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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 Jones Lang LaSalle Incorporated (NYSE:JLL) in the first quarter 2023 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company. On June 27, 2023, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $152.01 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was 6.73%, and its shares lost 14.05% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $7.261 billion.
Baron Real Estate Fund made the following comment about Jones Lang LaSalle Incorporated (NYSE:JLL) in its first quarter 2023 investor letter:
"Jones Lang LaSalle Incorporated (NYSE:JLL) is one of the leading commercial real estate services firms in the world with scale, product breadth, and leadership positions across its diversified real estate business segments. Its P/E multiple is less than 9 times 2024 earnings versus its long-term average P/E multiple of 14 times.