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 Toll Brothers, Inc. (NYSE:TOL) in the first quarter 2024 investor letter. Headquartered in Fort Washington, Pennsylvania, Toll Brothers, Inc. (NYSE:TOL) designs, builds, markets, and arranges finance for detached and attached homes in residential communities. On April 24, 2024, Toll Brothers, Inc. (NYSE:TOL) stock closed at $118.70 per share. One-month return of Toll Brothers, Inc. (NYSE:TOL) was -9.08%, and its shares gained 86.58% of their value over the last 52 weeks. Toll Brothers, Inc. (NYSE:TOL) has a market capitalization of $12.252 billion.
Baron Real Estate Fund stated the following regarding Toll Brothers, Inc. (NYSE:TOL) in its first quarter 2024 investor letter:
Following exceptional performance in 2023, the share prices of our investments in homebuilder companies – Toll Brothers, Inc. (NYSE:TOL), Lennar Corporation, and D.R. Horton, Inc. – continued to move higher in the first quarter of 2024, gaining 26.1%, 15.8%, and 8.5%, respectively, in part due to the continuation of strong quarterly business results and management optimism about each company’s multi-year prospects. Our recent meetings with CEOs Doug Yearley (Toll Brothers), Stuart Miller (Lennar), and Paul Romanowski (D.R. Horton), reinforced our view that each company is well positioned to generate strong long-term shareholder returns.
In March, we traveled to Pennsylvania to meet with Doug Yearley and other key members of Toll Brothers’ senior management team. Our broad-ranging discussion strengthened our view that the long-term prospects for Toll Brothers have never been brighter. Our optimism is due to several factors including:
Strong long-term growth prospects: In the next few years, we believe Toll Brothers has the ability to grow its community count of homes by approximately 10% per annum due to its multi-year supply of highly desirable land and the possibility of additional land or builder acquisitions…” (Click here to read the full text)
A team of architects meeting around a blueprint to discuss the design of a high-end apartment rental.
Toll Brothers, Inc. (NYSE:TOL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, according to our database, Toll Brothers, Inc. (NYSE:TOL) was held by 49 hedge fund portfolios, compared to 39 in the previous quarter.
We previously discussed Toll Brothers, Inc. (NYSE:TOL) in another article, where we shared the list of dirt cheap stocks to buy according to hedge funds. 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.