Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Las Vegas Sands Corp. (NYSE:LVS) in the Q3 2022 investor letter. Based in Las Vegas, Nevada, Las Vegas Sands Corp. (NYSE:LVS) is an integrated resorts operator. On November 21, 2022, Las Vegas Sands Corp. (NYSE:LVS) stock closed at $42.37 per share. One-month return of Las Vegas Sands Corp. (NYSE:LVS) was 21.86%, and its shares gained 6.43% of their value over the last 52 weeks. Las Vegas Sands Corp. (NYSE:LVS) has a market capitalization of $32.378 billion.
Baron Funds made the following comment about Las Vegas Sands Corp. (NYSE:LVS) in its Q3 2022 investor letter:
“The shares of Las Vegas Sands Corp. (NYSE:LVS) performed well in the most recent quarter in part due to the decision by China’s central government to ease the visa policy for Macau, which should result in increased travel into Macau for the first time since the outbreak of COVID-19.
Sands is a global leader in the development and operation of luxury casino resorts in Macau and Singapore, and it maintains a liquid and investment grade balance sheet. We anticipate that management may begin to return capital to shareholders through dividends and share buybacks as Singapore and Macau recover.
The shares are valued at a significant discount to our assessment of replacement cost, and the company’s Macau operations are valued at only 7 times estimated cash flow.”
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Las Vegas Sands Corp. (NYSE:LVS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Las Vegas Sands Corp. (NYSE:LVS) at the end of the third quarter, which was 42 in the previous quarter.
We discussed Las Vegas Sands Corp. (NYSE:LVS) in another article and shared the best gambling stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.