Rise in 10-Year Treasury Yield Dragged NextEra Energy (NEE) in Q3

Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. After a robust first half of the year, the S&P 500 Index declined 3.3% in the third quarter, leaving the market up 13.1% through the first nine months of 2023. On a relative basis, this year has not been good for the fund’s investment strategy. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Carillon Eagle Mid Cap Growth Fund highlighted stocks like NextEra Energy, Inc. (NYSE:NEE) in the third quarter 2023 investor letter. Headquartered in Juno Beach, Florida, NextEra Energy, Inc. (NYSE:NEE) generates, transmits, distributes, and sells electric power. On December 1, 2023, NextEra Energy, Inc. (NYSE:NEE) stock closed at $59.17 per share. One-month return of NextEra Energy, Inc. (NYSE:NEE) was 0.22%, and its shares lost 30.51% of their value over the last 52 weeks. NextEra Energy, Inc. (NYSE:NEE) has a market capitalization of $121.4 billion.

Carillon Eagle Mid Cap Growth Fund made the following comment about NextEra Energy, Inc. (NYSE:NEE) in its Q3 2023 investor letter:

“NextEra Energy, Inc. (NYSE:NEE) traded lower with all utilities during the third quarter as 10-year Treasury yields rose. Investors also began questioning the company’s ability to continue generating strong returns for its renewables development business.”

An electric power substation, with a skyline in the distance.

NextEra Energy, Inc. (NYSE:NEE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 58 hedge fund portfolios held NextEra Energy, Inc. (NYSE:NEE) at the end of third quarter which was 59 in the previous quarter.

We discussed NextEra Energy, Inc. (NYSE:NEE) in another article and shared JP Morgan’s top stock picks for 2023 and most recent stock picks. In addition, please check out our hedge fund investor letters Q3 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.