Core Viewpoint - Polen Capital's fourth-quarter investor letter for the Polen 5Perspectives Small Mid Growth Strategy indicates a slight decline in portfolio performance compared to the Russell 2500 Growth Index, with a return of -0.1% gross and -0.3% net of fees in Q4 2025, while the index returned 0.3% [1] Group 1: Portfolio Performance - The Polen 5Perspectives Small-Mid Growth Composite Portfolio experienced a return of -0.1% gross and -0.3% net of fees in Q4 2025, following double-digit returns in Q2 and Q3 [1] - SMID caps concluded the year with a 0.3% return in Q4 2025 [1] Group 2: Key Holdings and Contributors - First Solar, Inc. (NASDAQ:FSLR) was highlighted as a top contributor to the portfolio's relative performance in Q4 2025, alongside Bloom Energy and Sandisk [3] - First Solar, Inc. is recognized for its use of thin-film Cadmium Telluride (CdTe) technology, which offers better performance in various conditions compared to traditional silicon panels [3] Group 3: Market Position and Trends - First Solar, Inc. has a market capitalization of $21.507 billion and its stock closed at $200.42 per share on March 17, 2026 [2] - The company has seen a one-month return of -15.99% but gained 54.96% over the past 52 weeks [2] - The Trump Administration's policies have positively impacted demand for non-China solar products, benefiting First Solar [3] Group 4: Hedge Fund Interest - First Solar, Inc. was held by 79 hedge fund portfolios at the end of Q4 2025, an increase from 67 in the previous quarter [4] - Despite its potential, the company is not among the 40 most popular stocks among hedge funds heading into 2026, with some analysts suggesting that certain AI stocks may offer greater upside potential [4]

Core Viewpoint - Shoals Technologies Group, Inc. is recognized as one of the most undervalued renewable energy stocks, with recent price target adjustments from analysts reflecting mixed sentiments about its performance and market reaction [1][2]. Financial Performance - For Q4 2025, Shoals reported revenue of $148.3 million, a 39% increase year-over-year, driven by strong demand for utility-scale solar projects [3]. - Gross profit increased to $46.9 million from $40.2 million in the prior-year quarter, but gross margin declined to 31.6% from 37.6% due to higher material costs and approximately $3.3 million in duties and tariffs [3]. - Adjusted EBITDA rose to $30.3 million from $26.4 million, and adjusted diluted earnings per share increased to $0.10 from $0.08 year-over-year [3]. Full-Year Performance and Outlook - For the full year 2025, Shoals achieved revenue growth of 19%, totaling $475.3 million, and ended the year with a record backlog and awarded orders of $747.6 million [4]. - The company anticipates revenue between $560 million and $600 million for 2026, with adjusted EBITDA expected to range from $110 million to $130 million [4]. - Management noted potential short-term headwinds due to changing customer order patterns in the utility-scale solar market [4]. Company Overview - Shoals Technologies Group provides electrical balance-of-system solutions for solar power installations, battery storage systems, and related energy infrastructure projects [5].

Group 1 - First Solar, Inc. (NASDAQ:FSLR) is recognized as one of the most undervalued renewable energy stocks to invest in, with analysts adjusting price targets following the fourth-quarter earnings season [1][2] - Evercore ISI analyst Nicholas Amicucci lowered the price target for First Solar to $212 from $241 while maintaining an In Line rating, reflecting updated financial estimates for the power and utilities sector [1] - Barclays reiterated an Overweight rating on First Solar, reducing its price target to $228 from $279, while maintaining a positive outlook due to strong demand for domestically produced solar modules [2] Group 2 - First Solar is an American manufacturer of solar panels, utilizing rigid thin-film module technology and producing cadmium telluride (CdTe) solar panels [3] - Founded in 1990, First Solar is one of the largest and most influential solar energy companies in the U.S. and globally, positioning itself to benefit from rising demand for renewable energy technology [3] - The company is expected to benefit from U.S. policy incentives, including a 10% domestic-content adder, which could enhance project economics and support sustained order growth [2]

