What smart money is saying about CoStar Group
9 funds in our archive have pitched CoStar Group, most recently Polen Global Growth in March 2026.
CoStar Group, Inc. (CSGP) stands as a premier global provider of comprehensive information, sophisticated analytics, and dynamic online marketplace services. The company caters to professionals within the commercial real estate, hospitality, residential, and related industries, extending its reach across the United States, Canada, Europe, the Asia Pacific region, and Latin America. Its diverse suite of offerings encompasses powerful data platforms like CoStar Property, which meticulously catalogues an extensive inventory of various property types, including office, industrial, retail, multifamily, hospitality, student housing, and undeveloped land. Other key analytical tools comprise CoStar COMPS, a robust repository of comparable commercial real estate sales transactions; CoStar Market Analytics, designed for examining aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical resource providing detailed tenant information. Additionally, CoStar offers solutions for lease management, including Lease Comps and Analysis and CoStar Lease Analysis, alongside Public Record, a searchable database of commercially-zoned land parcels. Its software solutions feature CoStar Real Estate Manager, designed for comprehensive lease administration, portfolio oversight, and lease accounting compliance, as well as specialized CoStar Risk Analytics and CoStar Investment tools. Beyond its data and software platforms, CoStar operates a vast network of online marketplaces. These include prominent apartment marketing sites such as ApartmentFinder.com and ForRent.com; commercial property listing and advertising services through LoopNet (e.g., Premium Lister, Diamond, Platinum, and Gold Ads); and platforms dedicated to rural land sales like LandsofAmerica.com and LandAndFarm.com. It also facilitates the sale of operating businesses and franchises via sites like BizBuySell.com, and serves as an online auction platform for commercial real estate with Ten-X. Furthermore, CoStar supports the residential home-buying market through HomeSnap, an online and mobile software platform, and Homes.com, a comprehensive listings site for properties for sale. CoStar Group, Inc. was established in 1987 and maintains its corporate headquarters in Washington, D.C.
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Fund signal · last 12 months
29 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 32 fund letters reported a position in CoStar Group, with 2 buys (opened or added) and 13 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 6 | 0 | 4 | 0 |
| Q2 2026 | 14 | 1 | 5 | 0 |
| Q1 2026 | 7 | 1 | 3 | 5 |
| Q4 2025 | 2 | 0 | 1 | 2 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q2 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 1 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 32 positions · 15 moves
- TrimmedWhite Falcon StrategySeptember 2026
“While its commercial business still remains best in class, its residential business now has significant uncertainty due to which we chose to take a loss.”
CoStar Group - HoldsAkre CapitalSeptember 2026
“Not all our companies are performing optimally. It is under cover of what we believe will be temporary storm clouds that we have initiated and built positions in these instances. For example, growth for luxury goods remains muted, weighing on LVMH. Copart recently lost a large insurance customer and is making reinvestment decisions that we are scrutinizing closely. Fair Isaac (FICO) has become a political scapegoat for housing affordability challenges. Questions persist on Costar’s domestic residential strategy and reinvestment.”
CoStar Group - HoldsAkre Focus ETFSeptember 2026
“For example, growth for luxury goods remains muted, weighing on LVMH. Copart recently lost a large insurance customer and is making reinvestment decisions that we are scrutinizing closely. Fair Isaac (FICO) has become a political scapegoat for housing affordability challenges. Questions persist on Costar’s domestic residential strategy and reinvestment.”
CoStar Group - September 2026
“Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).”
CoStar Group - September 2026
“we elected to manage our position sizes and took profits in ACI Worldwide, Alphabet and Perimeter Solutions, offset by harvesting losses in CoStar Group and Accenture.”
CoStar Group - September 2026
“We exited three Fund positions during the quarter. While NVIDIA’s near-term outlook remains solid, we chose to book quick, healthy gains to refocus the Fund’s AI-related investments elsewhere in the value chain. We sold our small remaining CoStar Group position after the company offered another disappointing outlook.”
