Baron Funds: “Las Vegas Sands (LVS) Maintains a Liquid and Investment Grade Balance Sheet”

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Baron Funds, an asset management firm, published its “Baron Real Estate Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. The Baron Real Estate Fund (the “Fund”) declined 10.76% (Institutional Shares) in the first quarter of 2022, modestly outperforming its primary benchmark, the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”), which declined 11.03%. The Fund underperformed the MSCI US REIT Index (the “REIT Index”), which declined 4.28%. Try to spend some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Baron Real Estate Fund mentioned Las Vegas Sands Corp. (NYSE:LVS) and explained its insights for the company. Founded in 1988, Las Vegas Sands Corp. (NYSE:LVS) is a Las Vegas, Nevada-based casino and resort company with a $25.2 billion market capitalization. Las Vegas Sands Corp. (NYSE:LVS) delivered a -12.35% return since the beginning of the year, while its 12-month returns are down by -42.86%. The stock closed at $32.99 per share on May 23, 2022.

Here is what Baron Real Estate Fund has to say about Las Vegas Sands Corp. (NYSE:LVS) in its Q1 2022 investor letter:

"Following a 50%-plus decline in the share price of Las Vegas Sands Corporation from its 2021 peak share price of $67 to $34, we began acquiring shares of this global leader in the development and operation of luxury casino resorts in the fourth quarter of 2021 and continued to acquire shares in the most recent quarter. We believe Las Vegas Sands' market-leading resorts in Macau and Singapore position the company for strong growth when travel and tourism spending rebounds. Las Vegas Sands maintains a liquid and investment grade balance sheet and is currently valued at a significant discount to our assessment of replacement cost."

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Our calculations show that Las Vegas Sands Corp. (NYSE:LVS) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Las Vegas Sands Corp. (NYSE:LVS) was in 34 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 40 funds in the previous quarter. Las Vegas Sands Corp. (NYSE:LVS) delivered a -29.99% return in the past 3 months.

In November 2021, we also shared another hedge fund’s views on Las Vegas Sands Corp. (NYSE:LVS) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.