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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 Wynn Resorts, Limited (NASDAQ:WYNN) in the second quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited (NASDAQ:WYNN) designs, develops, and operates destination casino resorts. On July 25, 2023, Wynn Resorts, Limited (NASDAQ:WYNN) stock closed at $108.84 per share. One-month return of Wynn Resorts, Limited (NASDAQ:WYNN) was 2.91%, and its shares gained 77.70% of their value over the last 52 weeks. Wynn Resorts, Limited (NASDAQ:WYNN) has a market capitalization of $12.386 billion.
Baron Real Estate Fund made the following comment about Wynn Resorts, Limited (NASDAQ:WYNN) in its second quarter 2023 investor letter:
"After increasing 23% during the period held in the first quarter of 2023, the shares of Wynn Resorts, Limited (NASDAQ:WYNN), an owner and operator of hotels and casino resorts, modestly declined in the most recent quarter.