American Tower Corp. (AMT), A Top Detractor in Richie Capital’s Q4 Results

Richie Capital Group LLC, an equity-focused investment management firm, published its fourth quarter 2020 investor letter – a copy of which can be downloaded here. A return of -11.5% was recorded by the fund’s Long Short Portfolio in the fourth quarter of 2020, below its Russell 3000 benchmark, and S&P 500 index that delivered a 14.7% and 11.7% return respectively in the same period. Meanwhile, Richie Capital Group’s Long Only Portfolio delivered a 16.9% return in the past quarter. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.

Richie Capital Group, in their Q4 2020 investor letter, mentioned American Tower Corporation (REIT) (NYSE: AMT) and emphasized their views on the company. American Tower Corporation is a Boston, Massachusetts-based real estate investment trust that currently has a $106.1 billion market capitalization. Since the beginning of the year, AMT delivered a 7.74% return, while its 12-month gains are also up by 4.88%. As of March 29, 2021, the stock closed at $241.83 per share.

Here is what Richie Capital Group has to say about American Tower Corporation in their Q4 2020 investor letter:

American Tower (AMT – Down 9.15%) – The largest operator of wireless towers has faced challenges in the form of customer churn at one of their largest customers: Sprint/T-Mobile. However, the company remains well positioned as carriers domestically and internationally transition to 5G which will require a densification of their networks.”

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Our calculations show that American Tower Corporation (REIT) (NYSE: AMT) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, American Tower Corporation was in 61 hedge fund portfolios, compared to 62 funds in the third quarter. AMT delivered a 9.39% return in the past 3 months.