This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

American Tower owns and operates more than 220,000 cell towers throughout the US, Asia, Latin America, Europe, and Africa. It also owns and/or operates 28 data centers in 10 US markets after acquiring CoreSite. On its towers, the company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. The company operates more than 40,000 towers in the US, which accounted for almost half of the company's total revenue in 2023. Outside the US, American Tower operates over 75,000 towers in India, almost 50,000 towers in Latin America (dominated by Brazil), 30,000 towers in Europe, and nearly 25,000 towers in Africa. American Tower operates as a REIT.

American Tower operates wireless and broadcast communications real estate, including wireless towers, distributed antenna systems, and managed rooftop systems. The company leases multitenant space to wireless service providers and radio and television broadcasters. The REIT has about 106,000 international tower sites and 42,000 towers in the U.S. and Canada. At the end of 1H24, international tenants and pass-through relationships accounted for about 46% of current property revenues, while data centers accounted for 8%. At the end of 2021, AMT expanded into data centers with the acquisition of CoreSite, a hybrid IT provider with 25 interconnected data centers in the U.S. The REIT currently owns a 72% share of CoreSite. The company has ongoing plans to leverage its U.S. data centers. Top U.S. tenants include T-Mobile, AT&T, and Verizon, with T-Mobile accounting for about 16% of property revenue. The current market cap is $99 billion. The shares are a component of the S&P 500.

It's red, white, blue, and green on Wall Street at midday. The major indices are higher. The 10-year Treasury note is up 5 bps at 4.36%. Oil is up 1% at $72 per barrel. Argus has done historical research and found that November is the best month of the year for stocks. Since 1980, November has been up by an average of 2.1%, above the averages for other months. Performance is even better in election years. In the 11 election-year Novembers since 1980, stocks have climbed, on average, 2.6%.