Core Insights - The Baron Real Estate Fund achieved a 10.25% increase in the third quarter, outperforming both the MSCI US REIT Index (4.49%) and the MSCI USA IMI Extended Real Estate Index (5.65%) [2] - The Fund's long-term performance remains strong, ranking in the top percentiles across various time frames according to Morningstar [3][5] - The Fund's cumulative return since inception (December 31, 2009) is 629%, significantly higher than the REIT Index (230%) and the MSCI Real Estate Index (432%) [7] Performance Metrics - The Fund's annualized performance as of September 30, 2025, shows: - QTD: Institutional Shares +10.25%, Retail Shares +10.20% - YTD: Institutional Shares +6.59%, Retail Shares +6.40% - 1 Year: Institutional Shares +3.42%, Retail Shares +3.15% - 3 Years: Institutional Shares +16.75%, Retail Shares +16.45% - 5 Years: Institutional Shares +9.27%, Retail Shares +8.99% - 10 Years: Institutional Shares +11.41%, Retail Shares +11.13% - 15 Years: Institutional Shares +13.30%, Retail Shares +13.02% - Since Inception: Institutional Shares +13.44%, Retail Shares +13.16% [6] Investment Themes - The Fund's key investment themes include: - REITs: 27.2% of net assets, with a focus on sectors with strong demand and limited new supply [24][27] - Non-REITs: 71.0% of net assets, including categories such as Building Products/Services (19.6%) and Real Estate Service Companies (14.8%) [24] - The Fund identifies compelling opportunities in sectors like residential-related real estate, travel-related real estate, and commercial real estate services [32][39][42] Market Outlook - The Fund remains optimistic about public real estate, citing improving business fundamentals and favorable demand conditions [10][20] - Positive comments from executives of leading real estate companies indicate a potential recovery in real estate values and fundamentals [11][12][13][14][15][16] - The current real estate landscape is characterized by limited new construction, solid balance sheets, and a favorable supply-demand dynamic [25][72] Top Contributors and Detractors - Top contributors to the Fund's performance in the recent quarter include: - Wynn Resorts, Limited: +1.20% - Jones Lang LaSalle Incorporated: +0.96% - CRH public limited company: +0.95% [48] - Top detractors include: - American Tower Corporation: -0.46% - Airbnb, Inc.: -0.17% [57] Recent Activity - The Fund initiated positions in Iron Mountain Incorporated and AAON, Inc., citing attractive valuations and growth prospects [62][64] - The Fund exited its position in Independence Realty Trust, reallocating capital to companies with more favorable return prospects [70]

Accessibility StatementSkip Navigation All comparisons are of the current quarter to the prior-year quarter, unless indicated. Homebuilding Land Portfolio SCOTTSDALE, Ariz., Oct. 22, 2025 /PRNewswire/ --Â Taylor Morrison Home Corporation (NYSE: TMHC), a leading national land developer and homebuilder, announced results for the third quarter ended Sept. 30, 2025. Reported net income was $201 million, or $2.01 per diluted share, while adjusted net income was $211 million, or $2.11 per diluted share. Third qua ...

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Core Insights - Century Communities, Inc. has launched new tri-level townhomes in American Fork, Utah, with a Grand Opening event held on October 18, 2025, showcasing model tours and promotional savings opportunities [1][3]. Company Overview - Century Communities is recognized as a leading national homebuilder and an industry leader in online home sales, having been featured on Newsweek's lists of America's and the World's Most Trustworthy Companies [1][9]. - The company operates in 16 states and over 45 markets across the U.S., providing a range of services including mortgage, title, insurance brokerage, and escrow services through its subsidiaries [9]. Product Offering - The new townhomes, part of the Highland at American Fork community, feature two model plans: Manhattan and Keansburg, with prices starting from the mid $400s [2][4]. - Each tri-level townhome offers up to 2,163 square feet, 4 bedrooms, 3.5 bathrooms, and 2-bay garages, along with modern amenities such as quartz countertops, LG kitchen appliances, and integrated smart home technology [3][6]. Community Features - The community includes amenities like a playground, open turf play area, and cornhole, and is conveniently located near major cities such as Lehi, Provo, and Salt Lake City, with quick access to I-15 [6]. Online Homebuying Experience - Century Communities offers an innovative online homebuying experience, allowing potential buyers to shop for homes, fill out forms, and electronically sign contracts [5][7].

Core Insights - Toll Brothers, Inc. has launched its new luxury home community, Chapel Oaks, in the Raleigh area, featuring a model home currently under construction [1] - The community offers modern home designs with floor plans ranging from 4,050 to over 5,200 square feet, priced from $1.06 million [2] Group 1: Community Features - Chapel Oaks includes homes with 4 to 5 bedrooms and 2 to 4-car garages, designed with spacious great rooms and options for multigenerational living [2] - The community is located less than three miles from downtown Chapel Hill, providing easy access to shopping, dining, and recreational activities [5] Group 2: Customer Experience - Toll Brothers provides a one-stop shopping experience at its Design Studio, allowing customers to personalize their homes with professional assistance [3] - The community is positioned to attract families due to its proximity to top-rated schools and outdoor recreational areas [5] Group 3: Company Overview - Toll Brothers is a Fortune 500 Company, established in 1967, and operates in over 60 markets across 24 states [8] - The company has received multiple accolades, including being named one of Fortune's World's Most Admired Companies for over 10 years [9]

Core Insights - PulteGroup, Inc. is a significant player in the homebuilding industry, offering a diverse range of residential properties across the United States and competing with major homebuilders like D.R. Horton and Lennar Corporation [1] Financial Performance - For the third quarter, PulteGroup reported earnings per share (EPS) of $2.96, exceeding the Zacks Consensus Estimate of $2.86, but down from $3.35 in the same quarter last year [2][6] - The company's net income for the quarter was $586 million, a decrease from $698 million in the previous year, indicating challenges in maintaining profitability [2] - Revenue for the quarter reached approximately $4.40 billion, surpassing the estimated $4.31 billion, reflecting the company's ability to generate sales despite a challenging environment [3][6] Financial Ratios - PulteGroup's price-to-earnings (P/E) ratio is around 27.07, suggesting that investors are willing to pay a premium for its earnings [4] - The price-to-sales and enterprise value to sales ratios are both approximately 4.90, indicating a consistent valuation approach [4] - The enterprise value to operating cash flow ratio of 16.75 highlights the company's cash flow generation capabilities relative to its valuation [4] Investment Metrics - The earnings yield stands at about 3.69%, providing investors with a perspective on the return from earnings [5] - The current ratio of approximately 0.87 suggests potential challenges in covering short-term liabilities with short-term assets [5] - Despite these challenges, the company remains focused on long-term strategies, emphasizing production volume management and capital allocation [5]

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Core Insights - PulteGroup Inc. reported better-than-expected third-quarter 2025 results, with adjusted earnings of $2.96 per share and total revenues of $4.4 billion, surpassing estimates but showing a year-over-year decline [1][4][8] - The company's performance was negatively impacted by a soft housing market, characterized by weaker consumer confidence and affordability challenges [2][3] - Despite optimism regarding lowered interest rates, buyer demand remains below normal levels, prompting the company to leverage its diversified business platform to navigate macro challenges [3] Financial Performance - Adjusted earnings of $2.96 per share exceeded the Zacks Consensus Estimate of $2.86 by 3.5%, but decreased from $3.35 in the prior year [4][8] - Total revenues of $4.4 billion surpassed expectations by 2.3% but declined 1.6% from $4.48 billion year-over-year [4][8] - Homebuilding revenues fell 1.4% year-over-year to $4.3 billion, while home sale revenues decreased 2.2% to $4.25 billion [5][8] Segment Analysis - Homebuilding segment revenues decreased 1.4% year-over-year, while land sale and other revenues increased significantly by 175.7% to $53.2 million [5] - The number of homes closed dropped 5% to 7,529 units, with an average selling price (ASP) of $564,000, up 2.9% year-over-year [6] - Financial Services segment revenues fell 9.3% year-over-year to $103.3 million, with pretax income declining from $55 million to $44 million [8] Backlog and Orders - At the end of Q3, PulteGroup's backlog was 9,888 units, down 18.2% year-over-year, with potential housing revenues from the backlog decreasing 19% to $6.23 billion [7] - Net new home orders declined 5.6% year-over-year to 6,638 units, with the value of these orders falling 7.4% to $3.64 billion [6][8] Cash and Share Repurchase - As of the end of Q3, the company had cash and cash equivalents of $1.48 billion, down from $1.65 billion at the end of 2024 [10] - In the first nine months of 2025, PulteGroup repurchased 8.2 million common shares for $900 million at an average price of $109.81 per share [11]

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Group 1: Company Overview - DR Horton Inc (NYSE:DHI) is identified as one of the trending stocks this week, reflecting growing interest in the housing sector [1] - Stephanie Link, chief investment strategist at Hightower Advisors, includes DR Horton in her portfolio, anticipating a bullish housing cycle due to declining interest rates and a shortage of homes in the US [1][2] Group 2: Industry Insights - The current housing market has not experienced a cycle, yet it is still growing at a rate of 3.8%, indicating potential for significant growth when a housing cycle does occur [2] - The housing market has a multiplier effect, as homeownership leads to increased spending on furnishings and transportation, further stimulating economic activity [2]