RE:GLTALongs.TD Investment Conclusion AQN's share price has declined 20% since peaking in mid-February vs. an average decline of 6% for relevant comps. We attribute underperformance to a perceived funding overhang in advance of this acquisition announcement and to a decelerating growth pipeline. We believe that the recent underperformance is excessive. Given the valuation contraction, Algonquin's diverse/transparent growth opportunity set, manageable payout ratio, and comfortable leverage, we reiterate our positive investment bias.