What Makes CubeSmart (CUBE) a Bullish Investment?

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 CubeSmart (NYSE:CUBE) in the fourth quarter 2022 investor letter. CubeSmart (NYSE:CUBE) is a real estate investment trust that offers affordable, easily accessible, and secure storage spaces. On March 13, 2023, CubeSmart (NYSE:CUBE) stock closed at $46.53 per share. One-month return of CubeSmart (NYSE:CUBE) was 2.60%, and its shares lost 5.31% of their value over the last 52 weeks. CubeSmart (NYSE:CUBE) has a market capitalization of $10.518 billion.

Baron Real Estate Income Fund made the following comment about CubeSmart (NYSE:CUBE) in its Q4 2022 investor letter:

“Following a sharp correction in the share price of CubeSmart (NYSE:CUBE) in 2022, we initiated a position. The company is the third largest self-storage REIT. CubeSmart owns and operates a high-quality portfolio of approximately 1,274 self-storage properties. With its well-located real estate portfolio and conservative balance sheet, we believe the company is well positioned to generate solid cash-flow growth and strong performance returns in the next few years.”

CubeSmart (NYSE:CUBE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held CubeSmart (NYSE:CUBE) at the end of the fourth quarter which was 24 in the previous quarter.

We discussed CubeSmart (NYSE:CUBE) in another article and shared the list of high-yielding dividend achievers. 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.