Goldman Sachs’ List Of Stocks Popular With Mutual Fund Managers: Top 20 Stocks

14. American Tower Corporation (NYSE:AMT)

Number of  Mutual Funds: 17

Number of Hedge Fund Investors in Q2 2024: 63

American Tower Corporation (NYSE:AMT) is a technology focused real estate investment trust. Its customers include businesses in the data center, communications, and broadcasting industries. The firm’s exposure to data centers has proven to be pivotal for its share price performance as American Tower Corporation (NYSE:AMT)’s stock is up by 37% over the past twelve months despite the tough interest rate driven environment for real estate and communications stocks coupled with the competition that broadcasting is facing from streaming. Over the past 12 months, the Dow Real Estate Index has gained 25%, confirming investor bullishness for American Tower Corporation (NYSE:AMT). The firm has been helped by several fronts. For starters, its presence in 25 countries means that it can capture AI generated data center demand in several countries. Additionally, American Tower Corporation (NYSE:AMT) has also sold its India business which improves its income statement. The REIT also signs contracts ranging between 5 to 10 years which provide investors with greater visibility into its future cash flows and helps protect against economic downturns.

ClearBridge Investments mentioned American Tower Corporation (NYSE:AMT) in its Q2 2024 investor letter. Here is what the fund said:

“American Tower, which we also added this quarter, is a great example of a new position that has a less expansive upside, but immensely compliments our overall portfolio positioning and utility. The company, which boasts incredible fundamental stability and built-in growth and inflation protection via its customer contracts, currently trades near decade lows across a variety of valuation measures.”