Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 12.16% net of fees underperforming the Russell 1000 Growth Index’s return of 14.37%. Security selection and allocation effects led the portfolio to underperform in the quarter relative to its benchmark. Holdings in Information Technology and Health Care and a lack of exposure to Energy contributed to relative returns while stock selection in Consumer Discretionary and Industrials and overweight exposure in Health Care detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Large Cap Growth Strategy highlighted stocks like Enphase Energy, Inc. (NASDAQ:ENPH) in the Q1 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 May 22, 2023, Enphase Energy, Inc. (NASDAQ:ENPH) stock closed at $164.65 per share. One-month return of Enphase Energy, Inc. (NASDAQ:ENPH) was -25.36%, and its shares gained 1.32% of their value over the last 52 weeks. Enphase Energy, Inc. (NASDAQ:ENPH) has a market capitalization of $22.564 billion.
Aristotle Atlantic Large Cap Growth Strategy made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q1 2023 investor letter:
“Enphase Energy, Inc. (NASDAQ:ENPH) designs, develops, manufactures and sells home energy solutions in the U.S. and internationally for the solar industry. The company is the world’s leading manufacturer of microinverters that convert solar-generated D.C. energy to A.C. energy usable in homes and buildings. Enphase introduced the world’s first microinverter system in 2008 and has expanded its offerings to include battery storage systems and proprietary technologies that provide energy monitoring and control services for solar energy systems. It sells its products and solutions directly to solar system distributors, large installers and strategic partners.
We see Enphase having a substantial market share that is gained through a premium product offering, superior customer service and the development of a large and diverse network of solar installers and distributors. The company’s products and services address a growing residential solar market. Coupling battery backup systems with existing and newly installed residential solar systems could accelerate the company’s revenue and earnings growth over the next several years, in our view. Additionally, commercial and international expansion offer additional revenue and earnings upside. Enphase also plans to expand manufacturing capacity in the U.S. during 2023 to benefit from tax incentives related to domestic production included in the Inflation Reduction Act (IRA).”
Enphase Energy, Inc. (NASDAQ:ENPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. s per our database, 63 hedge fund portfolios held Enphase Energy, Inc. (NASDAQ:ENPH) at the end of the fourth quarter, which was 59 in the previous quarter.
We discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article and shared Carillon Eagle Mid Cap Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
