CoStar Group (CSGP) in Wally Weitz's Multi Cap Equity Fund Q2 2024

Challenges in New Business Vertical and Core Strengths

Apr 15, 2025

Summary

Top detractor for the quarter and year-to-date.
Challenges in the new residential real estate portal.
Core commercial real estate business remains strong.

CoStar Group, Inc. (CSGP, Financial) was the top detractor in Wally Weitz's Multi Cap Equity Fund 2nd-Quarter Commentary 2024 Q2. The company's new residential real estate portal, Homes.com, faced challenges, impacting its stock performance. However, CoStar's core commercial real estate and multifamily rental marketplace businesses remain strong.

"CoStar Group, Inc. was the Fund's top detractor for the second quarter and a top-five detractor year-to-date. The company's recently launched residential real estate portal (Homes.com) generated strong initial sales results and drove strong stock price appreciation in the first quarter. Recent reports, however, suggest the pace of real estate agents buying memberships to their site may have slowed, leading shares to give back prior quarter gains, and then some." — Wally Weitz, Multi Cap Equity Fund, Q2 2024 Fund Letter

Read full letter at gurufocus Wally Weitz's Multi Cap Equity Fund 2nd-Quarter Commentary 2024 Q2 page.

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