Baron Funds, an investment management company, released its “Baron Real Estate Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund delivered strong results in the quarter. The fund appreciated 10.25% (Institutional Shares) compared to the MSCI US REIT Index’s (the REIT Index) 4.49% and the MSCI USA IMI Extended Real Estate Index’s 5.65%. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Baron Real Estate Fund highlighted stocks such as Iron Mountain Incorporated (NYSE:IRM). Iron Mountain Incorporated (NYSE:IRM) is a REIT that provides storage and information management solutions. The one-month return of Iron Mountain Incorporated (NYSE:IRM) was -4.36%, and its shares lost 12.79% of their value over the last 52 weeks. On November 11, 2025, Iron Mountain Incorporated (NYSE:IRM) stock closed at $101.15 per share, with a market capitalization of $29.899 billion.
Baron Real Estate Fund stated the following regarding Iron Mountain Incorporated (NYSE:IRM) in its third quarter 2025 investor letter:
“In the third quarter, we initiated a new REIT position in Iron Mountain Incorporated (NYSE:IRM), as its shares offered a compelling valuation level combined with attractive long-term growth prospects. Iron Mountain offers record storage management along with an evolving fast-growing data center segment.
Iron Mountain Incorporated (NYSE:IRM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 47 hedge fund portfolios held Iron Mountain Incorporated (NYSE:IRM) at the end of the second quarter, up from 40 in the previous quarter. In the third quarter of 2025, Iron Mountain Incorporated’s (NYSE:IRM) revenue increased 13% to $1.8 billion. While we acknowledge the potential of Iron Mountain Incorporated (NYSE:IRM) 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.
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