Is Enphase Energy (ENPH) a Great Investment Pick?

Carillon Tower Advisers, an investment management firm, released its “Carillon Eagle Mid Cap Growth Fund” second quarter 2023 investor letter, a copy of which can be downloaded here. For the second quarter of 2023, Carillon Eagle Mid Cap Growth Fund reported total net assets of $6.46 billion, and investments in shares of 87 distinct companies. Take a moment to explore the Carillon Eagle Mid Cap Growth Fund’s top 5 holdings for insights into their key investment choices in 2023.

In its Q2 2023 investor letter, Carillon Eagle Mid Cap Growth Fund mentioned Enphase Energy, Inc. (NASDAQ:ENPH) and explained its insights for the company. 2006, Enphase Energy, Inc. (NASDAQ:ENPH) is a Fremont, California-based energy technology company with a $17.5 billion market capitalization. Enphase Energy, Inc. (NASDAQ:ENPH) delivered a -51.42% return since the beginning of the year, while its 12-month returns are down by -53.87%. The stock closed at $128.73 per share on September 01, 2023.

Here is what Carillon Eagle Mid Cap Growth Fund has to say about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q2 2023 investor letter:

Enphase Energy provides solar microinverters and energy storage solutions. The company’s shares lagged benchmark counterparts amid concerns surrounding a near-term moderation in the growth of residential solar installation in the United States. Despite this, the company possesses a market-leading position in its core microinverter product and remains wellpositioned over the long term to benefit from ongoing solar adoption trends. Additionally, Enphase is focused on growing its international presence while also unveiling new products that could provide the next tailwind to its growth story.”

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Our calculations show that Enphase Energy, Inc. (NASDAQ:ENPH) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Enphase Energy, Inc. (NASDAQ:ENPH) was in 50 hedge fund portfolios at the end of the second quarter of 2023, compared to 55 funds in the previous quarter. Enphase Energy, Inc. (NASDAQ:ENPH) delivered a -29.21% return in the past 3 months.

We also discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q2 2023 page.

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Disclosure: None. This article is originally published at Insider Monkey.