ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The Strategy underperformed the S&P Global Infrastructure Index during the quarter on a relative basis. Sector allocation detracted while overall stock selection contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
ClearBridge Global Infrastructure Value Strategy highlighted stocks like American Tower Corporation (NYSE:AMT) in the third quarter 2023 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. On December 15, 2023, American Tower Corporation (NYSE:AMT) stock closed at $212.15 per share. One-month return of American Tower Corporation (NYSE:AMT) was 7.29%, and its shares lost 0.61% of their value over the last 52 weeks. American Tower Corporation (NYSE:AMT) has a market capitalization of $98.897 billion.
ClearBridge Global Infrastructure Value Strategy made the following comment about American Tower Corporation (NYSE:AMT) in its Q3 2023 investor letter:
“U.S. electric utility NextEra Energy and U.S. communications company American Tower Corporation (NYSE:AMT) were the largest detractors. American Tower is a leading independent owner, operator and developer of wireless and broadcast communications infrastructure. The company has 41,000 sites in the U.S. and a further 139,000 sites across 19 countries, predominantly in emerging markets (75,000 in India, 40,000 in Latin America and 18,000 in Africa). Shares underperformed as commentary suggested that the pace of 5G rollout was slowing. Additionally, the company faces headwinds from unfavorable moves in interest and FX rates.”
A telecommunications tower in a rural setting, showing the reach of cloud telecom services.
American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of third quarter which was 60 in the previous quarter.
We discussed American Tower Corporation (NYSE:AMT) in another article and shared the list of best REIT stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 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.