Multiple Tailwinds Drove Enphase Energy (ENPH) to Outperform in the Third Quarter

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” third 2022 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark in the third quarter, the Russell 3000 Index. Only the industrial sector contributed positively to the strategy’s absolute performance among the ten sectors the strategy invested in. The significant performance detractors were materials, consumer discretionary, and real estate sectors. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Investments highlighted stocks like Enphase Energy, Inc. (NASDAQ:ENPH) in its Q3 2022 investor letter. Headquartered in Fremont, California, Enphase Energy, Inc. (NASDAQ:ENPH) is a global technology company for energy management. On November 22, 2022, Enphase Energy, Inc. (NASDAQ:ENPH) stock closed at $320.44 per share. One-month return of Enphase Energy, Inc. (NASDAQ:ENPH) was 20.65% and its shares gained 27.92% of their value over the last 52 weeks. Enphase Energy, Inc. (NASDAQ:ENPH) has a market capitalization of $43.555 billion.

ClearBridge Investments made the following comment about Enphase Energy, Inc. (NASDAQ:ENPH) in its Q3 2022 investor letter:

“In IT, Enphase Energy, Inc. (NASDAQ:ENPH) delivered a strong quarter driven by secular growth in global rooftop solar, increased penetration into Europe, where demand accelerated, and a continued ramp up in battery storage sales. Also with a strong presence in the U.S., Enphase Energy designs and manufactures microinverters for residential and small commercial solar PV systems and has made strides in evolving from a solar inverter maker into a “home energy management” company that can act as the brains for the home’s energy system, including microinverters for solar, as well as storage and energy management software.”

Soonthorn Wongsaita/Shutterstock.com

Enphase Energy, Inc. (NASDAQ:ENPH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Enphase Energy, Inc. (NASDAQ:ENPH) at the end of the third quarter, which was 53 in the previous quarter.

We discussed Enphase Energy, Inc. (NASDAQ:ENPH) in another article and shared the best wind power and solar stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• Gabelli’s 11 High Dividend Stocks
• 15 Biggest European Defense Companies
• 10 Biggest EV Charging Companies in Europe

Disclosure: None. This article is originally published at Insider Monkey.