Industry Overview - In 2025, solar installations in the U.S. decreased to 43 gigawatts (GW) from over 50 GW in 2024, primarily due to policy changes under the Trump administration that disrupted renewable energy incentives [1] - Utility-scale solar installations fell by 16%, while community solar installations dropped by 25% [1] - The administration's focus shifted towards oil, gas, coal, and nuclear energy, sidelining renewable initiatives [1] Key States for Solar Installations - Texas led new solar installations with 11 GW, followed by Indiana, Florida, Arizona, Ohio, Utah, and Arkansas [2] - Solar and energy storage accounted for 79% of new capacity increases in the U.S. during the administration's first year [2] Company Insights: Clearway Energy, Inc. (NYSE:CWEN) - Goldman Sachs holds a stake valued at $7.20 million in Clearway Energy, Inc. [6] - The company reported a net loss of $231 million for 2025, with adjusted EBITDA of $1.217 billion and operating cash flow of $688 million [7] - Clearway is advancing multiple expansion efforts, including a fleet upgrade initiative and projects in Colorado and California, with a CAFD guidance for 2026 of $470 million to $510 million [8] Company Insights: Plug Power Inc. (NASDAQ:PLUG) - Goldman Sachs has a stake valued at $16.96 million in Plug Power Inc. [10] - The company plans to supply up to 250 megawatts of hydrogen-powered electricity in a potential auction by PJM Interconnection, addressing increased electricity demand from data centers [10] - Plug Power aims to achieve positive EBITDA in 2026 and is working on long-term power supply deals with hyperscalers and utilities [11]

Core Viewpoint - Canadian Solar (CSIQ) is expected to report a quarterly loss of -$1.10 per share, a 25.2% increase in losses compared to the same period last year, with revenues forecasted at $1.39 billion, reflecting an 8.7% year-over-year decrease [1] Group 1: Earnings and Revenue Estimates - Wall Street analysts have maintained the consensus EPS estimate for the quarter over the last 30 days, indicating a reevaluation of initial estimates [1] - Analysts project revenues for CSI Solar's solar modules to reach $686.03 million, representing a year-over-year decline of 27.3% [4] - The estimated revenues for CSI Solar's battery energy storage solutions are projected at $387.84 million, indicating a year-over-year increase of 60.3% [4] - Revenues for CSI Solar's solar system kits are expected to reach $243.34 million, suggesting a significant year-over-year increase of 213.5% [4] Group 2: Market Performance - Over the past month, Canadian Solar shares have recorded a return of -7%, compared to a -1.9% change in the Zacks S&P 500 composite [5] - Based on its Zacks Rank 3 (Hold), Canadian Solar is likely to perform in line with the overall market in the upcoming period [5]

Core Insights - Clēnera, a US subsidiary of Enlight Renewable Energy, has secured $304 million in financing for the Crimson Orchard solar and energy storage project in Elmore County, Idaho [1] - The project will feature 120MW of solar power generation and 400 MWh of battery storage, with commercial operations expected to begin in the first half of 2027 [1][2] Financial Overview - Total project investment is estimated between $326 million and $342 million, with tax equity proceeds projected at $160 million to $170 million [2] - Investment net of tax equity is expected to be between $162 million and $172 million, with forecasted revenue for the first year of operation between $27 million and $28 million and EBITDA of approximately $20 million to $21 million [2] Contracts and Agreements - The project has secured a 20-year busbar solar power purchase agreement and a separate energy storage tolling agreement with Idaho Power, providing long-term revenue certainty [3] - The site spans approximately 528 acres of private land currently used for seasonal grazing and crop production [3] Strategic Partnerships - Enlight's CEO highlighted the successful collaboration with global lenders, emphasizing the strength of their strategy and the impact on the clean energy transition [4] - Once operational, Crimson Orchard is expected to supply energy for over 25,000 homes in Idaho [4] Technological Integration - The combination of solar generation with battery storage aims to enhance grid reliability by storing surplus energy for peak demand or low production periods [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Renewable Energy, specifically Solar and Storage - **Key Companies Mentioned**: PWR (Power), PRIM (Primoris Services Corp), MTZ (MasTec) Core Insights and Arguments - **Growth Forecast**: - PWR anticipates approximately **10% growth** in renewables until **2030** with a strong backlog in solar and storage as of **3Q25** [1] - PRIM's battery storage revenue exceeded **$250 million** in **2025**, with expectations of growth resuming at **$200-400 million** annually post-2026 [1] - **Utility Solar Installations**: - Expected to grow **17%** in **2026** and **7%** in **2027**, driven by a substantial increase in the solar development pipeline [2] - **Utility Solar Capacity Additions**: - **36 GWdc** added in **2025**, with projections of **42 GWdc** in **2026** and **45-46 GWdc** in **2027-2028** [4] - **Utility Storage Growth**: - Expected to outpace solar growth with a **12% 5-year CAGR** from **2025-2030** [4] - **Battery Capacity Pipeline**: - As of **October 2025**, the US had **24 GW** of battery capacity approved or under construction, primarily in Texas (**11.5 GW**), Arizona, and California [4] - **Project Size Trends**: - **60%** of US solar installations from **2026-2030** are expected to be **200 MW** or larger, with average project size increasing **5x** from **2014-2024** to approximately **110 MW** [4] - **Electricity Generation**: - Renewables are the fastest-growing source of electricity in the US, with utility-scale solar generation increasing **35% YoY** for the year-to-date through **October 2025** [4] - **Data Center Demand**: - Approximately **3.5x** solar capacity is needed to match each **GW** of data center demand, with an estimated **29 GW** of data centers under construction requiring over **100 GW** of solar to meet annual targets [4] Additional Important Insights - **Market Sentiment**: - Positive sentiment for PWR, PRIM, and MTZ due to their strong positions in the renewable energy sector [1] - **Investment Opportunities**: - The growth in solar and storage presents significant investment opportunities, particularly for companies with established backlogs and growth trajectories in these sectors [1][2] - **Risks**: - Potential project delays due to oil price volatility and market conditions could impact growth forecasts and investor confidence [23] This summary encapsulates the key points discussed in the conference call, highlighting the growth potential and challenges within the renewable energy sector, particularly focusing on solar and storage solutions.

