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Should You Retain Jones Lang LaSalle Incorporated (JLL) Shares?

Baron Funds, an investment management company, released its “Baron Real Estate Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined 4.86% (Institutional Shares) compared to a 4.99% decline for its primary benchmark, the MSCI USA IMI Extended Real Estate Index. At the same time, the fund outperformed the MSCI US REIT Index, which fell 10.28% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds highlighted stocks like Jones Lang LaSalle Incorporated (NYSE:JLL) in the Q3 2022 investor letter. Headquartered in Chicago, Illinois, Jones Lang LaSalle Incorporated (NYSE:JLL) is a professional services company that provides services related to real estate and investment management. On November 21, 2022, Jones Lang LaSalle Incorporated (NYSE:JLL) stock closed at $157.50 per share. One-month return of Jones Lang LaSalle Incorporated (NYSE:JLL) was -3.68% and its shares lost 39.62% of their value over the last 52 weeks. Jones Lang LaSalle Incorporated (NYSE:JLL) has a market capitalization of $7.475 billion.

Baron Funds made the following comment about Jones Lang LaSalle Incorporated (NYSE:JLL) in its Q3 2022 investor letter:

"Jones Lang LaSalle Incorporated (NYSE:JLL) is one of the leading commercial real estate services firms in the world with scale, product breadth, and leadership positions across its diversified real estate business segments.

It is currently valued at only 8 times estimated 2023 earnings per share versus a long-term average of 14 times earnings per share.

CBRE and Jones Lang LaSalle have scale, product breadth, and leadership positions across their diversified real estate business segments. They continue to gain market share and are well positioned to capitalize on ample attractive acquisition opportunities in the years ahead given strong and liquid balance sheets. Though we acknowledge that growth in certain segments of their businesses has slowed and is likely to remain pressured in the months ahead due to the global economic slowdown and higher interest rates, we believe both are attractively valued and present compelling return potential in the next few years."

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Jones Lang LaSalle Incorporated (NYSE:JLL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held Jones Lang LaSalle Incorporated (NYSE:JLL) at the end of the third quarter which was 28 in the previous quarter.

We discussed Jones Lang LaSalle Incorporated (NYSE:JLL) in another article and shared Baron Funds' views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.