Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Vulcan Materials Company (NYSE:VMC) in the Q3 2022 investor letter. Headquartered in Birmingham, Alabama, Vulcan Materials Company (NYSE:VMC) is a construction aggregates producer and supplier. On November 21, 2022, Vulcan Materials Company (NYSE:VMC) stock closed at $178.56 per share. One-month return of Vulcan Materials Company (NYSE:VMC) was 10.03% and its shares lost 10.72% of their value over the last 52 weeks. Vulcan Materials Company (NYSE:VMC) has a market capitalization of $23.732 billion.
Baron Funds made the following comment about Vulcan Materials Company (NYSE:VMC) in its Q3 2022 investor letter:
“The shares of Vulcan Materials Company (NYSE:VMC) increased 11% in the most recent quarter in part due to strong quarterly business results and expectations for solid growth in the next few years.
Vulcan is a real estate-related company that is the largest construction aggregates producer in the U.S.
Vulcan generates approximately 90% of its gross profit from mining, processing, and transporting crushed stone, sand, and gravel (collectively, “aggregates”) from its quarries. The balance of its gross profit is derived from ready-mix concrete and asphalt. The company’s products are sold and utilized in infrastructure projects such as highways, as well as residential and non-residential construction…” (Click here to read the full text)
Copyright: lightkeeper / 123RF Stock Photo
Vulcan Materials Company (NYSE:VMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Vulcan Materials Company (NYSE:VMC) at the end of the third quarter, which was 34 in the previous quarter.
We discussed Vulcan Materials Company (NYSE:VMC) in another article and shared Carillon Tower Advisers’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.
