ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Rising bond rates and the Federal Reserve’s shift to a more hawkish stance put pressure on stocks in the third quarter. The strategy underperformed its Russell 3000 Index in the third quarter. Overall stock selection and sector allocation detracted from performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Select Strategy highlighted stocks like Shoals Technologies Group, Inc. (NASDAQ:SHLS) in its Q3 2023 investor letter. Headquartered in Portland, Tennessee, Shoals Technologies Group, Inc. (NASDAQ:SHLS) provides electrical balance of system solutions for solar energy projects. On December 7, 2023, Shoals Technologies Group, Inc. (NASDAQ:SHLS) stock closed at $13.61 per share. One-month return of Shoals Technologies Group, Inc. (NASDAQ:SHLS) was 1.42%, and its shares lost 42.84% of their value over the last 52 weeks. Shoals Technologies Group, Inc. (NASDAQ:SHLS) has a market capitalization of $2.314 billion.
ClearBridge Select Strategy made the following comment about Shoals Technologies Group, Inc. (NASDAQ:SHLS) in its Q3 2023 investor letter:
“Solar energy technology companies SolarEdge and Shoals Technologies Group, Inc. (NASDAQ:SHLS), meanwhile, saw headwinds from destocking in the U.S. and Europe. U.S. demand could slow further due to new net metering rules that reduce the value to consumers from sending excess residential solar energy back to the grid. SolarEdge, which makes inverters for solar systems as well as residential and commercial battery systems, is also facing rising battery competition in the U.S. from Tesla.”
A technician adjusting a complex solar inverter system in a commercial setting.
Shoals Technologies Group, Inc. (NASDAQ:SHLS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Shoals Technologies Group, Inc. (NASDAQ:SHLS) at the end of third quarter which was 24 in the previous quarter.
We discussed Shoals Technologies Group, Inc. (NASDAQ:SHLS) in another article and shared cheap solar stocks to buy according to analysts. 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.