CoStar Group - ExitedBaron Opportunity FundJune 2026
“Top net sales for the quarter Quarter End Market Cap or Market Cap When Sold ($B) Net Amount Sold ($M) CoStar Group, Inc. 13.1 15.3 ServiceNow, Inc. 91.0 10.5 Datadog, Inc. 92.7 7.9 Zscaler, Inc. 19.0 6.8 Via Transportation, Inc. 1.4 5.5 We exited our position in ServiceNow, Inc. , which was a successful long-term investment for the Fund, and redeployed the capital into the software and digital services names discussed in the Review and Outlook section above. We trimmed our Datadog, Inc. position to a lower portfolio weight after the stock rose 121% in the second quarter. We retain conviction in Datadog’s long-term growth opportunity, durable competitive advantages, and innovative and disciplined management team. We sold out of our long-term investment in CoStar Group, Inc. , as described above.”
CoStar Group - June 2026
“CoStar Group, Inc. — (20.14) (0.30)”
CoStar Group - AddedSpyglass Growth StrategyJune 2026
“During the second quarter, the positions that received the most additional capital were CoStar Group, Chime Financial, and Medpace Holdings.”
CoStar Group - June 2026
“We sold out of our long-term investment in CoStar Group, Inc., as described above.”
CoStar Group - June 2026
“Within the real estate sector, CoStar Group Inc. provides information, analytics, and marketplace services. We decided to exit the position due to lackluster booking performance despite significant additions to the sales force. The stock was down -21% for the time held during the quarter.”
CoStar Group - HoldsBaron Asset FundJune 2026
“CoStar Group, Inc. is the leading provider of information and marketing services to the commercial and residential real estate industries. Shares fell due to multiple compression driven by rising fears related to AI’s impact on CoStar’s business. The market has increasingly come to view AI as an existential risk for a growing number of industries, including software, business services, information services, and video games. While there is little evidence of any fundamental impact on these sectors, investors have largely adopted a “shoot first and ask questions later” approach, leading to significant stock price declines. We continue to own CoStar due to its enviable business model, differentiated data assets, and meaningful growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - June 2026
“CoStar Group, Inc. is the leading provider of information and marketing services to the commercial and residential real estate industries. Shares fell due to multiple compression driven by rising AI fears. The market has increasingly come to view AI as an existential risk for a growing number of industries, including software, business services, information services, and video games. While there is little evidence of any fundamental impact on these sectors, investors have largely adopted a “shoot first and ask questions later” approach, leading to significant stock price declines. We continue to own CoStar due to its enviable business model, differentiated data assets, and meaningful growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - HoldsBaron Partners FundJune 2026
“CoStar Group, Inc. is the leading provider of information and marketing services to the commercial and residential real estate industries. Shares fell due to multiple compression driven by rising AI fears. The market has increasingly come to view AI as an existential risk for a growing number of industries, including software, business services, information services, and video games. While there is little evidence of any fundamental impact on these sectors, investors have largely adopted a “shoot first and ask questions later” approach, leading to significant stock price declines. We continue to own CoStar due to its enviable business model, differentiated data assets, and meaningful growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - June 2026
“The Strategy owns a small position in real estate data-provider CoStar Group (CSGP).”
CoStar Group - HoldsBaron Partners FundJune 2026
“We continue to own CoStar due to its enviable business model, differentiated data assets, and meaningful growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - HoldsAkre Focus ETFJune 2026
“Recent examples of AI adoption, monetization, or lack of AI-related disruption among our portfolio companies include: • CCC Intelligent Solutions (CCC): $120 million annualized revenue run-rate (ARR) from its Emerging Solutions’ products of which AI is the largest contributor. The company’s Emerging Solutions revenue grew 50% year-over-year. • Salesforce (CRM): Agentforce + Data 360 (key AI products) ARR up 225% to $3.4 billion in Q1 (119% organic). • ServiceNow (NOW): raised 2026 AI revenue guidance by 50% from the prior quarter; announced $300 million in cost savings from internal AI adoption; gross dollar retention steady at 98%. • Constellation Software: no material customer losses to “AI-native” startups across their portfolio of ~1,500 vertical market software companies. • Fair Isaac (FICO): has filed 137 AI-based patents. Second Quarter 2026 Akre Capital Management, LLC | 2 West Marshall Street, Middleburg, Virginia 20117 | 540-687-3880 | akrecapital.com | akrefund.com • CoStar Group (CSGP): Launched Homes Ai and Apartments.com Ai, adding conversational natural language search capabilities to its leading home and apartment online portals and leveraging the company’s unmatched proprietary property data and imagery.”
