Mar Vista Investment Partners, LLC, an investment management company, released the “Strategic Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The U.S. stock market had another successful time in the third quarter of 2024, with the S&P 500® Index growing for the fourth consecutive quarter, which hasn’t happened since Q4 2021. This year’s first three quarters have seen the best performance for the S&P 500® Index since 1997. However, it was still slightly below the remarkable start of 2023. In the third quarter, the strategy returned +5.49% net-of-fees compared to +3.19% and +5.89% returns for the Russell 1000 Growth Index and the S&P 500 Index. With interest rates that are not exceptionally high by historical standards, the market seems to be starting an easing cycle, which could encourage additional increases. Kindly check the top 5 stocks of the strategy to know its best picks in 2024.
Mar Vista Strategic Growth Strategy highlighted stocks like American Tower Corporation (NYSE:AMT), in the third quarter 2024 investor letter. 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 -3.05%, and its shares lost 1.46% of their value over the last 52 weeks. On December 2, 2024, American Tower Corporation (NYSE:AMT) stock closed at $207.33 per share with a market capitalization of $96.883 billion.
Mar Vista Strategic Growth Strategy stated the following regarding American Tower Corporation (NYSE:AMT) in its Q3 2024 investor letter:
“American Tower Corporation’s (NYSE:AMT) stock rebounded nearly 20% during the third quarter, helped by the tailwind of lower interest rates. The stock has now appreciated more than one-third since U.S. 10-Yr Treasury interest rates peaked in late April 2024. As a levered REIT, lower rates benefit AMT’s equity value through a lower cost of debt and a higher value for its long-duration cash flows. Fundamental expectations did not change materially during the quarter as the company modestly increased their growth expectations for the year. The long-term global opportunities for 5G deployment, edge-of-network computing, and datacenters, remain attractive and are not fully reflected in the current stock price, in our opinion.”
American Tower Corporation (NYSE:AMT) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 73 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the third quarter which was 63 in the previous 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 Columbia Seligman Global Technology Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.