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Baron Funds, an investment management company, released its “Baron Real Estate Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the first half of 2023, the fund rose 15.00% (Institutional Shares) compared to a 4.78% return for the MSCI US REIT Index (the “REIT Index”) and a 12.11% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The fund rose 7.41%, modestly outperforming the indexes in the second quarter, which returned 2.34% and 7.04%, respectively, in the same period. 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 second 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 and residential property markets. On July 25, 2023, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $91.80 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was 2.09%, and its shares gained 51.24% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $37.504 billion.
Baron Real Estate Fund made the following comment about CoStar Group, Inc. (NASDAQ:CSGP) in its second quarter 2023 investor letter:
Shares of CoStar Group, Inc. (NASDAQ:CSGP) increased 29.3% in the second quarter of 2023. We believe the shares performed well due to growing optimism about the prospects for the company’s planned expansion into the residential market and improved sentiment for certain technology-centric companies such as CoStar.