Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in the quarter and generated a gain of 8.28% (Institutional Shares). The Fund beat both the MSCI US REIT Index (the REIT Index), which declined 0.62% and the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which rose 6.59%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Real Estate Fund featured stocks like Caesars Entertainment, Inc. (NASDAQ:CZR) in the first quarter 2024 investor letter. Headquartered in Reno, Nevada, Caesars Entertainment, Inc. (NASDAQ:CZR) is a gaming and hospitality company. On April 24, 2024, Caesars Entertainment, Inc. (NASDAQ:CZR) stock closed at $38.48 per share. One-month return of Caesars Entertainment, Inc. (NASDAQ:CZR) was -14.40%, and its shares lost 13.75% of their value over the last 52 weeks. Caesars Entertainment, Inc. (NASDAQ:CZR) has a market capitalization of $8.126 billion.
Baron Real Estate Fund stated the following regarding Caesars Entertainment, Inc. (NASDAQ:CZR) in its first quarter 2024 investor letter:
“The shares of Caesars Entertainment, Inc. (NASDAQ:CZR), the largest casino-entertainment company in the U.S. and one of the world’s most diversified casino-entertainment providers, declined 7.0% in the first quarter in part due to expectations that first quarter results may be negatively impacted by bad weather. The move higher in interest rates also negatively impacted certain highly leveraged companies such as Caesars.
We are big fans of CEO Tom Reeg and remain optimistic about the long-term prospects for the company for the following reasons: 1. We are optimistic about the long-term prospects for Las Vegas, which represents approximately 50% of Caesars’ cash flow (with 50% of its cash flow generated from regional destination markets). We believe that Las Vegas has structurally changed and has a year-round business and event calendar that has effectively eliminated off-peak months or lulls in business activity…” (Click here to read the full text)
A general view of a luxury resort casino, surrounded by a beautiful landscape and illuminated at night.
Caesars Entertainment, Inc. (NASDAQ:CZR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Caesars Entertainment, Inc. (NASDAQ:CZR) was held by 65 hedge fund portfolios, compared to 56 in the previous quarter, according to our database.
We previously discussed Caesars Entertainment, Inc. (NASDAQ:CZR) in another article, where we shared the list of ridiculously cheap stocks to buy now and hold for the long term. In addition, please check out our hedge fund investor letters Q1 2024 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.