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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 CoStar Group, Inc. (NASDAQ:CSGP) in the first quarter 2023 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services to commercial real estate, hospitality, residential, and related professional industries. On June 27, 2023, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $89.92 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was 13.25%, and its shares gained 49.34% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $36.736 billion.
Baron Real Estate Fund made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its first quarter 2023 investor letter:
"Shares of CoStar Group, Inc. (NASDAQ:CSGP). declined 11% in the first quarter of 2023 after performing well on a relative basis last year. We attribute the stock’s decline to management announcing a dramatic increase in its investment to grow its residential business. Despite the decline, we remain optimistic about the long-term prospects for CoStar and acquired additional shares late in the first quarter.