Funds
Disclosure: None. This article is originally published at Insider Monkey.
