Why You Should Take Note Of Matrix Capital’s Bets On Pandora Media (P), Constellation Brands (STZ), And Two Other Stocks

Another long-term holding, American Tower Corp (NYSE:AMT), was added to Matrix Capital’s equity portfolio back in 2012, with the stock having nearly doubled since then. According to regulatory filings, the fund held exactly 1 million shares of the stock at the end of September, unchanged from a quarter earlier, a position worth close to $113 million. The third quarter was a rather disappointing one, as American Tower Corp (NYSE:AMT) barely budged, managing to climb by  a mere 0.2% during the period.

Heading into the third quarter of 2016, a total of 49 of the hedge funds tracked by Insider Monkey were long this stock, up by 23% from the previous quarter. More specifically, Akre Capital Management was the largest shareholder of American Tower Corp (NYSE:AMT), with a stake worth $729.6 million reported as of the end of June. Trailing Akre Capital Management was Highfields Capital Management, which amassed a stake valued at $380.9 million. Coatue Management, Alkeon Capital Management, and Hitchwood Capital Management also held valuable positions in the company.

Constellation Brands, Inc. (NYSE:STZ) is also among David Goel’s top equity bets. According to his fund’s latest 13F filing, at the end of the third quarter Matrix Capital Management held 635,000 shares of the food and beverage giant, unchanged from the previous quarter. The position was worth $105.7 million at the end of September. Constellation Brands, Inc. (NYSE:STZ) was also a laggard during the third quarter, as it inched up by 0.9% between July and September.

Of the more than 745 hedge funds followed by Insider Monkey, 69 of them were invested in this stock at the end of the second quarter, a drop of 3% from the previous quarter. The largest stake in Constellation Brands, Inc. (NYSE:STZ) was held by Lone Pine Capital, which reported holding $1.1 billion worth of its stock at the end of June. It was followed by Kensico Capital with a $968 million position. Other investors bullish on the company included Third Point, Egerton Capital Limited, and Valinor Management LLC.

Disclosure: None