Should You Exit Sun Communities (SUI)?
Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 7.07% (Institutional Shares) compared to a 2.39% return for the MSCI US REIT Index (the “REIT Index”) and a 4.73% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). The firm is optimistic about the prospects for the stock market, public real estate securities, and the fund. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Real Estate Fund highlighted stocks like Sun Communities, Inc. (NYSE:SUI) in the first quarter 2023 investor letter. Sun Communities, Inc. (NYSE:SUI) is a real estate investment trust. On June 26, 2023, Sun Communities, Inc. (NYSE:SUI) stock closed at $127.58 per share. One-month return of Sun Communities, Inc. (NYSE:SUI) was 0.13%, and its shares lost 21.37% of their value over the last 52 weeks. Sun Communities, Inc. (NYSE:SUI) has a market capitalization of $16.524 billion.
Baron Real Estate Fund made the following comment about Sun Communities, Inc. (NYSE:SUI) in its first quarter 2023 investor letter:
"The shares of Sun Communities, Inc. (NYSE:SUI), a REIT that owns a portfolio of manufactured housing properties, recreational vehicle parks, and marinas, declined in the first quarter due to worse-than-expected 2023 growth expectations brought on by elevated costs and higher interest expense. We exited the Fund’s investment in Sun Communities and reallocated the capital to other real estate companies that we believe will generate superior shareholder performance."
Photo by Blake Wheeler on Unsplash
Sun Communities, Inc. (NYSE:SUI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Sun Communities, Inc. (NYSE:SUI) at the end of first quarter 2023 which was 28 in the previous quarter.
We discussed Sun Communities, Inc. (NYSE:SUI) in another article and Aristotle Value Equity Strategy's views on the company. In addition, please check out our hedge fund investor letters Q1 2023 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.
