Mar Vista Investment Partners, LLC, an investment management company, released the “Mar Vista Global Quality Strategy” fourth quarter 2024 investor letter. A copy of the letter can be downloaded here. As investors welcomed reduced interest rates and inflation in developed economies, the global stock market rose in 2024. The MSCI World Net Index increased 18.7% for the year, finishing an incredible two-year run with a 47% total return and its second straight annual gain above 15%. In the fourth quarter, the strategy returned -3.31% net-of-fees compared to -0.16% and -0.99% returns for the MSCI World Net Index and the MSCI All Country World Net Index, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Mar Vista Global Quality Strategy emphasized stocks such as American Tower Corporation (NYSE:AMT). American Tower Corporation (NYSE:AMT) is a leading independent multitenant communications real estate operator. The one-month return of American Tower Corporation (NYSE:AMT) was -0.26%, and its shares gained 2.04% of their value over the last 52 weeks. On February 21, 2025, American Tower Corporation (NYSE:AMT) stock closed at $191.55 per share with a market capitalization of $89.509 billion.
Mar Vista Global Quality Strategy stated the following regarding American Tower Corporation (NYSE:AMT) in its Q4 2024 investor letter:
“After appreciating by almost 40% during the prior two quarters, American Tower Corporation’s (NYSE:AMT) stock declined 21% in the fourth quarter as expectations for more aggressive Federal Reserve interest cuts moderated and longer-term interest rates rose. The fundamental outlook for American Tower did not change materially during the period, with management providing guidance that was in line with consensus expectations. The long-term global opportunities for 5G deployment, edge-of-network computing and datacenters are still attractive and are not fully reflected in the current stock price, in our opinion.”
A wide angled view of a high-rise office building, the windows reflecting a nearby cityscape.
American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 70 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the fourth quarter compared to 73 in the third quarter. While we acknowledge the potential of American Tower Corporation (NYSE:AMT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article we discussed American Tower Corporation (NYSE:AMT) and shared the list of best 5G stocks to invest in according to analysts. In addition, please check out our hedge fund investor letters Q4 2024 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.