Core Insights - Founder Group Limited has secured an EPC contract worth 19.5 million Malaysian Ringgit (approximately 5 million USD) to construct a 5.5 MW solar facility under Malaysia's LSS5 program, which is the largest solar tender project in the country to date [1][2]. Industry Overview - The LSS PETRA program, part of the broader Malaysia MADANI framework and the National Energy Transition Roadmap (NETR), is crucial for accelerating renewable energy deployment in Malaysia, aiming for net-zero emissions by 2050 [2]. - Since its inception in 2016, the LSS program has been a key catalyst for the growth of Malaysia's renewable energy sector, with approximately 121 large-scale solar projects approved, totaling an installed capacity of 6,228 MW and expected investments exceeding 21 billion Malaysian Ringgit [2]. Project Details - Under the new contract, Founder Group will be responsible for the design, construction, testing, and commissioning of the 5.5 MW solar facility, which is expected to provide a guaranteed maximum annual available capacity (MAAQ) of 13,568.8 MWh in its first two years of operation [3]. - The project is scheduled to commence commercial operations by May 1, 2027, reflecting the optimistic outlook for Malaysia's renewable energy development [3]. Company Profile - Founder Group Limited is a pure-play, end-to-end EPCC solutions provider in the solar photovoltaic sector in Malaysia, focusing on large-scale solar projects and commercial and industrial solar projects [4]. - The company's mission is to provide innovative solar installation services, promote sustainable resources, and achieve carbon neutrality [4].

Core Viewpoint - A class action lawsuit has been filed against Enphase Energy, Inc. on behalf of investors who acquired its securities during the specified class period, alleging misrepresentation of the company's financial health and growth expectations [1][3]. Group 1: Lawsuit Details - The lawsuit claims that Enphase overstated its ability to manage channel inventory and misrepresented its capacity to mitigate revenue pressures due to the expiration of the Residential Clean Energy Credit [3]. - The corrective disclosure occurred on October 28, 2025, when Enphase warned of elevated channel inventory leading to weaker fourth quarter battery shipments and adverse revenue impacts in early 2026 [4]. - Following the disclosure, Enphase's stock price dropped by $5.56 per share, or 15.15%, closing at $31.14 per share, resulting in significant investor losses [4]. Group 2: Investor Information - Investors who purchased Enphase securities during the class period have until April 20, 2026, to seek appointment as lead plaintiff representatives [2]. - The law firm Berger Montague is handling the case and provides contact information for interested investors [5].

Core Viewpoint - The stock market is experiencing volatility due to the ongoing Iran war, with Goldman Sachs highlighting potential investment opportunities despite the risks associated with high valuations and elevated oil prices [1][2]. Market Overview - The S&P 500 is projected to decline by as much as 19% in a severe oil price shock scenario where crude oil reaches $150, potentially dragging the index down to 5,400 [2]. - Year-to-date, the S&P 500 has decreased by approximately 3%, reflecting multiple risk-off events impacting investors, including a shift away from technology stocks due to AI concerns [2]. Investment Recommendations - Goldman Sachs is revising its investment recommendations in light of the challenging market environment, favoring secular growth stocks over cyclical growth stocks [3]. - The bank specifically recommends focusing on the materials and healthcare sectors, which have underperformed the broader S&P 500, with the materials sector up 15% and healthcare up 4% over the past year [4]. Sector-Specific Insights - **Materials & Healthcare**: These sectors are highlighted as having long-term growth potential, with a diminishing window for cyclical trades based on anticipated economic acceleration in 2026 [4]. - **Solar Stocks**: The solar energy sector is identified as a secular growth theme, expected to benefit from rising energy demand, particularly from data centers, amid increasing oil prices [5]. - The Invesco Solar ETF has risen by 7% year-to-date, outperforming the S&P 500's 3% decline [6]. - **Cybersecurity Stocks**: This sector has shown resilience, outperforming the broader software sector, which has faced significant declines due to AI-related concerns [7]. - The iShares Cybersecurity and Tech ETF has only decreased by 5% year-to-date, compared to a 17% drop in the iShares Expanded Tech-Software Sector ETF [8].