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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 MGM Resorts International (NYSE:MGM) in the first quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) owns and operates casino, hotel, and entertainment resorts. On June 27, 2023, MGM Resorts International (NYSE:MGM) stock closed at $42.44 per share. One-month return of MGM Resorts International (NYSE:MGM) was 8.02%, and its shares gained 45.49% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $15.44 billion.
Baron Real Estate Fund made the following comment about MGM Resorts International (NYSE:MGM) in its first quarter 2023 investor letter:
"MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM.
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MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of first quarter 2023 which was 48 in the previous quarter.