Columbia Threadneedle Investments, an investment management company released its “Columbia Seligman Global Technology Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. Equity markets rose in the third quarter with the large-cap Russell 1000 Index gaining 6.08%, raising its year-to-date return to 21.18%. The fund’s Institutional Class shares returned 1.00% in the quarter, compared to a 1.52% return for the MSCI World Information Technology Index-Net. In addition, you can check the fund’s top 5 holdings for its best picks for 2024.
Columbia Seligman Global Technology Fund 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 -2.31%, and its shares gained 2.35% of their value over the last 52 weeks. On November 26, 2024, American Tower Corporation (NYSE:AMT) stock closed at $208.00 per share with a market capitalization of $97.196 billion.
Columbia Seligman Global Technology Fund stated the following regarding American Tower Corporation (NYSE:AMT) in its Q3 2024 investor letter:
“The fund held two out-of-benchmark positions in Real Estate Investment Trust (REIT) companies American Tower Corporation (NYSE:AMT) and Crown Castle. REITs have historically performed well during periods of declining interest rates due to lower borrowing costs. The two companies performed very well during the third quarter after the Federal Reserve cut interest rates 50 basis points in September, with the expectation for additional cuts soon.”
A wide angled view of a high-rise office building, the windows reflecting a nearby cityscape.
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 the list of best real estate and realty stocks to buy according to hedge funds. 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.