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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 Floor & Decor Holdings, Inc. (NYSE:FND) in the Q1 2023 investor letter. Headquartered in Atlanta, Georgia, Floor & Decor Holdings, Inc. (NYSE:FND) is a retailer of hard surface flooring that provides tile, wood, laminate, vinyl, and natural stone flooring products and decorative accessories. On June 27, 2023, Floor & Decor Holdings, Inc. (NYSE:FND) stock closed at $102.50 per share. One-month return of Floor & Decor Holdings, Inc. (NYSE:FND) was 12.25%, and its shares gained 54.67% of their value over the last 52 weeks. Floor & Decor Holdings, Inc. (NYSE:FND) has a market capitalization of $10.893 billion.
Baron Real Estate Fund made the following comment about Floor & Decor Holdings, Inc. (NYSE:FND) in its first quarter 2023 investor letter:
"Following a sharp decline in its shares in 2022, Floor & Decor Holdings, Inc. (NYSE:FND)’s share price increased 40% in the first three months of 2023 due to better-than-expected fourth quarter business results and indications that 2023 growth expectations may be better than feared.