ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Value Strategy” second quarter 2022 investor letter. A copy of the letter can be downloaded here. In the second quarter, the fund underperformed relative to the S&P Global Infrastructure Index. The utilities with clean energy portfolios contributed positively to the fund’s performance but fears of recession affected the rail companies. For more information on the fund’s best picks in 2022, please check its top five holdings.
In the letter, ClearBridge Investments discussed the performance of the ClearBridge Global Infrastructure Value Strategy portfolio. American Tower Corporation (NYSE:AMT) was a leading contributor to the strategy in the second quarter. Headquartered in Boston, Massachusetts, American Tower Corporation (NYSE:AMT) is a REIT and operator and owner of wireless and broadcast communications infrastructure. The stock of American Tower Corporation (NYSE:AMT) closed at $203.92 on November 04, 2022. One-month return of American Tower Corporation (NYSE:AMT) was 7.88% and its shares lost -26.63% of their value over the last 52 weeks. It has a market capitalization of $95.2 billion.
Here’s what ClearBridge Global Infrastructure Value Strategy specifically told about American Tower Corporation (NYSE:AMT):
“The leading contributor for the quarter was American Tower Corporation (NYSE:AMT), a leading independent owner, operator and developer of wireless and broadcast communications infrastructure. The company has 41,000 sites in the U.S. and a further 139,000 sites across 19 countries, predominantly in emerging markets (75,000 in India, 40,000 in Latin America and 18,000 in Africa). Shares outperformed as investors grew fearful of an impending recession and positioned portfolios in relatively economically insulated companies such as towers. American Tower also successfully raised equity to fund a recent acquisition, lifting an overhang that had been dragging on the stock’s performance.”
Although American Tower Corporation (NYSE:AMT) is the fund’s leading contributor, it is not among the 30 Most Popular Stocks Among Hedge Funds. As per our database, American Tower Corporation (NYSE:AMT) was held by 50 hedge fund portfolios at the end of the first quarter which was 53 in the previous quarter.
We discussed American Tower Corporation (NYSE:AMT) in another article and shared Richie Capital Group’s insights on the company. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.
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