Should You Consider Acquiring American Tower (AMT) Shares?

Richie Capital Group, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. For the second quarter of 2022, the RCG Long Only strategy declined 14% and the RCG Long Short strategy declined 1.9% while their respective benchmarks the Russell 2500 Index and Equity Long Short Index declined 17.0% and 12.3% respectively. Year to date, the fund’s strategies are roughly in line with their benchmarks with the Long Short strategy trailing its index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Richie Capital Group mentioned American Tower Corporation (NYSE:AMT) and explained its insights for the company. Founded in 1995, American Tower Corporation (NYSE:AMT) is a Boston, Massachusetts-based real estate investment trust company with a $115.8 billion market capitalization. American Tower Corporation (NYSE:AMT) delivered a -52.40% return since the beginning of the year, while its 12-month returns are down by -38.51%. The stock closed at $249.25 per share on July 18, 2022.

Here is what Richie Capital Group has to say about American Tower Corporation (NYSE:AMT) in its Q2 2022 investor letter:

“The portfolio positions that increased during the quarter likely did so because of the sectors in which they are categorized as opposed to any company specific news. American Tower (NYSE:AMT) is one of the largest global REITs. The company owns and operates multi-tenant cell towers globally. Our long tenured investment is based on their impenetrable business model and the long tail of the current 5G investment cycle that will extend over the next decade. Carriers are in the early stages of upgrading their cell sites with new equipment to provide contiguous 5G coverage globally. Additionally, since 5G technology requires increased cell site density, cellular carriers will need to invest extensively to ensure strong performance across their networks.”

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Our calculations show that American Tower Corporation (NYSE:AMT) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. American Tower Corporation (NYSE:AMT) was in 50 hedge fund portfolios at the end of the second quarter of 2022, compared to 53 funds in the previous quarter. American Tower Corporation (NYSE:AMT) delivered a -29.68% return in the past 3 months.

In October 2021, we also shared another hedge fund’s views on American Tower Corporation (NYSE:AMT) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.