Baron Real Estate Fund (BREIX)

Portfolio Management

Jeffrey Kolitch

Fund Manager since 2009

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Fund Description

Baron Real Estate Fund invests in securities of real estate and real estate related companies of all sizes.


Fund Resources

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Jeff Kolitch on his approach to investing in real estate.

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Latest Fact Sheets

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Expanded Fact Sheet - Retail Shares

Expanded Fact Sheet - Institutional Shares 

Portfolio Commentary

Institutional Performance

Review and Outlook (for quarter ended 3/31/2014)

The Review and Outlook for period ending March 31, 2014 is not yet available

Top Contributors/Detractors to Performance

Contributors (for quarter ended 3/31/2014)
  • Shares of Brookdale Senior Living, Inc., the nation’s largest provider of senior housing and related healthcare services, rose in Q1. Fundamentals continued to improve, but the big news was the announced acquisition of senior housing provider Emeritus. We believe this deal will prove to be highly accretive, making Brookdale the clear industry leader and unlocking considerable real estate value. Longer term, we think the company will benefit from favorable demographics, deeper industry penetration, and healthcare reform.

Detractors (for quarter ended 3/31/2014)
  • The stock of RealPage, Inc., a property management software company serving the rental housing industry, fell on news of weak Q4 results. There are consistent and understandable rationalizations for the drop in revenue growth, mainly focused on ongoing problem areas involving Internet Listing Services and transactional revenue. We think RealPage is a solid company serving large end markets and generating return on investment for customers, and believe the stock is attractively valued for a business growing revenue at 15% and earnings at 20%.

Quarterly Attribution Analysis (for quarter ended 3/31/2014)

The Quarterly Attribution Analysis for period ending March 31, 2014 is not yet available

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Invest In Baron Funds Today

The prospective performance of the companies discussed herein is based on our internal analysis and reflect our opinions only. We cannot promise future returns and our opinions are a reflection of our best judgement at the time of publication. Our views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. Investing in the stock market is always risky. Current and future portfolio holdings in the Fund are subject to risk.

Source: FactSet PA.