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Expensive Baron Actual Property Fund Shareholder:

Our fifteenth Anniversary: We’re happy to report that on Baron Actual Property Fund’s® (the Fund) fifteenth anniversary, the Fund has achieved the #1 actual property rating for the 15-year interval ended December 31, 2024.

In line with Morningstar, the Fund has acquired particular recognition for its achievements as follows:

• #1 actual property fund rating for every of its 15-, 10-, and 5-year efficiency durations• Highest 5-Star Morningstar Ranking for every of its 10-, 5-, and 3-year efficiency durations• Highest 5-Star General Morningstar Ranking™

Please consult with “Our current top-of-mind thoughts” part on this letter. There, we mirror on the previous 15 years and focus on our optimistic expectations for the following 15 years.

As of 12/31/2024, the Morningstar Actual Property Class consisted of 220, 210, 194, 146, and 110 share courses for the 1-, 3-, 5-, 10-, and 15-year or since inception (12/31/2009) durations. Morningstar ranked Baron Actual Property Fund Institutional Share Class within the ninth, 2nd, 1st, 1st, and 1st percentiles, respectively. On an absolute foundation, Morningstar ranked Baron Actual Property Fund Institutional Share Class because the sixteenth, sixth, 1st, 1st, and 1st finest performing share class in its Class, for the 1-, 3-, 5-, 10-, and 15-year or since inception durations, respectively.

Morningstar calculates the Morningstar Actual Property Class Common efficiency and rankings utilizing its Fractional Weighting methodology. Morningstar rankings are based mostly on whole returns and don’t embrace gross sales expenses. Whole returns do account for administration, administrative, and 12b-1 charges and different prices mechanically deducted from fund property. Since inception rankings embrace all share courses of funds within the Morningstar Actual Property Class. Efficiency for all share courses date again to the inception date of the oldest share class of every fund based mostly on Morningstar’s efficiency calculation methodology.

Baron Actual Property Fund Institutional Share Class was rated 5 stars total, 5 stars for the trailing 3 years, 5 stars for the trailing 5 years, and 5 stars for the trailing 10 years ended 12/31/2024. There have been 210 share courses, 194 share courses, and 146 share courses for the 3-, 5-and 10-year durations. These Morningstar Rankings are for the Institutional Share Class solely; different courses could have totally different efficiency traits.

The Morningstar Ranking™ for funds, or “star rating”, is calculated for managed merchandise (together with mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with not less than a three-year historical past. Change-traded funds and open-ended mutual funds are thought of a single inhabitants for comparative functions. It’s calculated based mostly on a Morningstar Threat-Adjusted Return measure that accounts for variation in a managed product’s month-to-month extra efficiency, putting extra emphasis on downward variations and rewarding constant efficiency. The highest 10% of merchandise in every product class obtain 5 stars, the following 22.5% obtain 4 stars, the following 35% obtain 3 stars, the following 22.5% obtain 2 stars, and the underside 10% obtain 1 star. The General Morningstar Ranking for a managed product is derived from a weighted common of the efficiency figures related to its three-, five-, and 10-year (if relevant) Morningstar Ranking metrics. The weights are: 100% three-year ranking for 36-59 months of whole returns, 60% five-year ranking/40% three-year ranking for 60-119 months of whole returns, and 50% 10-year ranking/30% five-year ranking/20% three-year ranking for 120 or extra months of whole returns. Whereas the 10-year total star ranking components appears to offer probably the most weight to the 10-year interval, the newest three-year interval truly has the best impression as a result of it’s included in all three ranking durations.

© 2025 Morningstar. All Rights Reserved. The data contained herein: (1) is proprietary to Morningstar and/or its associates or content material suppliers; (2) might not be copied, tailored or distributed; (3) isn’t warranted to be correct, full or well timed; and (4) doesn’t represent recommendation of any variety, whether or not funding, tax, authorized or in any other case. Person is solely accountable for making certain that any use of this info complies with all legal guidelines, laws and restrictions relevant to it. Neither Morningstar nor its content material suppliers are accountable for any damages or losses arising from any use of this info. Previous efficiency isn’t any assure of future outcomes.

MORNINGSTAR IS NOT RESPONSIBLE FOR ANY DELETION, DAMAGE, LOSS OR FAILURE TO STORE ANY PRODUCT OUTPUT, COMPANY CONTENT OR OTHER CONTENT.

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For the total yr, the Fund elevated 12.46% (Institutional Shares), outperforming the MSCI US REIT Index (the REIT Index), which elevated 7.49%, and performing equally to the MSCI USA IMI Prolonged Actual Property Index (the MSCI Actual Property Index), which elevated 12.70%.

The fourth quarter of 2024 was difficult, nevertheless, as a pointy rise within the U.S. 10-year treasury yield from 3.8% to 4.6% weighed on a number of actual property shares along with considerations that restrictions on immigration, the potential of elevating or imposing new tariffs, nonetheless excessive federal deficits, and an acceleration in financial progress could end in an uptick in inflation and even greater rates of interest. In the newest quarter, the Fund decreased 2.98%, outperforming each the REIT Index, which declined 6.39%, and the MSCI Actual Property Index, which fell 4.69%.

We are going to deal with the next subjects on this letter:

Our present top-of-mind ideas Portfolio composition and key funding themes Prime contributors and detractors to efficiency Current exercise Concluding ideas on the prospects for actual property and the Fund

Desk I.

Efficiency:Annualized for durations ended December 31, 2024

Baron Actual Property Fund Retail Shares1,2 Baron Actual Property Fund Institutional Shares1,2 MSCI USA IMI Prolonged Actual Property Index1 MSCI US REIT Index1 S&P 500 Index1 Three Months3 (3.05)% (2.98)% (4.69)% (6.39)% 2.41% One 12 months 12.19% 12.46% 12.70% 7.49% 25.02% Three Years (0.04)% 0.21% 1.85% (3.43)% 8.94% 5 Years 12.25% 12.54% 8.50% 3.10% 14.53% Ten Years 9.35% 9.64% 8.61% 4.38% 13.10% Fifteen Years and Since Inception (December 31, 2009) (Annualized) 13.39% 13.68% 11.18% 8.03% 13.88% Fifteen Years and Since Inception (December 31, 2009) (Cumulative)3 558.55% 584.08% 390.13% 218.41% 602.68%
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Efficiency listed within the above desk is web of annual working bills. Annual expense ratio for the Retail Shares and Institutional Shares as of December 31, 2023 was 1.31% and 1.06%, respectively. The efficiency knowledge quoted represents previous efficiency. Previous efficiency isn’t any assure of future outcomes. The funding return and principal worth of an funding will fluctuate; an investor’s shares, when redeemed, could also be price roughly than their unique price. The Adviser could waive or reimburse sure Fund bills pursuant to a contract expiring on August 29, 2035, until renewed for an additional 11-year time period and the Fund’s switch company bills could also be decreased by expense offsets from an unaffiliated switch agent, with out which efficiency would have been decrease. Present efficiency could also be decrease or greater than the efficiency knowledge quoted. For efficiency info present to the newest month finish, go to BaronCapitalGroup.com or name 1-800-99-BARON.

(2) The efficiency knowledge within the desk doesn’t mirror the deduction of taxes {that a} shareholder would pay on Fund distributions or redemption of Fund shares.

(3) Not annualized.

Click on to enlarge Our Present Prime-of-Thoughts Ideas

15-year anniversary – reflections on the previous

Since its launch on December 31, 2009, the important thing issue that positioned the Fund for fulfillment is that we formulated an funding creed that we believed had the potential to provide superior outcomes over the long run versus our rivals.

In contrast to our friends who are likely to restrict their actual property funding to REITs, we embraced and structured a extra expansive, balanced, and diversified actual estate-related fund, not a REIT-only fund.

Along with our investments in REITs, the Fund has additionally invested in a broader group of non-REIT actual estate-related classes, together with lodge and leisure firms, actual property companies firms, homebuilders, constructing product and companies firms, on line casino and gaming operators, knowledge middle and tower operators, and actual property working firms.

Additional, we felt that the Fund’s flexibility would enhance the probability that it might navigate exogenous occasions – e.g., a worldwide pandemic, spikes in rates of interest, business actual property disaster fears – higher than its competitors, together with most energetic, passive, semi-liquid, and personal actual property friends.

In a comparability of U.S. listed REIT returns versus U.S. non-listed or non-public actual property funds, Inexperienced Road, a extremely regarded third-party REIT analysis agency, printed a report on November 25, 2024, that compares the trailing 15-year annualized whole returns of listed U.S. REITs versus non-listed or non-public actual property funds (by June 2024). In line with Inexperienced Road, U.S. listed REITs generated an annualized return of 11.5%, far exceeding the 7.4% annualized return of U.S. non-listed actual property funds.

We imagine the Fund’s cumulative 15-year return by December 31, 2024 additionally exceeds the efficiency of most if not all U.S. non-listed or non-public actual property funds along with outperforming actively managed REIT funds, passive/ETF actual property funds, and semi-liquid non-traded REITs.

For instance, using our extra expansive and actively managed actual property funding strategy, the Fund produced a cumulative return of 584%, far exceeding the REIT Index’s cumulative return of 218% for the 15-year interval ending December 31, 2024.

The subsequent 15 years – we’re much more optimistic

Trying ahead, we imagine the deserves of our extra complete, versatile, and actively managed funding strategy will shine even brighter.

A quickly evolving actual property universe that requires extra discerning evaluation (there are extra “winners” and “losers”), the prospects for a structurally greater rate of interest atmosphere, and several other different objects which will impression actual property together with the onset of AI, the rise in geopolitical tensions, immigration, shelter, tariff, and different funding issues ought to favor extra versatile and liquid actual property funding methods that forged a wider actual property funding web. We imagine we’ve developed the appropriate actual property product for long-term success.

Our extremely differentiated actual property fund enjoys, in our opinion, enticing attributes in comparison with actively managed REIT funds, passive/ETF actual property funds, non-traded REITs, and personal actual property.

The Fund versus actively managed REIT funds

Bigger funding universe than actively managed REIT funds (340 actual estate-related firms within the MSCI Actual Property Index versus solely 118 REITs within the REIT Index). Much less reliant on the debt markets than REIT funds (REITs should pay out not less than 90% of taxable earnings in dividends yearly).

The Fund versus passive/ETF actual property funds

Extra discerning than passive/ETF actual property funds that should personal your entire index (each the “good” and “bad” actual property firms). Most of the firms held in a passive/ETF actual property fund have unappealing long-term progress prospects, are positioned in geographic markets with extra actual property stock, are saddled with poorly constructed stability sheets, and/or have leases with rents which might be prone to decline as in-place leases expire and are marked to market at present market rents. Our actively managed Fund has a larger capacity to select our spots, emphasize firms with enticing long-term prospects, and pivot away from actual property classes, geographies, stability sheets, and leases which might be prone to face long-term money move pressures. Because the launch of the Fund 15 years in the past on December 31, 2009, the Fund has elevated 584% cumulatively (web of charges), greater than double the efficiency of the most important actual property passive/ETF technique, the Vanguard Actual Property ETF (VNQ), which elevated 258%.

The Fund versus non-publicly traded REIT funds and personal actual property

Although private and non-private actual property funding merchandise will be complementary, we imagine our Fund gives a number of compelling benefits versus non-publicly traded REIT funds and personal actual property. Our Fund tends to supply extra liquidity, diversification, valuation transparency, superior capital buildings, and decrease charges. Additional, we imagine our Fund’s long-term efficiency exceeds the efficiency of a number of non-traded REIT and personal actual property options. Relating to the subject of volatility and liquidity, there’s a narrative amongst some followers of personal actual property that personal actual property is most well-liked over public actual property as a result of it isn’t as unstable. We now have lengthy held the view that that argument is flawed. In our opinion, volatility ought to solely be measured based mostly on the gross sales worth that one is ready to exit the funding. If an actual property funding is locked up in a non-public car, it might really feel much less unstable every day however could in the end be extra unstable than a public actual property funding when liquidity is in the end achieved. Notably, within the 2024 Institutional Actual Property Allocations Monitor, 67% of establishments cited the benefits of liquidity as a major consideration for investing in REITs (up from 46% in 2023). We imagine the restrictions on liquidity for non-traded REITs and personal actual property contributed to this notable uptick within the want for liquidity.

2025 preliminary outlook for actual property and the Fund – we stay bullish, however with guarded optimism

As we peer into 2025, we’re optimistic on the prospects for actual property and the Fund. We’re aware, nevertheless, that the potential of higher-than- anticipated rates of interest could restrict widespread alternatives for enhancements in valuations. Nonetheless, we’ve recognized a number of attractively valued actual property firms and imagine our energetic and discerning strategy to portfolio administration will end in a double-digit annual return as we’ve accomplished prior to now. Word there is no such thing as a assure that this aim will likely be met.

The time has come

Within the 2025 year-end Rising Tendencies in Actual Property report printed by PwC and the City Land Institute, we agree with the opening excerpts from chapter one’s “The Time Has Come”:

“We are on the cusp of the next upturn in the real estate cycle, and now is the time to be thinking about planning, laying the groundwork for the next two to three years of growth.” “The skies are finally clearing over commercial real estate markets, even if some dark clouds still linger.”

The above commentary aligns with our views. Enterprise prospects are, normally, bettering, the demand versus provide outlook is mostly enticing, most stability sheets are robust, the banking system is properly capitalized, a lot of public actual property has repriced for the next price of capital, many actual property share costs have lagged the broader market, and there may be the chance that the Federal Reserve could decrease rates of interest in 2025 ought to inflation proceed to reasonable.

Pillars of whole return

We’re optimistic that we will generate a double-digit return in 2025 as we’ve accomplished prior to now 15 years. Word there is no such thing as a assure that this aim will likely be met.

The three pillars of whole return embrace:

Development: We’re optimistic about progress prospects for a number of classes of actual property as natural demand, in lots of circumstances, is robust, and several other firms now have a “green light” to difficulty fairness and pursue accretive exterior progress alternatives. Dividends: Most actual property dividends are properly coated and may proceed to develop in 2025. Valuation multiples: The trail of long-term rates of interest will have an effect on the diploma to which an organization’s valuation a number of could enhance. We’re sanguine, although, that our workforce will proceed to establish a number of firms which have the potential to enhance their valuation multiples.

For additional ideas on our 2025 preliminary outlook, please see “Concluding thoughts on the prospects for real estate and the Fund” later on this letter.

Portfolio Composition and Key Funding Themes

We at present have investments in REITs, plus seven extra non-REIT actual estate-related classes. Our proportion allocations to those classes fluctuate, and they’re based mostly on our analysis and evaluation of alternatives in every class on a bottom-up foundation (See Desk II beneath).

Desk II.

Fund investments in actual estate-related classes as of December 31, 2024

P.c of Internet Belongings (%) REITs 30.6 Non-REITs 62.2 Actual Property Working Firms 12.8 Actual Property Service Firms 12.6 Constructing Merchandise/Providers 10.6 Inns & Leisure 9.4 Homebuilders & Land Builders 7.9 Information Facilities 4.9 Casinos & Gaming Operators 4.0 Money and Money Equivalents 7.2 Whole 100.0*
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* Particular person weights could not sum to the displayed whole because of rounding.

Funding Themes

We proceed to prioritize seven long-term high-conviction funding themes or actual property classes:

REITs

Residential-related actual property

Journey-related actual property

Actual asset-focused various asset managers

Business actual property companies firms

Property know-how firms

Information middle operators

Notable adjustments to the Fund’s actual property class exposures from the top of the third quarter:

Following two years of remarkable share worth efficiency, we decreased the Fund’s allocation to homebuilders & land builders from 18.9% to 7.9%. We additionally decreased the Fund’s constructing merchandise/ companies publicity from 14.1% to 10.6%. A proof for the lower will be present in our “residential-related” actual property commentary beneath. We elevated the Fund’s publicity to actual property working firms from 10.1% to 12.8%, reflecting our optimism for the prospects for actual property various asset managers. We decreased the Fund’s publicity to on line casino & gaming operators from 8.8% to 4.0% following disappointing third quarter outcomes and redirected a portion of the capital to accommodations & leisure the place we elevated the Fund’s publicity from 5.2% to 9.4%. We elevated the Fund’s money and money equivalents from 1.0% to 7.2%. We’re optimistic we will redeploy the capital in compelling funding alternatives in 2025. REITs

We imagine REITs can generate double-digit returns in 2025 by a mixture of progress, dividends, and a few room for valuations to broaden for sure REITs.

Although demand stays tempered for some actual property segments (e.g., self- storage and industrial), most REITs take pleasure in occupancies of greater than 90%, and there are a number of segments of actual property the place demand stays robust (knowledge facilities, senior housing, multi-family, retail malls, and purchasing facilities). Restricted new aggressive provide is forecasted within the subsequent few years. The transaction market has picked up and we count on a number of publicly traded REITs, who now have the “green light”, to difficulty fairness for accretive exterior progress. We count on non-public fairness to proceed to accumulate discounted public REITs. Most stability sheets are in fine condition. A number of REITs profit from some mixture of all or a number of the following favorable traits together with inflation-protection, contracted money flows, and a capability to extend dividends. We now have recognized a number of REITs which might be low-cost relative to historical past and personal market valuations.

As of December 31, 2024, we had investments in six REIT classes representing 30.6% of the Fund’s web property. Please see Desk III beneath.

Desk III.

REITs as of December 31, 2024

P.c of Internet Belongings (%) Information Heart REITs 12.9 Workplace REITs 6.2 Well being Care REITs 4.4 Multi-Household REITs 4.2 Mall REITs 2.5 Different REITs 0.4 Whole 30.6*
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* Particular person weights could not sum to the displayed whole because of rounding.

Residential-related actual property

We now have turn into near-term cautious but stay long-term bullish.

The shares of a number of homebuilders and residential-related constructing product/ companies firms foreshadowed a few of these considerations within the fourth quarter and valuations have gotten extra compelling. We’re monitoring developments carefully and should look to accumulate extra shares in 2025.

Importantly, we preserve our long-term optimism for residential actual property. A multi-decade structural underinvestment within the development of residential actual property relative to the demographic wants of our nation bodes properly for long-term housing development exercise, gross sales, leases, pricing, and restore and transform exercise. Cyclical tailwinds (pent-up demand, low stock ranges, and a nonetheless wholesome shopper) and secular tailwinds (versatile work preparations that favor suburban dwelling, a want to personal newly constructed houses fairly than present houses which, on common, are greater than 40 years outdated, and the lock-in impact for present householders to stay of their houses as a result of transfer greater in mortgage charges) ought to support the brand new house marketplace for a number of years. The strategic pivot by a number of homebuilders to a extra land- mild enterprise mannequin, the utilization of decrease leverage, improved capital allocation, and the prioritization of scale benefits could result in greater valuations for homebuilders over time.

As of December 31, 2024, residential-related actual property firms represented 18.5% of the Fund’s web property. Please see Desk IV beneath.

Desk IV.

Residential-related actual property firms as of December 31, 2024

P.c of Internet Belongings (%) Constructing Merchandise/Providers 9.1 Homebuilders 7.2 House Facilities 2.2 Whole 18.5*
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* Particular person weights could not sum to the displayed whole because of rounding.

Journey-related actual property

A number of elements are prone to contribute to multi-year tailwinds for travel-related actual property firms together with a good shift in shopper preferences (demand for experiences/companies akin to journey over items), a rising center class, and different encouraging demographic developments (extra disposable earnings for the millennial cohort because of delays in family formation and work-from-home preparations which permit for a rise in journey bookings); wholesome stability sheets; and personal fairness’s lengthy historical past of investing in travel-related firms.

As of December 31, 2024, travel-related actual property firms represented 13.4% of the Fund’s web property. Please see Desk V beneath.

Desk V.

Journey-related actual property as of December 31, 2024

P.c of Internet Belongings (%) Inns & Leisure 9.4 Casinos & Gaming Operators 4.0 Whole 13.4*
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* Particular person weights could not sum to the displayed whole because of rounding.

Actual estate-focused various asset managers

Main actual estate-focused asset managers Blackstone Inc. (BX) and Brookfield Company (BN) have a chance to extend market share because of spectacular funding monitor information and world scale benefits. They’re positioned to profit from a secular progress alternative for various property because of lengthy monitor information of producing enticing relative and absolute returns with what’s perceived, in some circumstances, as much less volatility than a number of different funding choices.

Business actual property companies firms

Main business actual property companies firms CBRE Group, Inc. (CBRE) and Jones Lang LaSalle Included (JLL) ought to profit from structural and secular tailwinds: the outsourcing of economic actual property, the institutionalization of economic actual property, and alternatives to extend market share in a extremely fragmented market. Trying ahead, we imagine we’re within the early days of a rebound in business actual property gross sales and leasing exercise. We imagine CBRE and JLL could generate annual earnings per share progress of greater than 20% within the subsequent few years.

Information middle operators

In the newest quarter, we acquired extra shares in knowledge middle operator GDS Holdings Restricted (GDS)(OTCPK:GDHLF). We imagine the shares are attractively valued and supply compelling long-term progress prospects. Please see “Top contributors to performance for the quarter ended December 31, 2024” for extra on GDS.

Property know-how firms

The collision of actual property and know-how has led to a brand new class inside actual property–actual property know-how, additionally known as proptech. The emergence of proptech and the digitization of actual property is an thrilling and promising new growth for actual property. We imagine we’re within the early innings of a technology-driven funding cycle centered on knowledge and digitization that enables actual estate-related companies to drive incremental income streams and decrease prices.

CoStar Group, Inc. (CSGP), the main supplier of knowledge, analytics, and advertising companies to the actual property trade, is positioned to capitalize on this burgeoning secular progress pattern.

As of December 31, 2024, different actual estate-related firms (which incorporates the 4 funding themes talked about instantly above) represented 30.2% of the Fund’s web property. Please see Desk VI beneath.

Desk VI.

Different actual estate-related firms as of December 31, 2024

P.c of Internet Belongings (%) Actual Property-Centered Various Asset Managers 12.8 Business Actual Property Providers Firms 9.8 Information Heart Operators 4.9 Property Know-how Firms 2.8 Whole 30.2*
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* Particular person weights could not sum to the displayed whole because of rounding.

Prime Contributors and Detractors to Efficiency

Desk VII.

Prime contributors to efficiency for the quarter ended December 31, 2024

Quarter Finish Market Cap ($ billions) Contribution to Return (%) GDS Holdings Restricted 4.6 0.67 Blackstone Inc. 210.6 0.55 Equinix, Inc. (EQIX) 91.0 0.43 Digital Realty Belief, Inc. (DLR) 60.0 0.34 Expedia Group, Inc. (EXPE) 23.9 0.33
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Shares of GDS Holdings Restricted continued to carry out properly through the quarter, delivering returns into the mid-teens. We traveled to Asia in December to tour the corporate’s newly developed knowledge middle campus in Malaysia, spend extra time with GDS Worldwide’s government workforce, and conduct competitor/market due diligence by assembly with the administration groups of a number of world rivals based mostly in Singapore. We additionally had the chance to fulfill the administration workforce of the most important utility in Malaysia offering energy to GDS and rivals, which offered precious perception on the growing market. We additionally traveled to Hong Kong to fulfill, as soon as once more, with CEO/founder William Huang and CFO Daniel Newman whereas touring one of many firm’s city knowledge facilities with the native working workforce. We got here away with extra confidence concerning the demand visibility and progress that GDS can seize on this area because of its first mover and different aggressive benefits. As well as, we imagine GDS will be capable to safe extra high-demand energy capability in Southeast Asia and different worldwide markets, which is able to elongate the expansion profile of the corporate and isn’t at present appreciated by the broader funding group.

We stay optimistic in regards to the firm’s progress prospects over the following a number of years, which will be bucketed into: i) its Asia ex-China knowledge middle enterprise (GDS Worldwide or GDSI); and ii) its mainland China knowledge middle enterprise (GDS Holdings or GDSH).

Backside line: We see a path for the enterprise to be price $45 to $55 a share in two to 3 years versus roughly mid-$20s on the current market worth.

GDS Worldwide (Asia ex-China): We see money move for GDSI rising from lower than $50 million at this time to over $500 million over the following three years! We worth GDS’ possession stake at $15 per share after accounting for the expansion capital it has secured from famend U.S. and world traders. Blackstone’s current $16 billion acquisition of Southeast Asia based mostly knowledge middle operator AirTrunk at 25 instances money move continues to be at a considerable premium to the place GDS is elevating progress capital at this time, which offers an vital valuation marker for a possible IPO of this enterprise over the following 12 to fifteen months. Throughout the quarter, GDSI raised over $1 billion of extra Sequence B capital to fund its extremely compelling and pre-leased progress from a number of well-known traders together with Coatue, Baupost, Ken Griffin, and Mushy Financial institution that valued the worldwide phase at roughly $3.5 billion or 75% greater on a per-share foundation to GDS in contrast with its Sequence A capital increase again in March. GDS Holdings (China): We imagine the China knowledge middle enterprise is on the doorstep of a progress inflection and see money move rising from about $700 million at this time to $1 billion over the following three years. We worth the China enterprise at $30 to $40 a share on what we imagine is a conservative money move a number of and stay inspired that there will likely be a number of catalysts to additional floor worth (e.g., a transaction to put sure stabilized property right into a listed REIT car within the subsequent few months).

In the newest quarter, the shares of Blackstone Inc., the world’s largest various asset supervisor, continued to carry out properly because of robust quarterly enterprise outcomes and expectations for enduring and compelling long-term progress prospects. Within the yr forward, we imagine progress prospects for Blackstone must be robust as administration sees significant alternatives in non-public wealth, AI, and knowledge facilities, a cyclical restoration in actual property, and extra alternatives which ought to assist to develop charges. As well as, there are rising inexperienced shoots that transaction exercise is poised to return again strongly after a number of years of depressed ranges. Elevated transaction exercise offers the power to understand carried curiosity/present readability on valuation marks and return capital to restricted companions, which feeds the “flywheel” of capital formation for added fund automobiles.

Blackstone is the most important actual property supervisor on the earth with a powerful funding monitor report. We imagine Blackstone is a real “best-in-class” firm. It has a premier model, a worldwide franchise, loyal prospects, and substantial insider possession. Blackstone is quick rising, manages its enterprise in an asset-light method with restricted wants for capital, produces excessive cash-flow margins, is anchored by a recurring income base, and is ready to return almost 100% of its money generated by dividends and share repurchases. Led by its distinctive CEO Stephen Schwarzman and President Jon Grey, the corporate attracts and retains wonderful expertise. We imagine Blackstone is remarkably positioned to proceed to extend market share in a secular progress alternative for various property.

In the newest quarter, the shares of Equinix, Inc., the premier world operator of network-dense, carrier-neutral knowledge facilities, carried out properly following stable third quarter outcomes. We proceed to be optimistic in regards to the long-term progress prospects for the corporate because of its interconnection focus amongst a extremely curated buyer ecosystem, irreplaceable world footprint, robust demand and pricing energy, favorable provide backdrop, and evolving incremental demand vectors akin to AI. Equinix has a number of levers to drive outsized bottom-line progress with working leverage. Equinix ought to compound its earnings per share at roughly 10% over the following few years and we imagine the prospects for outsized shareholder returns stay compelling from right here given the superior secular progress prospects mixed with a reduced valuation.

Desk VIII.

Prime detractors from efficiency for the quarter ended December 31, 2024

Quarter Finish Market Cap ($ billions) Contribution to Return (%) D.R. Horton, Inc. 44.9 -1.22 Lennar Company 36.9 -1.17 Toll Brothers, Inc. 12.6 -0.70 Put in Constructing Merchandise, Inc. (IBP) 4.9 -0.35 SiteOne Panorama Provide, Inc. (SITE) 5.9 -0.34
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As famous earlier on this letter, we selected to lower the Fund’s homebuilder publicity in D.R. Horton, Inc., Lennar Company, and Toll Brothers, Inc. in the newest quarter following distinctive share worth efficiency over the prior two years. From September 30, 2022, by September 30, 2024, shares of Toll Brothers, Lennar, and D.R. Horton elevated 269%, 155%, and 184%, respectively. Homebuilder valuations for our investments had approached close to peak valuations from prior cycles (at or above 2 instances tangible guide worth). We even have considerations that the current 100 foundation level enhance in rates of interest will additional crimp housing affordability. This might result in flattening house costs and elevated homebuilder incentives to entice patrons to buy a house. Additional, the brand new administration coverage choices round tariffs, immigration, and deportation could enhance the fee for labor and supplies. The problems cited above could result in stress on homebuilder gross margins in 2025.

Although we’ve turn into near-term cautious, the shares of a number of homebuilders and residential-related constructing product/companies firms foreshadowed a few of these considerations within the fourth quarter and valuations have gotten extra compelling. We’re monitoring developments carefully and should look to accumulate extra shares in 2025.

Importantly, we preserve our long-term optimism for residential actual property as a result of following issues:

A multi-decade structural underinvestment within the development of residential actual property relative to the demographic wants of our nation bodes properly for long-term housing development exercise, gross sales, leases, pricing, and restore and transform exercise. Cyclical tailwinds (pent-up demand, low stock ranges, and a nonetheless wholesome shopper). Secular tailwinds (versatile work preparations that favor suburban dwelling, a want to personal newly constructed houses fairly than present houses which, on common, are greater than 40 years outdated, and the lock-in impact for present householders to stay of their houses as a result of transfer greater in mortgage charges). The strategic pivot by a number of homebuilders to a extra land-light enterprise mannequin, the utilization of decrease leverage, improved capital allocation, and the prioritization of scale benefits could result in greater valuations for homebuilders over time. Current Exercise

Desk IX.

Prime web purchases for the quarter ended December 31, 2024

Quarter Finish Market Cap ($ billions) Internet Quantity Bought ($ tens of millions) Expedia Group, Inc. 23.9 71.7 Kilroy Realty Company (KRC) 4.8 49.1 Equinix, Inc. 91.0 41.5 The Macerich Firm (MAC) 4.5 30.8 Jones Lang LaSalle Included 12.0 28.1
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We continued to accumulate shares in our newly initiated funding in Expedia Group, Inc. within the fourth quarter after constructing additional confidence following optimistic knowledge confirming a number of of our funding thesis factors and spending extra time with its new CEO Ariane Gorin. Expedia is a journey firm offering on-line reservations and different companies to customers and companies. The corporate is investing behind three core manufacturers at this time together with Expedia, Inns.com and VRBO with 3.5 million properties together with 2.5 million various lodging (VRBO). We imagine Expedia is a “fallen angel” (low-cost/discounted valuation with catalysts), by peak ache on its know-how platform migration (three-to four-year journey) and is lastly seeing inexperienced shoots of progress in its extremely precious VRBO enterprise (“hidden asset” house rental platform that’s getting misvalued throughout the broader firm). Lastly, Expedia is led by a powerful government workforce with new CEO Ariane Gorin, who has made organizational adjustments to streamline reporting buildings, higher align pursuits, and drive the enterprise ahead. We imagine these adjustments will permit the corporate to be properly positioned to capitalize on the compelling secular progress in journey going ahead.

Throughout the fourth quarter, we initiated a place in Kilroy Realty Company, a REIT that owns a portfolio of high-quality workplace properties concentrated in U.S. West Coast markets together with San Francisco, San Diego, Los Angeles, and Seattle. The corporate additionally owns one property in Austin, Texas.

Whereas we’ve remained usually cautious on workplace actual property for a number of years in mild of each cyclical and secular headwinds that we anticipated would persist, we even have acknowledged that sure well-located, fashionable workplace properties had been poised to achieve market share and outperform as market circumstances improved. We’d categorize Kilroy’s portfolio as falling into this latter bucket.

We’re optimistic about our funding in Kilroy for a number of causes:

Though workplace fundamentals stay challenged in sure of Kilroy’s markets (most notably within the larger San Francisco Bay space), we’ve begun to see a number of encouraging indicators that lead us to imagine that workplace fundamentals are bottoming and starting to enhance. These indicators embrace secure or rising utilization of workplace house and extra return-to-office mandates, bettering ranges of leasing exercise and tenant curiosity, declining ranges of vacant sublease house, extra assured company decision-making, and stabilizing market rents and concessions. The continuing proliferation of the AI trade ought to profit Kilroy sooner or later since roughly half of Kilroy’s portfolio is within the larger San Francisco Bay Space. The Bay Space instructions the very best proportion of AI-related enterprise capital funding within the nation. Administration estimates that AI-related leasing accounts for about 10% of Kilroy’s leasing exercise in San Francisco and will pattern materially greater over time. The prospects for Kilroy’s just lately delivered Kilroy Oyster Level growth undertaking in South San Francisco seem like bettering. This legacy growth undertaking was accomplished with out leasing pre-commitments; nevertheless, tenant curiosity ranges have been bettering just lately. Administration is optimistic {that a} new lease will be signed within the coming months. We imagine {that a} new lease announcement could be properly acquired by traders. Kilroy’s new administration workforce is concentrated on capital recycling. CEO Angela Aman joined Kilroy in January 2024 and was most just lately CFO at Brixmor Property Group. We expect very extremely of Angela and the workforce that she has been constructing round her. We’re excited in regards to the firm’s renewed deal with value-enhancing capital recycling, which is totally different from the corporate’s lengthy historical past as a developer. Administration expects to reasonable spending on growth, monetize non-core land property, and pursue choose acquisitions. The corporate’s stability sheet is in fine condition, with low leverage and a powerful liquidity place. We imagine Kilroy’s valuation screens cheap versus the non-public market worth of its actual property portfolio, the substitute price of its portfolio, and relative to publicly traded friends.

In the newest quarter, we acquired extra shares of Equinix, Inc., the premier world operator of network-dense, carrier-neutral knowledge facilities.

We proceed to be optimistic in regards to the long-term progress prospects for the corporate because of its interconnection focus amongst a extremely curated buyer ecosystem, irreplaceable world footprint, robust demand and pricing energy, favorable provide backdrop and evolving incremental demand vectors akin to AI. The corporate has a number of levers to drive outsized bottom-line progress with working leverage. Equinix ought to compound its earnings per share at roughly 10% over the following few years and we imagine the prospects for outsized shareholder returns stay compelling from right here given the superior secular progress prospects mixed with a reduced valuation.

Stepping again, we imagine the multi-year prospects for actual property knowledge facilities are extremely compelling – maybe as robust as they’ve ever been.

Information middle landlords akin to Equinix and Digital Realty Belief, Inc. are benefiting from report low emptiness, demand outpacing provide, extra constrained energy availability, and rising rental charges. A number of secular demand vectors, that are at present broadening, are contributing to sturdy fundamentals for knowledge middle house globally. They embrace the outsourcing of knowledge know-how infrastructure, elevated cloud computing adoption, the continued progress in cell knowledge and web site visitors, and AI as a brand new wave of knowledge middle demand. Put merely, every year knowledge continues to develop exponentially, and all of this knowledge must be processed, transmitted, and saved – supporting elevated demand for knowledge middle house. As well as, whereas it’s nonetheless early innings, we imagine AI couldn’t solely present a supply of incremental demand but additionally additional speed up present secular developments by driving elevated prioritization and extra funding in digital transformation amongst enterprises.

Desk X.

Prime web gross sales for the quarter ended December 31, 2024

Quarter Finish Market Cap or Market Cap When Bought ($ billions) Internet Quantity Bought ($ tens of millions) Toll Brothers, Inc. 12.6 56.4 Caesars Leisure, Inc. (CZR) 7.0 53.6 Lennar Company 36.9 51.9 D.R. Horton, Inc. 44.9 43.0 Prologis, Inc. (PLD) 95.7 34.4
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As famous earlier on this letter, we trimmed the Fund’s homebuilder investments in Toll Brothers, Inc., Lennar Company, and D.R. Horton, Inc. following distinctive share worth efficiency within the final two years. We stay optimistic in regards to the long-term prospects for our homebuilders and should look to reacquire shares over time.

We exited the Fund’s funding in Caesars Leisure, Inc. following a disappointing third quarter earnings report and our expectation that progress could stay modest in 2025.

Concluding Ideas on the Prospects for Actual Property and the Fund

2025 Outlook

As cited earlier on this letter, we’re optimistic in regards to the prospects for actual property and the Fund in 2025.

Although day by day market volatility is prone to be excessive because the sequencing of the brand new administration’s insurance policies are introduced (e.g., much less immigration versus much less regulation; greater tariffs versus decrease taxes), we imagine the important thing driver for a yr of stable market efficiency is that the basic backdrop for earnings progress is predicted to be robust. Demand circumstances are principally favorable towards a backdrop of muted new actual property provide. Whereas some headline valuations display wealthy, we imagine there are a number of attractively valued actual property alternatives beneath the floor. Our largest concern is a resurgence in inflation which might restrict the potential for enhancements in valuations. We are going to, in fact, be monitoring this carefully.

15-12 months Anniversary

There’s something a few new yr, by no means thoughts a 15-year anniversary that makes us extra reflective.

