Here’s Why Baron Real Estate Fund Sold SiteOne Landscape Supply (SITE)
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 SiteOne Landscape Supply, Inc. (NYSE:SITE) in the first quarter 2023 investor letter. Headquartered in Roswell, Georgia, SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscape supplies. On June 26, 2023, SiteOne Landscape Supply, Inc. (NYSE:SITE) stock closed at $160.94 per share. One-month return of SiteOne Landscape Supply, Inc. (NYSE:SITE) was 14.61%, and its shares gained 35.99% of their value over the last 52 weeks. SiteOne Landscape Supply, Inc. (NYSE:SITE) has a market capitalization of $7.24 billion.
Baron Real Estate Fund made the following comment about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its first quarter 2023 investor letter:
"SiteOne Landscape Supply, Inc. (NYSE:SITE) is the only national wholesale distributor of landscape supplies. The company is more than five times the size of its next closest competitor and has many opportunities to make acquisitions and consolidate a highly fragmented industry.
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:
SiteOne Landscape Supply, Inc. is the only national wholesale distributor of landscape supplies (outdoor lighting, fertilizers, grass seeds, turf care equipment, etc.) in the U.S."
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SiteOne Landscape Supply, Inc. (NYSE:SITE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 18 hedge fund portfolios held SiteOne Landscape Supply, Inc. (NYSE:SITE) at the end of first quarter 2023 which was 18 in the previous quarter.
We discussed SiteOne Landscape Supply, Inc. (NYSE:SITE) in another article and shared the list of best industrial distribution stocks to buy. 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.
