Investment management firm Baron Funds has published its “Baron Real Estate Fund” Q4 2022 Investor Letter. A copy of the same can be downloaded here. In the fourth quarter, the fund gained 6.17% (institutional shares), compared with a return of 4.90% for the MSCI US REIT Index (“REIT Index”) and 8.71% for the MSCI US IMI Extended Real Estate Index (“REIT Index”) MSCI Real Estate Index”). In 2022, the fund is down 28.44%, compared with a 23.84% decline in the MSCI Real Estate Index and a 25.37% decline in the REIT Index. Also, check out the fund’s top five holdings for its best 2022 choose.
Stocks like Extra Space Storage Inc. (NYSE: EXR ) were highlighted in Baron Funds’ Q4 2022 investor letter. Extra Space Storage Inc. (NYSE: EXR ), headquartered in Salt Lake City, Utah, is a self-managed and self-managed real estate investment trust that provides convenient, secure storage units. Shares of Extra Space Storage Inc. (NYSE: EXR ) closed at $157.83 per share on January 31, 2023. Extra Space Storage Inc. (NYSE: EXR ) has a one-month return of 9.25% and its shares have lost 23.68% over the past 52 weeks. Extra Space Storage Inc. (NYSE: EXR ) has a market capitalization of $22.179 billion.
Baron Funds made the following comment about Extra Space Storage Inc. (NYSE: EXR ) in its Q4 2022 Investor Letter:
“After a sharp stock price correction in 2022, we acquired extra space storage co. (NYSE: EXR). The REIT has assembled the second largest self-storage portfolio in the country and has the largest portfolio of third-party managed self-storage facilities.
In our opinion, the management team at Extra Space is excellent. Over the past decade, management has delivered strong occupancy growth, rental growth, and expense containment, which has resulted in a capital cost advantage relative to peers. Since 2010, management has capitalized on its capital cost advantage by tripling the amount of owned storage. We believe the company’s long-term growth opportunities remain strong.
Extra Space Storage Inc. (NYSE:EXR ) wasn’t included in our list of the 30 most popular stocks for hedge funds. According to our database, there were 27 hedge fund portfolio holdings in Extra Space Storage Inc. (NYSE: EXR ) at the end of the third quarter, up from 27 in the previous quarter.
We discussed Extra Space Storage Inc. (NYSE: EXR ) in a separate article and shared a list of the best dividend stocks with rising rates. Also, 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 was originally published on Insider Monkey.
