ClearBridge Investments, an investment management company, released its “ClearBridge SMID Cap Growth Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed the Russell 2500 Growth Index in the second quarter. On an absolute basis, the strategy gained 10 sectors in which it was invested during the quarter. The industrials, health care, and energy sectors were the leading contributors while the consumer discretionary and consumer staples sectors detracted. Overall stock selection effects detracted from performance while sector allocation effects contributed on a relative basis. 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 Q2 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 September 21, 2023, Enphase Energy, Inc. (NASDAQ:ENPH) stock closed at $124.85 per share. One-month return of Enphase Energy, Inc. (NASDAQ:ENPH) was -0.61%, and its shares lost 55.33% of their value over the last 52 weeks. Enphase Energy, Inc. (NASDAQ:ENPH) has a market capitalization of $17.024 billion.
ClearBridge SMID Cap Growth Strategy made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q2 2023 investor letter:
“We exited our position in Enphase Energy, Inc. (NASDAQ:ENPH), in the IT sector, which designs, manufactures and sells semiconductor equipment for the residential solar photovoltaic industry. New regulations within California, as well as improving supply chain dynamics in Europe, have placed additional pressure on the company. Facing concerns surrounding weaker U.S. residential demand, decelerating revenue growth trends and falling prices compressing margins, we elected to sell the position and redeploy our assets to other, higher-conviction holdings.”
A technician working on power management in a semiconductor factory. Editorial photo for a financial news article. 8k. –ar 16:9
Enphase Energy, Inc. (NASDAQ:ENPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Enphase Energy, Inc. (NASDAQ:ENPH) at the end of second quarter which was 55 in the previous quarter.
We discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article and shared the list of best beaten down stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
