ClearBridge Investments, an investment management company, released its “ClearBridge Mid Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Beginning in July, a significant shift away from large caps fueled a rebound and helped the Russell Midcap Index beat its peers with larger sizes. The Russell Midcap Index returned 9.21% in the quarter compared to a 6.08% gain of the large-cap Russell 1000 Index. During the quarter, the strategy underperformed its Russell Midcap Index. Detractors in the industrial and communication services sectors outweighed positive contributions from holdings in IT and healthcare. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Mid Cap Strategy highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the third quarter 2024 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is an independent owner and operator of wireless communications infrastructure. The one-month return of SBA Communications Corporation (NASDAQ:SBAC) was -1.33%, and its shares gained 18.36% of their value over the last 52 weeks. On October 8, 2024, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $238.62 per share with a market capitalization of $25.645 billion.
ClearBridge Mid Cap Strategy stated the following regarding SBA Communications Corporation (NASDAQ:SBAC) in its Q3 2024 investor letter:
“We initiated a new position in SBA Communications Corporation (NASDAQ:SBAC), in the real estate sector. SBA is a leading owner and operator of wireless communications infrastructure, including cellular towers. We believe consistent growth in demand for cellular data and devices allows the company greater pricing power and high levels of customer retention. Additionally, while investment in telecommunication infrastructure has been subdued recently, we believe continued rollout of 5G devices will result in a rebound in customer spending over the long term.”
Aerial view of tall antenna towers and the landscape around them.
SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the second quarter which was 43 in the previous quarter. While we acknowledge the potential of SBA Communications Corporation (NASDAQ:SBAC) 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 SBA Communications Corporation (NASDAQ:SBAC) and shared the list of top stocks that are popular with mutual fund managers according to Goldman Sachs. 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.