Enphase Energy (ENPH) Declined on Higher Installation Costs

ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy underperformed the Russell 2500 Growth benchmark. On an absolute basis, the strategy gained in six of the 10 sectors it was invested in during the quarter. The IT, industrials, and healthcare sectors were the leading contributors while the financials and energy detracted from the performance. Allocation effects contributed in relative terms but were offset by stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.

ClearBridge SMID Cap Growth Strategy highlighted stocks like Enphase Energy, Inc. (NASDAQ:ENPH) in the Q1 2023 investor letter. Headquartered in Fremont, California, Enphase Energy, Inc. (NASDAQ:ENPH) is an energy technology company that offers semiconductor-based microinverter. On May 12, 2023, Enphase Energy, Inc. (NASDAQ:ENPH) stock closed at $167.55 per share. One-month return of Enphase Energy, Inc. (NASDAQ:ENPH) was -25.51%, and its shares gained 10.94% of their value over the last 52 weeks. Enphase Energy, Inc. (NASDAQ:ENPH) has a market capitalization of $23.052 billion.

ClearBridge SMID Cap Growth Strategy made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q1 2023 investor letter:

“Several portfolio holdings faced idiosyncratic headwinds which weighed on performance during the quarter. Likewise Enphase Energy, Inc. (NASDAQ:ENPH), a semiconductor equipment company in the residential solar space, struggled during the quarter as as the costs of solar installations have moved higher in tandem with higher financing costs.”

Semiconductor, Technology, Component

Photo by Yogesh Phuyal on Unsplash

Enphase Energy, Inc. (NASDAQ:ENPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Enphase Energy, Inc. (NASDAQ:ENPH) at the end of the fourth quarter, which was 59 in the previous quarter.

We discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article and shared the list of best fast growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 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.