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✍️  Baron Funds' "Baron Real Estate Fund" released its second-quarter 2025 investor letter, highlighting its performance and top holdings, including AvalonBay Communities, Inc.
👉 AvalonBay Communities, Inc. was exited due to less favorable economics and modest growth prospects
👉 The fund rose 3.61% in the quarter, outperforming the MSCI US REIT Index and MSCI USA IMI Extended Real Estate Index
👉 The fund reallocated capital to higher conviction investment ideas

#business
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