American Tower Corporation (AMT) was Pressured by Increasing Rates

ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. U.S. equities fell from the first-half highs amid fears of slowing consumer spending and higher interest rates. The strategy performed strongly in this environment outperforming the Russell 1000 Value Index. The strategy benefited from two of the 11 sectors it was invested in during the quarter, on an absolute basis. Overall stock selection and sector allocation contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge Large Cap Value Strategy highlighted stocks like American Tower Corporation (NYSE:AMT) in the third quarter 2023 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. On October 10, 2023, American Tower Corporation (NYSE:AMT) stock closed at $158.56 per share. One-month return of American Tower Corporation (NYSE:AMT) was -10.39%, and its shares lost 13.73% of their value over the last 52 weeks. American Tower Corporation (NYSE:AMT) has a market capitalization of $73.914 billion.

ClearBridge Large Cap Value Strategy made the following comment about American Tower Corporation (NYSE:AMT) in its Q3 2023 investor letter:

“Other detractors included American Express, which fell on concerns over slower consumer spending and rising charge-offs, as well as wireless tower REIT American Tower Corporation (NYSE:AMT), which was pressured by the increase in rates along with the broader real estate sector.”

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American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the second quarter, which was 65 in the previous quarter.

We discussed American Tower Corporation (NYSE:AMT) in another article and shared the list of undervalued stocks to buy according to Goldman Sachs. In addition, please check out our hedge fund investor letters Q3 2023 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.