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Baron Real Estate Fund Sold Equinix (EQIX) on Share Appreciation

Soumya Eswaran
·2 min read

Baron Funds, an investment management company, released its “Baron Real Estate Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund had a strong performance in the quarter and generated a gain of 8.28% (Institutional Shares). The Fund beat both the MSCI US REIT Index (the REIT Index), which declined 0.62% and the MSCI USA IMI Extended Real Estate Index (the MSCI Real Estate Index), which rose 6.59%, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron Real Estate Fund featured stocks like Equinix, Inc. (NASDAQ:EQIX) in the first quarter 2024 investor letter. Equinix, Inc. (NASDAQ:EQIX) is a digital infrastructure company. On April 24, 2024, Equinix, Inc. (NASDAQ:EQIX) stock closed at $756.84 per share. One-month return of Equinix, Inc. (NASDAQ:EQIX) was -10.71%, and its shares gained 2.37% of their value over the last 52 weeks. Equinix, Inc. (NASDAQ:EQIX) has a market capitalization of $69.985 billion.

Baron Real Estate Fund stated the following regarding Equinix, Inc. (NASDAQ:EQIX) in its first quarter 2024 investor letter:

"Following strong relative and absolute performance in 2023, we reduced our position in leading global data center operator, Equinix, Inc. (NASDAQ:EQIX), due to the Fund’s large position size and other compelling new investment ideas that we have been identifying. Equinix continues to be a core position in the Fund, and we remain optimistic about the long-term growth prospects for the company due to its interconnection focus among a highly curated customer ecosystem developed over the past 20-plus years, strong demand and pricing power, favorable supply backdrop, and evolving incremental demand vectors such as AI. We believe Equinix can continue to compound earnings at approximately 10% over the next few years and believe the prospects for strong shareholder returns remain compelling."

A team of IT professionals working on a digital platform, indicating the company's agile digital services.

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Equinix, Inc. (NASDAQ:EQIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Equinix, Inc. (NASDAQ:EQIX) was held by 56 hedge fund portfolios, compared to 42 in the previous quarter, according to our database.

We previously discussed Equinix, Inc. (NASDAQ:EQIX) in another article, where we shared the list of biggest internet companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 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.