How Maple Rock Capital Partners Maintained Its $128.6 Million Sunrun Bet Despite Taking Partial Profits

The Move: Strategic Trimming, Not Retreat

Institutional investor Maple Rock Capital Partners revealed through an SEC filing on November 14 that it had trimmed its Sunrun (NASDAQ:RUN) holdings by selling 692,800 shares during the third quarter. This reduction wiped approximately $62.1 million from the position’s value over the three-month period.

However, the narrative here goes beyond a simple exit. As of September 30, the Toronto-based fund maintained 7.4 million shares of the residential solar and battery storage company, valued at approximately $128.6 million. This remained the fund’s fourth-largest holding, representing 5.1% of its total 13F assets under management.

Why the Timing Made Sense

The decision to pare back appears anchored in improving fundamentals rather than loss of conviction. During Q3, Sunrun demonstrated accelerating operational momentum:

• Revenue growth: The company posted $724.6 million in quarterly revenue, representing 35% year-over-year expansion
• Cash generation: Sunrun achieved its sixth consecutive quarter of positive operating cash flow, producing $108 million in the period
• Unit economics strengthening: Net subscriber value surged 38% year-over-year, while contracted net value creation climbed 35% to $279 million

These metrics suggest the company is emerging from post-pandemic volatility with a more sustainable, cash-generative operating model. For a fund manager holding such a substantial position, this created a natural inflection point to harvest gains while maintaining meaningful exposure to future appreciation.

Portfolio Context and Market Performance

Sunrun’s stock reflected these improvements, trading at $17.87 as of Tuesday with 59% annual gains—substantially outpacing the S&P 500’s 13% advance over the same timeframe.

Within Maple Rock’s broader portfolio, Sunrun now ranks below three holdings:

• Western Digital (NASDAQ: WDC): $310.9 million
• Equinix (NYSEMKT: EQX): $186.7 million
• Seagate Technology (NASDAQ: STX): $174.8 million

The Bottom Line

Maple Rock’s decision to reduce rather than liquidate reflects a measured approach to portfolio management. Sunrun remains a core conviction position, indicating the fund manager believes the company can continue compounding value as it optimizes unit economics and expands its footprint in residential renewable energy. The third quarter’s operational improvements likely validated that thesis, prompting a tactical trim to lock in returns while preserving upside participation.