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Baron Capital, an investment management company, released its Q2 2026 letter for the "Baron Real Estate Income Fund." The Fund gained 12.18% (Institutional Shares) during the quarter, modestly outperforming the MSCI US REIT Index, which increased 11.84%. The letter can be downloaded here. Its long-term performance also remains strong, with Morningstar ranking it the #2 real estate fund since its December 2017 inception. The letter discusses management's current views, portfolio composition, key contributors and detractors, recent activity, and the outlook for real estate and the Fund. Management believes a multi-year recovery in real estate is beginning to emerge, despite elevated interest rates, housing affordability pressures, and AI-related disruption. Its constructive outlook is supported by attractive valuations, accelerating M&A, favorable supply-demand dynamics, healthy balance sheets, improving debt conditions, and increasing recognition of real estate as an AI beneficiary. The Fund remains positioned to benefit from improving growth, rising dividends, and potential valuation normalization. Please review the Fund's top five holdings to gain insights into their key selections for 2026.
In its second-quarter 2026 investor letter, Baron Real Estate Fund highlighted The Macerich Company (NYSE:MAC). The Macerich Company (NYSE:MAC), a fully integrated, self-managed, self-administered real estate investment trust (REIT), that owns and operates high-quality retail real estate in densely populated and attractive U.S. markets, contributed 1.56% to the fund's return this quarter. On September 16, 2026, The Macerich Company (NYSE:MAC) closed at $22.42 per share. One-month return of The Macerich Company (NYSE:MAC) was -9.19% and its shares gained 26.31% over the past 52 weeks. The Macerich Company (NYSE:MAC) has a market capitalization of $6.61 billion with a 52-week trading range between $16.03 and $26.68.
Baron Real Estate Fund stated the following regarding The Macerich Company (NYSE:MAC) in its Q2 2026 investor letter:
"We remain positive about mall REITs, particularly The Macerich Company and Simon Property Group, Inc. The fundamentals for high-quality mall and outlet assets remain supportive: tenant demand is strong, high occupancy and limited new developments create scarcity, favorable supply/ demand dynamics enable rent growth, and valuations remain attractive. We remain optimistic about the two- to three-year prospects for Macerich. Continued engagement with CEO Jackson Hsieh reinforces our confidence that the company can create meaningful long-term value through initiatives such as divesting non-core properties, reducing debt, improving the mix of tenants, and acquiring value-added mall properties at attractive prices.
The Macerich Company, a high-quality retail mall REIT, contributed positively to performance in the second quarter, driven by management's continued strong execution. Key highlights included nearing full achievement of the leasing targets outlined in its Path Forward Plan, a growing pipeline of accretive acquisitions, and an opportunistic equity raise that further strengthened balance sheet flexibility."
The Macerich Company (NYSE:MAC) is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held The Macerich Company (NYSE:MAC) at the end of the second quarter which was 17 in the previous quarter. While we acknowledge the potential of The Macerich Company (NYSE:MAC) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
In addition, please check out our hedge fund investor letters Q2 2026 page for more investor letters from hedge funds and other leading investors.
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This article is originally published at Insider Monkey.
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