Yahoo Finance Here’s Why American Tower Corporation (AMT) Fell in Q1
Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Growth & Income Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. The S&P 500 Index continued its recent all-time high, beginning the year's first quarter at a robust 10.6%. This quarter's results followed a common pattern to much of 2023: large outperforming small and growth outperforming value. Energy was the best-performing sector while real estate investment trusts (REITs) were the only sector with negative returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Carillon Eagle Growth & Income Fund highlighted stocks like American Tower Corporation (NYSE:AMT), in the first quarter 2024 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. The one-month return of American Tower Corporation (NYSE:AMT) was 4.23%, and its shares gained 2.01% of their value over the last 52 weeks. On June 10, 2024, American Tower Corporation (NYSE:AMT) stock closed at $194.72 per share with a market capitalization of $90.939 billion.
Carillon Eagle Growth & Income Fund stated the following regarding American Tower Corporation (NYSE:AMT) in its first quarter 2024 investor letter:
"American Tower Corporation (NYSE:AMT) detracted from performance due to a move higher in interest rates throughout the first quarter. Recall that REITs are viewed as benefitting from lower interest rates and therefore tend to perform poorly as interest rates rise."
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, 56 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the first quarter which was 56 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 biggest real estate companies in the US in 2024. Baron Real Estate Fund commented about American Tower Corporation (NYSE:AMT) in its first quarter investor letter. In addition, please check out our hedge fund investor letters Q1 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.
