One might imagine Canyon Capital Advisors sipping a martini at noon, calmly observing their $13 million “haircut” from Sunrun shares. A mere 300,000-share trim in Q3 – practically a manicure in the hedge fund world – yet the market raises an eyebrow. How very modern.
A Gentleman’s Hedge
The Dallas-based fund, known for its restraint, filed its 13F with all the drama of a butler announcing tea. Their Sunrun stake dwindled to 1.7 million shares ($29.4M), now constituting a mere 4% of their reportable assets. One suspects they found the solar darling’s 61% annual rally somewhat vulgar – the sort of exuberance best left to day traders and debutantes.
The Numbers Game
Let us peruse the scorecard:
- CBL: $258.9M (35.5% – clearly their favorite uncle)
- AMCR: $130.8M (17.9% – a reliable companion)
- SDRL: $127.7M (17.5% – the adventurous cousin)
- FFWM: $45.4M (6.2% – a passing flirtation)
- AMBP: $44.8M (6.1% – the forgotten fiancé)
Sunrun, at $18.55 per share, clearly didn’t make the supper party.
Financials in 3-Point Perspective
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.3B – enough to buy several Caribbean islands |
| Net Income (TTM) | ($2.5B) – a charming deficit, darling |
| Market Cap | $4.3B – mid-sized Duchy, perhaps? |
| Price | $18.55 – bargain bin material or contrarian coup? |
The Solar Sultan’s Strategy
Sunrun, that plucky purveyor of rooftop revolutions, boasts 35% Q3 revenue growth ($724.6M) and 106,000 grid-huggers – a 300% spike. They’re playing the long game: vertically integrated, direct-to-consumer, and whispering sweet nothings to distributed energy enthusiasts. The 1.4B in fresh debt? Merely rearranging the furniture before the ball.
Market Musing in Minor Key
Canyon’s divestiture seems less a rejection than a yawn – “Darling, must we keep this gaudy position?” Meanwhile, Sunrun’s sixth consecutive cash-positive quarter and 2025 guidance sing a siren song. The 80% drawdown from 2021 peaks? A fashionable retreat, not a rout. For those who fancy volatility with their dividends, the stage remains set.
Coward’s Commentary
“Sunrun’s fundamentals improve while the stock languishes – a tragic opera for some, a shopping list for others. The solar sector’s policy risks? Merely the rain at a garden party. One adjusts one’s hat and carries on.”
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2025-12-02 05:47