Is Brookfield Renewable Corp. (BEPC) Still a Good Investment Choice?
Baron Funds, an investment management firm, released its “Baron Real Estate Income Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. In the first nine months of 2023, the Fund has increased 1.20%, outperforming the REIT Index, which declined 2.89%. As of September 30, 2023, the Fund has maintained its top 3% ranking among all real estate funds for its 5-year performance period. Spare some time to check the fund’s top 5 holdings to know more about their top bets for 2023.
In its Q2 2023 investor letter, Baron Real Estate Income Fund mentioned Brookfield Renewable Corporation (NYSE:BEPC) and explained its insights for the company. Founded in 2019, Brookfield Renewable Corporation (NYSE:BEPC) is a United States-based renewable power owner, operator, and developer with a $4.1 billion market capitalization. Brookfield Renewable Corporation (NYSE:BEPC) delivered a -16.78% return since the beginning of the year, while its 12-month returns are down by -22.65%. The stock closed at $22.92 per share on October 19, 2023.
Here is what Baron Real Estate Income Fund has to say about Brookfield Renewable Corporation (NYSE:BEPC) in its Q2 2023 investor letter:
"Shares of Brookfield Renewable Corporation (NYSE:BEPC) underperformed significantly in the quarter. The approximate 100 basis point increase in risk-free rates during the quarter made yield stocks less attractive to investors. In addition, select industry headwinds such as supply-chain issues, development delays, and lower return targets weighed on the shares as well. While Brookfield Renewable has not, to date, been impaired by ongoing industry issues, we exited our position due to ongoing industry concerns and reallocated capital to higher-conviction ideas. We may revisit Brookfield Renewable as some of the clouds clear and return prospects become more evident."
Photo by Jason Blackeye on Unsplash
Our calculations show that Brookfield Renewable Corporation (NYSE:BEPC) failed to obtain a mark on our list of the 30 Most Popular Stocks Among Hedge Funds. Brookfield Renewable Corporation (NYSE:BEPC) was in 13 hedge fund portfolios at the end of the second quarter of 2023, compared to 17 funds in the previous quarter. Brookfield Renewable Corporation (NYSE:BEPC) delivered a -28.15% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.
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Disclosure: None. This article is originally published at Insider Monkey.
