NZS Capital, LLC, an investment management company, released its “NZS Growth Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The strategy returned 3.97% (gross) and 4.13% (net) in the quarter, compared to 6.56% for the Morningstar Global Target Market Exposure (NR) index and 4.53% for the Morningstar Global Growth Target Market Exposure Index (NR). To some extent, the market’s attention shifted during the quarter. As enthusiasm for AI, semiconductors, and technology in general declined, focus turned to other industries, including financials, industrial and consumer staples. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
NZS Capital 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 -11.48%, and its shares lost 14.62% of their value over the last 52 weeks. On December 20, 2024, American Tower Corporation (NYSE:AMT) stock closed at $183.73 per share with a market capitalization of $85.855 billion.
NZS Capital stated the following regarding American Tower Corporation (NYSE:AMT) in its Q3 2024 investor letter:
“In the quarter we added American Tower Corporation (NYSE:AMT), the telecom infrastructure company, as a resilient position and promoted Roper Technologies to resiliency. Roper provides vertical market software. Our exposure to AI at a portfolio level did not change much, but American Tower and Roper diversified the exposure in the resilient part of our portfolio.”
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 dividend stocks from the telecom sector. 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.