Should You Sell Trex Company (TREX) Now?
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 Trex Company, Inc. (NYSE:TREX) in the first quarter 2023 investor letter. Headquartered in Winchester, Virginia, Trex Company, Inc. (NYSE:TREX) is a decking, railing, and outdoor living products and accessories manufacturer. On June 27, 2023, Trex Company, Inc. (NYSE:TREX) stock closed at $63.78 per share. One-month return of Trex Company, Inc. (NYSE:TREX) was 24.21%, and its shares gained 14.20% of their value over the last 52 weeks. Trex Company, Inc. (NYSE:TREX) has a market capitalization of $6.94 billion.
Baron Real Estate Fund made the following comment about Trex Company, Inc. (NYSE:TREX) in its first quarter 2023 investor letter:
"In the most recent quarter, we significantly reduced our investments in the following companies due to expectations of near-term business headwinds and modest growth prospects, elevated valuations, and our view of superior investment opportunities for other real estate-related companies:
Trex Company, Inc. (NYSE:TREX) is the largest manufacturer of wood-alternative (composite) outdoor decking and railing in the U.S."
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Trex Company, Inc. (NYSE:TREX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Trex Company, Inc. (NYSE:TREX) at the end of first quarter 2023 which was 34 in the previous quarter.
We discussed Trex Company, Inc. (NYSE:TREX) in another article and shared Wedgewood Partners' 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.
