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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 Las Vegas Sands Corp. (NYSE:LVS) in the first quarter 2023 investor letter. Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE:LVS) owns and operates resorts in Macao and Singapore. On June 27, 2023, Las Vegas Sands Corp. (NYSE:LVS) stock closed at $58.53 per share. One-month return of Las Vegas Sands Corp. (NYSE:LVS) was 6.17%, and its shares gained 74.14% of their value over the last 52 weeks. Las Vegas Sands Corp. (NYSE:LVS) has a market capitalization of $44.733 billion.
Baron Real Estate Fund made the following comment about Las Vegas Sands Corp. (NYSE:LVS) in its first quarter 2023 investor letter:
"In the first quarter of 2023, we re-acquired shares in Macau-centric casino gaming companies Wynn Resorts, Limited and Las Vegas Sands Corp. (NYSE:LVS) with the following considerations in mind: