Does Fortune Brands Innovations (FBIN) Have a Competitive Advantage?
Baron Funds, an investment management company, released its “Baron Real Estate Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 6.17% (Institutional Shares) compared to a 4.90% return for the MSCI US REIT Index (the “REIT Index”) and an 8.71% return for the MSCI USA IMI Extended Real Estate Index (the “MSCI Real Estate Index”). For 2022, the fund declined 28.44% compared to a 23.84% decline for the MSCI Real Estate Index and a 25.37% decline for the REIT Index. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Baron Funds highlighted stocks like Fortune Brands Innovations, Inc. (NYSE:FBIN) in the Q4 2022 investor letter. Headquartered in Deerfield, Illinois, Fortune Brands Innovations, Inc. (NYSE:FBIN) is a water, outdoor, and security products provider. On January 31, 2023, Fortune Brands Innovations, Inc. (NYSE:FBIN) stock closed at $64.51 per share. One-month return of Fortune Brands Innovations, Inc. (NYSE:FBIN) was 6.75%, and its shares lost 20.51% of their value over the last 52 weeks. Fortune Brands Innovations, Inc. (NYSE:FBIN) has a market capitalization of $8.259 billion.
Baron Funds made the following comment about Fortune Brands Innovations, Inc. (NYSE:FBIN) in its Q4 2022 investor letter:
“Following a sharp decline in its shares in the first nine months of 2022, the shares of Fortune Brands Innovations, Inc. (NYSE:FBIN) increased 26% in the most recent quarter, in part due to better-than-expected business results and a broader rebound in housing-related securities.
Fortune Brands is a leading manufacturer of home security, water, and outdoor products. The company’s businesses have strong long-term growth opportunities powered by secular tailwinds such as outdoor living, connected products, water management, safety and wellness, sustainability, and material conversion. We believe Fortune Brands has several competitive advantages, including recognizable brands, a focus on innovation, strong distribution relationships, and a proven and highly capable management team. We are optimistic about the company’s long-term prospects."
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Fortune Brands Innovations, Inc. (NYSE:FBIN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Fortune Brands Innovations, Inc. (NYSE:FBIN) at the end of the third quarter, which was 33 in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
