Yahoo Finance Here’s Why Baron Real Estate Fund Added Hilton Worldwide Holdings (HLT)
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 Hilton Worldwide Holdings Inc. (NYSE:HLT) in the first quarter 2024 investor letter. Headquartered in McLean, Virginia, Hilton Worldwide Holdings Inc. (NYSE:HLT) is a hospitality company. On April 24, 2024, Hilton Worldwide Holdings Inc. (NYSE:HLT) stock closed at $204.70 per share. One-month return of Hilton Worldwide Holdings Inc. (NYSE:HLT) was -4.23%, and its shares gained 44.13% of their value over the last 52 weeks. Hilton Worldwide Holdings Inc. (NYSE:HLT) has a market capitalization of $51.247 billion.
Baron Real Estate Fund stated the following regarding Hilton Worldwide Holdings Inc. (NYSE:HLT) in its first quarter 2024 investor letter:
"We recently acquired additional shares of Hilton Worldwide Holdings Inc. (NYSE:HLT). Hilton is the second largest hotel company in the world with 7,500 properties, 1.2 million rooms, 22 unique brands, and 180 million loyalty members in its database. Hilton has a superior executive team led by long-time CEO Chris Nassetta (over 16 years as CEO).
In March, we attended Hilton’s Investor Day in Washington, D.C. and also spent time with Chris in advance. Our main takeaway from the Investor Day presentations, besides being able to meet with a deeper and impressive layer of the management organization, is that Hilton’s growth prospects over the next five years are superior to the prior five due to: i) accelerating unit growth driven by new and existing brands; ii) several brand ‘seedlings’ planted with significant white space for growth (e.g., Graduate Hotels, SLH, LivSmart); and iii) Hilton’s better ability to capture the brand ‘conversion’ opportunity irrespective of new hotel construction/development..." (Click here to read the full text)
Empty lobby of a high-end hotel showcasing the modern, luxurious interior of the hotel chain.
Hilton Worldwide Holdings Inc. (NYSE:HLT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Hilton Worldwide Holdings Inc. (NYSE:HLT) was held by 57 hedge fund portfolios, compared to 53 in the previous quarter, according to our database.
We previously discussed Hilton Worldwide Holdings Inc. (NYSE:HLT) in another article, where we shared Pershing Square Holdings' views on the company. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
Disclosure: None. This article is originally published at Insider Monkey.
