Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2024 investor letter. A copy of the letter can be downloaded here. Although there was some volatility, markets contributed to strong year-to-date gains in Q3. US stocks increased by 6%, as measured by the Russell 3000 Index, with small- and mid-cap equities accounting for most gains. This is a significant change. The strategy outperformed the Russell 1000 Index in Q3 and returned 7.84% (net) vs 6.08% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2024.

Diamond Hill Large Cap Strategy highlighted stocks like SBA Communications Corporation (NASDAQ:SBAC) in the third quarter 2024 investor letter. SBA Communications Corporation (NASDAQ:SBAC) is an independent owner and operator of wireless communications infrastructure. The one-month return of SBA Communications Corporation (NASDAQ:SBAC) was -8.04%, and its shares lost 7.08% of their value over the last 52 weeks. On November 22, 2024, SBA Communications Corporation (NASDAQ:SBAC) stock closed at $220.66 per share with a market capitalization of $23.726 billion.

Diamond Hill Large Cap Strategy stated the following regarding SBA Communications Corporation (NASDAQ:SBAC) in its Q3 2024 investor letter:

"Among our top individual contributors in Q3 were Parker-Hannifin, NVR and SBA Communications Corporation (NASDAQ:SBAC). Shares of wireless communications infrastructure provider SBA Communications benefited from lower interest rates as well as some signs of improved tenant leasing activity."

Aerial view of tall antenna towers and the landscape around them.

SBA Communications Corporation (NASDAQ:SBAC) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held SBA Communications Corporation (NASDAQ:SBAC) at the end of the third quarter which was 45 in the previous quarter. While we acknowledge the potential of SBA Communications Corporation (NASDAQ:SBAC) 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 SBA Communications Corporation (NASDAQ:SBAC) and shared the list of AI news and ratings you should not miss. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.