Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 7.07% (Institutional Shares) compared to a 2.39% return for the MSCI US REIT Index (the “REIT Index”) and a 4.73% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The firm is optimistic about the prospects for the stock market, public real estate securities, and the fund. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Real Estate Fund highlighted stocks like Public Storage (NYSE:PSA) in the first quarter 2023 investor letter. Headquartered in Glendale, California, Public Storage (NYSE:PSA) is a real estate investment trust, that owns and operates self-storage facilities. On June 27, 2023, Public Storage (NYSE:PSA) stock closed at $289.50 per share. One-month return of Public Storage (NYSE:PSA) was 2.19%, and its shares lost 6.93% of their value over the last 52 weeks. Public Storage (NYSE:PSA) has a market capitalization of $51.039 billion.
Baron Real Estate Fund made the following comment about Public Storage (NYSE:PSA) in its first quarter 2023 investor letter:
“Self-Storage REITs that offer a compelling combination of scale and cost of capital advantages, low capital expenditure requirements, strong balance sheets, and monthly leases that provide an opportunity for landlords to increase rents to combat inflation. Examples: Public Storage (NYSE:PSA) and Extra Space Storage Inc.
Public Storage Incorporated is the world’s largest owner, operator, and developer of self-storage facilities. Public Storage has achieved the #1 market position in 14 of its top 15 markets and is widely recognized as the leading self-storage company with a premier brand.
It is currently valued at a 5.7% implied capitalization rate or a 20% discount to its estimated net asset value.”
Public Storage (NYSE:PSA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Public Storage (NYSE:PSA) at the end of first quarter 2023 which was 34 in the previous quarter.
We discussed Public Storage (NYSE:PSA) in another article and shared the list of biggest real estate companies in USA. In addition, please check out our hedge fund investor letters Q1 2023 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.
