Navellier Ups Energy Exposure, Increases Argan Position to Over $10 Million

Navellier & Associates increased its position in Argan (NYSE:AGX) by 12,040 shares. The value of its holdings increased by an estimated $4.56 million in Q3, according to its SEC filing dated November 6, 2025.

What happened

Navellier & Associates bought an additional 12,040 shares in Argan, taking its total holdings to 38,442 shares. According to a Nov. 6 SEC filing, Navellier's position was worth $10.38 million at the end of Q3, up from $5.82 million in Q2.

What else to know

As of Sept. 30, 2025, Argan represents 1.05% of the fund’s assets under management (AUM). At the end of Q3, Navellier had $985.88 million in reportable U.S. equity holdings.

Top five holdings after the filing:

• Nvidia (NASDAQ:NVDA): $107.39 million (10.9% of AUM)
• Emcor Group (NYSE:EME): $21.61 million (2.2% of AUM)
• Eli Lilly (NYSE:LLY): $19.85 million (2.0% of AUM)
• Quanta Services (NYSE:PWR): $19.79 million (2.0% of AUM)
• Royal Caribbean Cruises (NYSE:RCL): $19.38 million (2.0% of AUM)

As of November 28, 2025, shares of Argan were priced at $395.99. That's an increase of 154.89% year-over-year, outperforming the S&P 500 by 141.4 percentage points.

Company overview

Data correct as of market close, Nov. 28, 2025.

Company snapshot

Argan is an engineering and construction firm that specializes in large-scale power generation and renewable energy projects across the United States. It has a broad base of industrial and public sector clients.

The company focuses on technical expertise and project execution. This means it excels at meeting complex infrastructure requirements across both the energy and telecommunications markets.

• Argan's power generation and renewable energy activities have attracted investor attention. It provides engineering, procurement, construction, commissioning, operations management, maintenance, project development, technical, and consulting services.
• It generates revenue through project-based contracting in power industry services, industrial fabrication, field services, and telecommunications infrastructure, serving diverse infrastructure needs.
• Argan's main customers include independent power project owners, public utilities, power plant equipment suppliers, industrial companies, government agencies, and communications service providers.

Foolish take

Argan was once an under-the-radar AI play. But after gaining over 700% in five years and setting a new high last month, it is now very much on investors' radars. Argan benefits from the data center demand for power. The company has a focus on gas and renewable power plants and a backlog of over $2 billion. This means it's well-positioned to profit from the dramatic rise in electricity usage.

The Argan buy could be part of a wider move to up Navellier's exposure to the energy sector. Navellier also bought almost 85,000 more shares in Exxon Mobil (NYSE:XOM). Its Exxon position increased from $1.8 million in Q2 to $11.5 million in Q3.

Bloom Energy (NYSE:BE) shares soared in Q3, which -- along with the purchase of more shares -- took the value of its holdings from $1.1 million to $9.4 million. All in all, its holdings in Argan, Exxon Mobil, and Bloom Energy made up 3.2% of its portfolio by the end of Q3, compared with 1.1% the quarter before.

Navellier holds over 350 stocks in its portfolio, with a solid slew of AI and tech stocks. Nvidia dominates, accounting for over 10% of its AUM. Apple (NASDAQ:AAPL), Meta (NASDAQ:META), and Microsoft (NASDAQ:MSFT) make up around 1% each. The firm increased its holdings in Palantir Technologies (NASDAQ:PLTR) and AppLovin Corp (NASDAQ:APP), putting them both in its top ten holdings.

Glossary

13F assets: U.S. equity securities that institutional investment managers must report quarterly to the SEC on Form 13F.

Reportable assets: Investments that must be disclosed in regulatory filings, typically meeting specific criteria or thresholds.

Quarter over quarter: A comparison of financial or investment data between consecutive fiscal quarters.

Stake: The total ownership or investment held by an individual or institution in a company.

AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.

Engineering, procurement, construction (EPC): A project delivery method where a contractor handles design, material sourcing, and building.

Commissioning: The process of testing and verifying that a facility or system operates as intended before full operation.

Project-based contracting: Agreements where services are provided for specific projects, rather than ongoing or recurring work.

Field services: On-site technical or maintenance work performed at customer locations or project sites.

Independent power project owners: Companies or entities that develop and own power generation facilities not affiliated with utilities.

Operational segments: Distinct business divisions within a company, each with separate products, services, or markets.

TTM: The 12-month period ending with the most recent quarterly report.

Emma Newbery has positions in Apple and Nvidia. The Motley Fool has positions in and recommends Apple, EMCOR Group, Meta Platforms, Microsoft, Nvidia, Palantir Technologies, and Quanta Services. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.