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 SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its Q3 2023 investor letter. Headquartered in Herzliya, Israel, SolarEdge Technologies, Inc. (NASDAQ:SEDG) focuses on developing energy technology, specifically inverter solutions that operates in Solar and All Other segments. On December 7, 2023, SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock closed at $80.19 per share. One-month return of SolarEdge Technologies, Inc. (NASDAQ:SEDG) was 12.72%, and its shares lost 74.53% of their value over the last 52 weeks. SolarEdge Technologies, Inc. (NASDAQ:SEDG) has a market capitalization of $4.556 billion.
ClearBridge Select Strategy made the following comment about SolarEdge Technologies, Inc. (NASDAQ:SEDG) in its Q3 2023 investor letter:
“Solar energy technology companies SolarEdge Technologies, Inc. (NASDAQ:SEDG) and Shoals, 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 solar array, reflecting the sun’s rays, with a technician in the foreground.
SolarEdge Technologies, Inc. (NASDAQ:SEDG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held SolarEdge Technologies, Inc. (NASDAQ:SEDG) at the end of third quarter which was 43 in the previous quarter.
We discussed SolarEdge Technologies, Inc. (NASDAQ:SEDG) in another article and shared the list of best falling stocks to buy. 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.
