Baron Real Estate Fund
BREFX
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- Baron Real Estate Fund (BREFX) is an open-end mutual fund that invests primarily in equity securities of U.S. and non-U.S. real estate and real estate-related companies across all market capitalizations; it normally allocates at least 80% of its net assets to common stocks of such companies, including those owning significant real estate assets, with more than 25% exposure to the real estate industry. The fund's portfolio spans REITs in categories such as health care, data centers, industrial, wireless towers, office, self-storage, single-family rental, and mall properties; non-REIT real estate services including commercial brokerage, property management, and investment advisory from firms like Jones Lang LaSalle and CBRE Group; residential-related businesses encompassing homebuilders such as Toll Brothers, building products and materials providers like CRH and Installed Building Products, and home improvement retailers; travel-related operators including casinos and gaming companies like Wynn Resorts, hotels and leisure firms such as Hyatt Hotels; real estate-focused alternative asset managers like Brookfield Corporation and Blackstone; and property technology platforms like CoStar Group. Managed by Jeffrey Kolitch since inception, the fund operates with a net expense ratio of 1.31%, total net assets of approximately $2.36 billion, and a blend investment style targeting mid-cap real estate opportunities. Headquartered in New York at Baron Capital Group, Inc., 767 Fifth Avenue, the fund was launched on December 31, 2009, and remains available for sale in the United States with a minimum initial investment of $2,000. In recent portfolio activity as of Q3 2025, the fund initiated new positions in Iron Mountain Incorporated (records storage and data centers REIT), AAON, Inc. (HVAC products for commercial and data center applications), and Floor & Decor Holdings, Inc. (specialty hard-surface flooring retailer and distributor); it added to holdings in Blackstone Inc. and Vulcan Materials Company while trimming positions in strong performers CoStar Group, Inc. and Vornado Realty Trust, and fully exited Independence Realty Trust, Inc. Earlier in 2025, the fund reallocated proceeds from data center sales (Equinix, Digital Realty Trust) into undervalued REITs including American Tower Corporation (wireless towers), Prologis, Inc. (industrial), American Homes 4 Rent (single-family rental), and Extra Space Storage Inc. (self-storage); it established positions in CRH public limited company and Advanced Drainage Systems, Inc. in residential building products, shifted homebuilder allocations toward Taylor Morrison Home Corporation, and entered Airbnb, Inc. and increased Wynn Resorts exposure amid travel recovery bets. The fund maintains diversified geographic exposure with 87% U.S. stocks, 11% non-U.S. (including Canada and emerging Asia), and targets growth-oriented real estate segments benefiting from e-commerce, senior housing demographics, data consumption, housing shortages, and commercial outsourcing trends; as of late 2025, top holdings include Jones Lang LaSalle (7.0%), Welltower Inc. (6.4%), Brookfield Corporation (5.6%), CBRE Group (5.5%), and Toll Brothers (4.8%).