Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 13.61% gross of fees (13.43% net of fees) underperforming the Russell 1000 Growth Index’s return of 14.16%. Both Security selection and allocation effects led the portfolio to underperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Large Cap Growth Strategy featured stocks like Enphase Energy, Inc. (NASDAQ:ENPH) in the Q4 2023 investor letter. Headquartered in Fremont, California, Enphase Energy, Inc. (NASDAQ:ENPH) is an energy technology company that offers microinverter systems for the solar photovoltaic industry. On February 29, 2024, Enphase Energy, Inc. (NASDAQ:ENPH) stock closed at $127.01 per share. One-month return of Enphase Energy, Inc. (NASDAQ:ENPH) was 24.81%, and its shares lost 41.51% of their value over the last 52 weeks. Enphase Energy, Inc. (NASDAQ:ENPH) has a market capitalization of $17.243 billion.
Aristotle Atlantic Large Cap Growth Strategy stated the following regarding Enphase Energy, Inc. (NASDAQ:ENPH) in its fourth quarter 2023 investor letter:
“We sold our position in Enphase Energy, Inc. (NASDAQ:ENPH) due to slowing demand for residential solar energy, primarily driven by rising interest rates and potentially increasing competition. During the second quarter earnings report in July, the company lowered its guidance for the third quarter microinverter, and we believed there was a heightened risk that Enphase would lower guidance again. We remain optimistic about Enphase’s competitive advantages over the long term in the residential solar energy market, but we prefer to wait for more apparent evidence of a rebound before considering a reinvestment in the company.”
A solar panel array stretched across a large open field, its glimmering panels reflecting the sun.
Enphase Energy, Inc. (NASDAQ:ENPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Enphase Energy, Inc. (NASDAQ:ENPH) was held by 43 hedge fund portfolios, up from 40 in the previous quarter, according to our database.
We discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article and shared the list of best green stocks to invest in 2024. In addition, please check out our hedge fund investor letters Q4 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.
