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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 Installed Building Products, Inc. (NYSE:IBP) in the second quarter 2023 investor letter. Based in Columbus, Ohio, Installed Building Products, Inc. (NYSE:IBP) engages in installing insulation for the residential new construction market. On July 25, 2023, Installed Building Products, Inc. (NYSE:IBP) stock closed at $147.42 per share. One-month return of Installed Building Products, Inc. (NYSE:IBP) was 8.74%, and its shares gained 59.11% of their value over the last 52 weeks. Installed Building Products, Inc. (NYSE:IBP) has a market capitalization of $4.187 billion.
Baron Real Estate Fund made the following comment about Installed Building Products, Inc. (NYSE:IBP) in its second quarter 2023 investor letter:
"In the most recent quarter, we reacquired shares in Installed Building Products, Inc. (NYSE:IBP), one of the nation’s largest insulation installers for the residential new construction market. The company is also a diversified installer of complementary building products. IBP should be a prime beneficiary of growth in new home construction as approximately 77% of IBP’s business is generated from new housing construction (67% new single-family and 10% new multi-family). We believe the company has several opportunities for growth including: