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1Q21 Baron Real Estate Strategy Letter

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1Q21 Baron Real Estate Strategy Letter Baron Real Estate Strategy March 31, 2021 Dear Investor: A CHRONICLE OF OUR ACTIVE MANAGEMENT OF THE STRATEGY We are pleased to report that Baron Real Estate Strategy generated strong 2020 was a particularly active year for our management of the Strategy due performance for the most recent quarter ended March 31, 2021. to the acceleration and emergence of headwinds and tailwinds in certain segments of real estate, the unprecedented economic and social lockdown, During this period, the Strategy gained 11.12%, exceeding the MSCI US and the resulting stock market volatility. REIT Index, which appreciated 8.50%, and modestly underperforming the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”), Our decision to implement a more active and aggressive portfolio which rose 12.20%. management playbook than our more typical Baron lower turnover approach produced strong performance results in an extremely challenging We will address the following topics in this letter: and unpredictable year for numerous categories of real estate. • A chronicle of our active management of the Strategy In 2020, the Strategy’s 44.35% gain, measured against the 8.70% decline of • Our investment themes and portfolio construction the MSCI US REIT Index was the Strategy’s best annual comparative • The digitalization of real estate performance since its inception 11 years ago. The Strategy also generated • The performance of the Strategy in a rising interest rate environment its best annual performance versus its primary benchmark, the MSCI Real (preview: strong historical performance) Estate Index, which rose only 4.21%. • The prospects for real estate and Baron Real Estate Strategy In the last few months of 2020 and the first few months of 2021, we have Table I. maintained our elevated active approach in preparation for this year Performance and the years ahead. Annualized for periods ended March 31, 2021 Though our long-term investment philosophy remains the prioritization of MSCI best-in-class real estate growth companies, in recent months we Baron Baron USA IMI Real Estate Real Estate Extended MSCI implemented a barbell approach to portfolio construction that includes a Strategy Strategy Real Estate US REIT more balanced mix between best-in-class real estate “growth” companies (net)1 (gross)1 Index1 Index1 and real estate “value” opportunities. Three Months2 11.12% 11.40% 12.20% 8.50% We believe our current barbell approach is prudent because COVID-19 led One Year 99.69% 101.68% 64.19% 36.13% to a wide disparity in share price performance and valuation for several real Three Years 24.09% 25.33% 12.79% 8.18% estate companies. Five Years 19.59% 20.79% 10.77% 4.02% Ten Years 16.12% 17.15% 11.25% 7.22% Since Inception3 (January 31, 2010) 18.08% 19.02% 13.16% 9.87% For Strategy reporting purposes, the Firm is defined as all accounts managed by Baron Capital Management, Inc. (“BCM”) and BAMCO, Inc. (“BAMCO”), registered investment advisers wholly owned by Baron Capital Group, Inc. As of March 31, 2021, total Firm assets under management are approximately $49.6 billion. Gross performance figures do not reflect the deduction of investment advisory fees and any other expenses incurred in the management of the investment advisory account. Actual client returns will be reduced by the advisory fees and any other expenses incurred in the management of the investment advisory account. A full description of investment advisory fees is supplied in our Form ADV Part 2A. Valuations and returns are computed and stated in U.S. dollars. Performance figures reflect the reinvestment of dividends and other earnings. The Strategy is currently composed of one mutual fund managed by BAMCO and two separately managed accounts managed by BCM. BAMCO and BCM claim compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of the Firm’s strategies or a GIPS-compliant presentation please contact us at 1-800-99BARON. Performance data quoted represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future results. 1 The MSCI USA IMI Extended Real Estate Index is a custom index calculated by MSCI for, and as requested by, BAMCO, Inc. The index includes real estate and real estate-related GICS classification securities. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI. The S&P 500 Index measures the performance of 500 widely held large-cap U.S. companies. MSCI is the source and owner of the trademarks, service marks and copyrights related to the MSCI Indexes. MSCI is a trademark of Russell Investment Group. The indexes and the Strategy include reinvestment of interest, capital gains and dividends, which positively impact the performance results. The indexes are unmanaged. Index performance is not Strategy performance; one cannot invest directly into an index. 2 Not annualized. 