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Is CoStar Group (CSGP) Well Positioned to Benefit from the Secular Growth Trend?

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 CoStar Group, Inc. (NASDAQ:CSGP) in the first quarter 2024 investor letter. Headquartered in Washington, the District of Columbia, CoStar Group, Inc. (NASDAQ:CSGP) provides information, analytics, and online marketplace services to commercial and residential property markets. On April 24, 2024, CoStar Group, Inc. (NASDAQ:CSGP) stock closed at $91.95 per share. One-month return of CoStar Group, Inc. (NASDAQ:CSGP) was -6.53%, and its shares gained 17.00% of their value over the last 52 weeks. CoStar Group, Inc. (NASDAQ:CSGP) has a market capitalization of $36.955 billion.

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

"The collision of real estate and technology has led to a new category within real estate–real estate technology, also referred to as proptech. The emergence of proptech and the digitization of real estate is an exciting and promising new development for real estate. We believe we are in the early innings of a technology-driven investment cycle centered on data and digitization that allows real estate-related businesses to drive incremental revenue streams and lower costs.

CoStar Group, Inc. (NASDAQ:CSGP), the leading provider of information, analytics, and marketing services to the real estate industry and a top holding in the Fund, is well positioned to capitalize on this burgeoning secular growth trend."

An elegant residential building set against the modern skyline.

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CoStar Group, Inc. (NASDAQ:CSGP) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CoStar Group, Inc. (NASDAQ:CSGP) was held by 36 hedge fund portfolios, compared to 36 in the previous quarter, according to our database.

We previously discussed CoStar Group, Inc. (NASDAQ:CSGP) in another article, where we shared the list of largest real estate companies in the world. 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.