CoStar Group - HoldsBaron CapitalJune 2026
“CoStar Group, Inc. is the leading provider of information and marketing services to the commercial and residential real estate industries. Shares fell due to multiple compression driven by rising AI fears. The market has increasingly come to view AI as an existential risk for a growing number of industries, including software, business services, information services, and video games. While there is little evidence of any fundamental impact on these sectors, investors have largely adopted a “shoot first and ask questions later” approach, leading to significant stock price declines. We continue to own CoStar due to its enviable business model, differentiated data assets, and meaningful growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - June 2026
“Other material trims included Alphabet, Berkshire Hathaway, CoStar Group, Perimeter Solutions and Texas Instruments.”
CoStar Group - June 2026
“We also decreased the Fund’s exposure to several top detractors (Accenture, Salesforce, CoStar Group) to help manage risk.”
CoStar Group - ExitedLarge-Cap GrowthMarch 2026
“ CoStar Group (CSGP) was eliminated from the portfolio during the quarter as our conviction in the near-term outlook declined.”
CoStar Group - March 2026
“CoStar Group (CSGP) declined 40% and was the top detractor during the quarter.”
CoStar Group - March 2026
“During the first quarter, we scrutinized AI risk of every position in the portfolio once again. Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK). We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP).”
CoStar Group - March 2026
“CoStar Group, Inc. (CSGP) CoStar is a leading provider of proprietary commercial real estate data along with commercial real estate leasing tools and marketplaces. The company is also a leader in multi-family residential real estate leasing (Apartments. com). The company is aggressively expanding into the single-family residential market through their rollout of Homes.com, which requires a significant investment in research and development (R&D), sales and marketing expenses. This business model expansion has been a large headwind to profitability in the near term and caused investors to sour on the stock during the quarter. However, Homes.com is gaining market share and investments appear poised to rationalize, which should be supportive of improving profitability in the coming years. As a result of this view, the fund retained its investment in CoStar Group throughout the quarter.”
CoStar Group - AddedPolen Focus GrowthMarch 2026
“CoStar Group has come under pressure from a combination of the negative AI narrative on software as well as its large investment in its Homes.com business that has driven company margins much lower than normal. We believe CoStar has deep domain expertise and data in commercial and residential real estate that is not replicable by large language models scraping the internet. And while we have some concern about the level of spend on Homes.com, we acknowledge that most of that capital has already been allocated and the revenue and profit expectations going forward from here look far better. In fact, we expect CoStar to be one of, if not the fastest growing company in the Portfolio over the next 3 to 5 years based on earnings per share. We added to our position here during the quarter (highlighted below).”
CoStar Group - ExitedThird PointMarch 2026
“CoStar Last year we invested in CoStar with a simple thesis: value in the company’s core commercial business could be unlocked by improving a deficient board that for years had blessed large investments in a failing venture, Homes.com. Despite our efforts, CEO Andy Florance has continued what can only be seen as a reckless drain on a majority of the company’s operating income into Homes.com and related acquisitions even as the share price has continued to plummet. It appears to us that Mr. Florance’s obsession with Homes.com has diverted attention from core business areas, calling into question management’s ability to maintain a competitive edge in Apartments.com and the CoStar Suite in a rapidly changing market and with no apparent plan for a world increasingly shaped by AI. When we suggested earlier this year that additional change was needed at the Board level, the Company responded by further entrenching Mr. Florance with a “golden parachute,” changing its reporting structure to seemingly obscure Homes.com’s woeful financial performance within a newly created segment, and engaging in an aggressive PR campaign against certain of its own concerned owners. We no longer believe that our original thesis holds true today and have disposed of our position in its entirety.”
