What smart money is saying about American Tower Corporation
2 funds in our archive have pitched American Tower Corporation, most recently Baron Real Estate Income Fund in September 2026.
American Tower Corporation is one of the largest global real estate investment trusts. It is a leading independent owner, operator and developer of multitenant communications real estate. The Company's primary business is the leasing of space on communications sites to wireless service providers, radio and television broadcast companies, wireless data providers, government agencies and municipalities and tenants in a few other industries. The Company refers to this business, inclusive of its data center business discussed below, as its property operations. Additionally, the Company offers tower-related services in the United States, which the Company refers to as its services operations. These services include site application, zoning and permitting, structural and mount analyses, and construction management services, together with program management offerings that support customer deployment needs from project scoping through construction. The Company's services operations primarily support the Company's site leasing business, including through the addition of new tenants and equipment on its sites. The Company's customers include its tenants, licensees and other payers. American Tower Corporation was incorporated in 1995 in Delaware and is based in Massachusetts, Boston.
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Fund signal · last 12 months
15 lettersFunds are split between buying and selling
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 17 fund letters reported a position in American Tower Corporation, with 3 buys (opened or added) and 4 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 12 | 3 | 1 | 1 |
| Q2 2026 | 2 | 0 | 1 | 0 |
| Q4 2025 | 1 | 0 | 1 | 0 |
| Q3 2025 | 1 | 0 | 0 | 0 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 17 positions · 14 moves
- September 2026
“During the quarter, we repositioned the portfolio toward attractively valued infrastructure companies with visible earnings catalysts and favorable long-term demand. We initiated a position in Evergy, a Kansas-based electric utility, at an attractive valuation with potential upside from new large-load demand in its service territory. We also purchased American Tower, a leading global owner and operator of wireless communications infrastructure, following a material derating driven by higher interest rates, muted leasing activity and disruption concerns.”
American Tower Corporation - New positionBaillie Gifford Global Durable Growth StrategySeptember 2026
“More recently, we've added a new position, and that's American Tower.”
American Tower Corporation - New positionBaillie Gifford Global Income GrowthSeptember 2026
“More recently, we've added a new position, and that's American Tower.”
American Tower Corporation - New positionBaron Real Estate Income FundSeptember 2026
“Wireless Tower REITs (3.0%) • We have been cautious about the prospects for wireless tower REITs despite historically low valuation multiples because of several tenant site-decommissioning events (e.g., Sprint and DISH), uninspiring U.S. wireless carrier new leasing activity, lower expectations for growth, and evolving competitive dynamics, particularly from low-earth-orbit satellite providers such as Starlink, whose direct-to-cell ambitions could reduce carriers' reliance on ground-based infrastructure over time. Currently, the Fund maintains a position in American Tower Corporation.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - September 2026
“American Tower (Connecting people) was sold as we became increasingly concerned about the growth outlook for its core US mobile tower business.”
American Tower Corporation - HoldsHennessy Focus FundSeptember 2026
“On the positive side, a financial institution like Markel Group, with significant investment allocations to T bills and money market instruments will see growing net interest income (NII) almost immediately from very short-term maturities and further benefits as short duration bonds are reinvested at higher levels in the coming year. On the flip side, a name like American Tower, that uses a substantial amount of mid and long duration debt in their capital structure will see higher refinance rates as term debt matures in the coming years.”
American Tower Corporation - June 2026
Listed in Guinness Global Real Assets Fund’s reported holdings.
American Tower Corporation - June 2026
“Seven positions were eliminated from the portfolio during the quarter.”
American Tower Corporation - TrimmedMar Vista US Quality PremierDecember 2025
“Berkshire Hathaway Inc. (BRK), American Tower (AMT) and Veralto (VLTO) were sold during Quality Premier’s quarter-end rebalance to decrease the number of holdings in Tier 3 and increase the weight in higher conviction positions.”
American Tower Corporation - September 2025
“Cell tower REIT American Tower, meanwhile, traded down following a lighter than expected second-quarter print that indicated slower leasing growth.”
American Tower Corporation - TrimmedMar Vista US Quality SelectDecember 2024
“During the quarter, we built a new position in Equifax. We reduced our investment in American Tower and completely liquidated our investment in Disney.”
American Tower Corporation
Also mentioned · 1
These funds discuss American Tower Corporation as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedEdgewood Large Cap Growth StrategySeptember 2026
“Mobile followed a similar pattern. We owned Nokia and American Tower while the physical devices and networks were being built; subsequently, much of the value that followed accrued to the businesses”
American Tower Corporation
Fund coverage · 2 theses
- Baron Real Estate Income FundSeptember 2026
American Tower Corporation is a communications infrastructure leader with long-duration cash flows, high switching costs, and compelling valuation-driven upside.
Read the full thesis - Baron Real Estate FundMarch 2025
American Tower is well-positioned for long-term growth due to strong demand for wireless communication, 5G deployment, edge computing opportunities, and increasing mobile carrier spending, with shares attractively valued relative to peers.
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