3 The Strategy has a different inception date than its underlying portfolio, which is 12/31/2009. For Institutional Use Only 1 Baron Real Estate Strategy We have maintained the Strategy’s investments in competitively growth companies. Following the sharp divergence in year-to-date advantaged best-in-class real estate companies with long runways for performance between real estate value and real estate growth stocks, the growth. Examples include: risk-reward prospects have started to become more favorable for growth stocks. • Penn National Gaming, Inc., GDS Holdings Limited, American Tower Corp., Equinix, Inc., CBRE Group, Inc., Zillow Group, Inc., We continue to believe, however, that maintaining a mix of value and CoStar Group, Inc., Prologis, Inc., and Alexandria Real Estate growth real estate stocks is prudent. We expect several real estate growth Equities, Inc. stocks may begin to perform better in the months ahead given the recent We have also acquired shares in several real estate companies that are correction in share prices and our expectation for the continuation of strong attractively valued and are “on sale.” Examples include: business results. We also maintain our positive view on real estate value stocks for the following reasons: • Brookfield Asset Management, Inc., Douglas Emmett, Inc., The Howard Hughes Corporation, Toll Brothers, Inc., Simon Property 1. Several 2020 real estate laggards remain attractively valued and “on Group, Inc., Vornado Realty Trust, and Jones Lang LaSalle sale.” Incorporated. 2. The business results of many of the 2020 real estate laggards – such as In our 2020 fourth quarter letter, we stated that we believed the valuation office, mall, hotel, and commercial real estate services companies – gap between the 2020 real estate laggards and winners would narrow if should improve disproportionately as economic activity rebounds. economic activity improved in 2021. This process has begun. In the first quarter, the share prices of many of the 2020 laggards increased sharply 3. Attractively valued and economically sensitive companies may (see Table II) and the share prices of several 2020 winners declined (see continue to perform well if interest rates continue to rise. Table III). Unlike passive real estate strategies that replicate a real estate benchmark or index by owning the entire universe of public real estate companies Table II. regardless of the return prospects for individual companies, we will Examples of 2020 Laggards as of March 31, 2021 continue to actively manage our real estate strategy by prioritizing 2020 YTD 2021 companies with attractive return prospects while de-emphasizing Return Return companies with unappealing return prospects. Vornado Realty Trust –40.47% 23.18% Simon Property Group, Inc. –38.95 33.41 Our actively managed approach to investing in real estate has yielded The Howard Hughes Corporation –37.75 20.52 strong long-term results. Since the launch of the Strategy more than American Assets Trust, Inc. –34.96 13.23 11 years ago on January 31, 2010, the Strategy has increased 539.62% Douglas Emmett, Inc. –30.88 8.54 cumulatively (net of fees) which compares favorably to the performance of Six Flags Entertainment Corporation –23.62 36.28 the largest real estate passive strategy, the Vanguard Real Estate ETF Equity Residential –23.53 21.84 (VNQ), which increased 239.29%. Wynn Resorts Ltd. –18.04 11.11 Jones Lang LaSalle Incorporated –14.77 20.67 Our team remains driven to continue to produce strong long-term results Travel + Leisure Co. –9.05 36.99 for our investors. We will stay vigilant, adaptive, and active regarding the management of the Strategy. Table III. OUR INVESTMENT THEMES AND PORTFOLIO CONSTRUCTION Examples of 2020 Winners as of March 31, 2021 Percent Change We continue to prioritize three investment themes. 2020 YTD 2021 from YTD 2021 Return Return High Price 2021 investment themes Zillow Group, Inc. 182.54% –0.12% –35.15% 1. COVID-19 recovery beneficiaries Opendoor Technologies Inc. 110.39 –6.78 –40.94 NEXTDC Limited 104.03 –15.90 –20.26 2. Opportunities in residential real estate GDS Holdings Limited 81.54 –13.40 –29.92 Pool Corporation 76.94 –7.16 –11.70 3. The intersection of technology and real estate CoStar Group, Inc. 54.48 –11.08 –12.54 1. COVID-19 recovery beneficiaries Cellnex Telecom, S.A. 49.86 –3.98 –8.05 Equinix, Inc. 24.23 –4.43 –11.58 This investment theme encompasses what we call the epicenter real estate SBA Communications Corp. 17.82 –1.39 –1.78 companies of the 2020 pandemic. Alexandria Real Estate Equities, Inc. 13.25 –7.21 –7.81 Last year, certain REITs and other real estate-related businesses that rely on the assembly of people were severely impacted by COVID-19 as they were We also said that if the extreme valuation gap between the 2020 real forced to shut down all or a large part of operations almost without estate winners and laggards narrows over the course of 2021, we would exception.
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