Do You Believe in the Growth Prospects of American Tower Corporation (AMT)?

Akre Capital Management, an investment management company, published the “Akre Focus Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the fund (Institutional share class) returned 8.62% compared to the S&P 500 Total Return’s 8.74% increase. In the second quarter, the focus shifted to Artificial intelligence (AI) which contributed to the broader market indices. The fund (the Institutional share class) returned 15.07% for the trailing 12-month period ending June 30, 2023, compared to the S&P 500 Total Return’s 19.59% gain. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Akre Focus Fund highlighted stocks like American Tower Corporation (NYSE:AMT) in the second quarter 2023 investor letter. American Tower Corporation (NYSE:AMT) is a multitenant communications real estate operator. On July 14, 2023, American Tower Corporation (NYSE:AMT) stock closed at $193.97 per share. One-month return of American Tower Corporation (NYSE:AMT) was 0.56%, and its shares lost 22.18% of their value over the last 52 weeks. American Tower Corporation (NYSE:AMT) has a market capitalization of $90.398 billion.

Akre Focus Fund made the following comment about American Tower Corporation (NYSE:AMT) in its second quarter 2023 investor letter:

“The Fund owns many businesses that stand to benefit enormously from A.I. The compute power demanded by A.I. is growing exponentially and will continue to fuel demand for the wireless and data center infrastructure provided by American Tower Corporation (NYSE:AMT). The two negative detractors from performance this quarter were American Tower and Danaher.”

American Tower Corporation (NYSE:AMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held American Tower Corporation (NYSE:AMT) at the end of the first quarter which was 61 in the previous quarter.

We discussed American Tower Corporation (NYSE:AMT) in another article and shared the list of best commercial real estate stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q2 2023 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.