CoStar Group - HoldsBaron Growth FundMarch 2026
“CoStar Group, Inc. is the leading provider of information and marketing services to the commercial and residential real estate industries. Shares fell due to multiple compression driven by rising AI fears. The market has come to view AI as an existential risk for a growing number of industries—including software, business services, information services, and video games— despite no evidence of any fundamental impact to these sectors. This “shoot first and ask questions later” dynamic has resulted in meaningful share price declines. We continue to own CoStar given its differentiated data assets and significant growth opportunities in providing enhanced real estate information, analytics, and marketplace offerings.”
CoStar Group - HoldsAkreDecember 2025
Listed in Akre’s reported holdings.
CoStar Group - ExitedParnassus Mid Cap FundDecember 2025
“We also sold CoStar Group, as the company's valuation will remain high until it's able to monetize its significant investments in Homes.com.”
CoStar Group - HoldsConestogaSeptember 2025
Listed in Conestoga’s reported holdings.
CoStar Group - June 2025
“ In Real Estate, the strategy owns real estate data-provider CoStar Group (CSGP).”
CoStar Group - HoldsNewBridge Large Cap Growth EquityDecember 2024
“The Real Estate sector was the benchmark’s worst performing sector during the quarter. While it was down during the quarter, the portfolio’s sole Real Estate holding, CoStar Group, Inc., outperformed the benchmark’s sector holdings.”
CoStar Group
Also mentioned · 2
These funds discuss CoStar Group as a competitor, benchmark or comparable, without disclosing a position in it.
- March 2026
“CoStar Group Inc. provides information, analytics, and marketplace services to the real estate industry.”
CoStar Group - MentionedMaple Brown Abbott oOh!mediaJune 2025
“the likes of Nine Entertainment (NEC) may be interested bundling its TV and publishing assets with the OOH format, particularly given the pending cash injection from the Domain Holdings Australia (DHG) divestment following the Co Star Group takeover.”
CoStar Group
Fund coverage · 9 theses
- Polen Global GrowthMarch 2026
CoStar Group is a deeply embedded information platform with domain expertise, AI resilience, and margin expansion potential.
Read the full thesis - Polen Focus GrowthMarch 2026
CoStar Group is a real estate information and software company with deep proprietary data, improving economics, and strong long-term EPS growth potential.
Read the full thesis - Baron Asset FundMarch 2026
CoStar Group is a leading real estate information and marketplaces provider with differentiated data assets, high recurring revenue, and meaningful cash flow potential.
Read the full thesis - Baron First Principles ETFMarch 2026
CoStar Group is a real estate data and marketing platform with recurring revenue, differentiated assets, and long-term cash flow potential.
Read the full thesis - Baron Partners FundMarch 2026
CoStar is a real estate information platform with recurring revenue, differentiated data assets, and long-term growth opportunities.
Read the full thesis - Baron Durable Advantage FundDecember 2025
CoStar Group is a leading real estate data and marketing provider with improving sales momentum and a core business we believe is undervalued relative to long-term opportunities.
Read the full thesis - Baron Growth FundDecember 2025
CoStar Group, Inc. is the leading real estate information and marketing platform with accelerating non-residential growth and underappreciated residential optionality implying valuation upside.
Read the full thesis - Third PointMarch 2025
CoStar is positioned for significant growth due to its dominant market share and potential for improved capital allocation, despite challenges in its residential real estate expansion.
Read the full thesis - Polen Focus GrowthDecember 2024
CoStar Group is a leading provider of commercial real estate information and analytics with high profit margins, strong recurring revenue, and significant growth potential, especially from its emerging Homes.com platform.
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