The prior 15 years have been crammed with speedy adjustments to the actual property panorama and outlook, a worldwide pandemic, probably the most aggressive Federal Reserve rate of interest climbing interval in many years, and several other different objects which have pressured us to be versatile and stored us on our toes. Our workforce works laborious to embrace our mantra of being dispassionate analysis analysts fairly than emotional cheerleaders. With all of this in thoughts, we’re proud that we’ve been in a position to ship the #1 ranked actual property fund over this 15-year interval.

As we glance forward, we’re much more energized in regards to the prospects for the Fund within the subsequent 15 years. We imagine the deserves of our extra complete, versatile, liquid, and actively managed funding strategy will shine even brighter within the years forward. We imagine we’ve developed the appropriate actual property product for long-term success.

Our Crew

I smile after I take into consideration our core actual property workforce – assistant portfolio supervisor David Kirshenbaum and George Taras, David Berk, and David Baron. They’re an excellent group. They’re good and extremely aggressive. They’ve developed a deep information of actual property. Their devoted work ethic is spectacular. And, on a private observe, they’re fabulous folks. I’m the winner to have such an excellent workforce.

I and our workforce stay totally dedicated and energized to proceed to ship excellent long-term outcomes.

Desk XI.

Prime 10 holdings as of December 31, 2024

Quarter Finish Market Cap ($ billions) Quarter Finish Funding Worth ($ tens of millions) P.c of Internet Belongings (%) Equinix, Inc. 91.0 188.3 8.7 Blackstone Inc. 210.6 107.5 5.0 CBRE Group, Inc. 40.2 106.0 4.9 GDS Holdings Restricted 4.6 105.6 4.9 Brookfield Company 94.6 105.2 4.9 Jones Lang LaSalle Included 12.0 104.7 4.9 Welltower Inc. (WELL) 78.5 95.9 4.4 Digital Realty Belief, Inc. 60.0 89.5 4.2 Vornado Realty Belief (VNO) 8.0 85.0 3.9 Expedia Group, Inc. 23.9 78.9 3.7
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On this, our fifteenth anniversary, I might additionally prefer to thanks, our present and potential shareholders, and specific heartfelt gratitude on your previous and persevering with assist.

I proudly stay a significant shareholder of the Baron Actual Property Fund.

Sincerely,

Jeffrey Kolitch, Portfolio Supervisor

The efficiency knowledge quoted represents previous efficiency. Previous efficiency isn’t any assure of future outcomes. The funding return and principal worth of an funding will fluctuate; an investor’s shares, when redeemed, could also be price roughly than their unique price. The Adviser waives and/or reimburses or could waive or reimburse sure Funds bills pursuant to a contract expiring on August 29, 2035, until renewed for an additional 11-year time period and the Funds’ switch company bills could also be decreased by expense offsets from an unaffiliated switch agent, with out which efficiency would have been decrease. Present efficiency could also be decrease or greater than the efficiency knowledge quoted. For efficiency info present to the newest month finish, go to BaronCapitalGroup.com or name 1-800-99-BARON.

Buyers ought to take into account the funding aims, dangers, and expenses and bills of the funding rigorously earlier than investing. The prospectus and abstract prospectuses comprise this and different details about the Funds. It’s possible you’ll acquire them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please learn them rigorously earlier than investing.

Dangers: All investments are topic to danger and should lose worth.

Buyers ought to take into account the funding aims, dangers, and expenses and bills of the funding rigorously earlier than investing. The prospectus and abstract prospectus comprise this and different details about the Funds. It’s possible you’ll acquire them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Baron CapitalGroup.com. Please learn them rigorously earlier than investing.

Dangers: Along with common market circumstances, the worth of the Fund will likely be affected by the power of the actual property markets in addition to by rate of interest fluctuations, credit score danger, environmental points and financial circumstances. The Fund invests in firms of all sizes, together with small and medium-sized firms whose securities could also be thinly traded and harder to promote throughout market downturns.

The Fund could not obtain its aims. Portfolio holdings are topic to alter. Present and future portfolio holdings are topic to danger.

Discussions of the businesses herein usually are not meant as recommendation to any particular person concerning the advisability of investing in any specific safety. The views expressed on this report mirror these of the respective portfolio managers solely by the top of the interval acknowledged on this report. The portfolio supervisor’s views usually are not meant as suggestions or funding recommendation to any particular person studying this report and are topic to alter at any time based mostly on market and different circumstances and Baron has no obligation to replace them.

This report doesn’t represent a proposal to promote or a solicitation of any supply to purchase securities of Baron Actual Property Fund by anybody in any jurisdiction the place it will be illegal beneath the legal guidelines of that jurisdiction to make such a proposal or solicitation.

The portfolio supervisor defines “Best-in-class” as well-managed, competitively advantaged, sooner rising firms with greater margins and returns on invested capital and decrease leverage which might be leaders of their respective markets. Word that this assertion represents the supervisor’s opinion and isn’t based mostly on a third-party rating. EPS Development Charge (3-5-year forecast) signifies the long run forecasted EPS progress of the businesses within the portfolio, calculated utilizing the weighted common of the accessible 3-to-5 yr forecasted progress charges for every of the shares within the portfolio offered by FactSet Estimates. The EPS Development charge doesn’t forecast the Fund’s efficiency.

BAMCO, Inc. is an funding adviser registered with the U.S. Securities and Change Fee (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Monetary Business Regulatory Authority, Inc. (FINRA).

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