We see this in the form of significant retail participation, numerous newly minted sector focused ETFs, sky-high valuations in leading names and a spate of highly dilutive financings in anything and everything “green.“ Weakness in the cleantech sector has been met with mounting concerns that it represents an investment “bubble.” While we are not in the business of calling interim tops in the market, nor are we pure momentum investors, we do share the view that there are growing signs of over exuberance in the space. Year to date softness in EFL has coincided with a sell-off in the cleantech sector after a period of significant inflows and pressure on leading green economy stocks like Tesla. The stock has taken a breather after a strong run and is forming a base as volume moderates.
Our ongoing involvement hinges on management achieving key milestones, demonstrating the creation of tangible shareholder value and maintaining a leadership position in their respective segments of the market. We are inclined to support these companies as they move through their lifecycle by adding to our position during times of weakness or we take part in capital raises to fund future growth. Our core holdings have a defined value proposition, a clear competitive advantage, barriers to entry, strong management teams, and are due to enjoy a rerating in the market or enter a phase of accelerated growth.
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At Torrent Capital, we run a concentrated investment portfolio comprised of high conviction small cap names.
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