The Nasdaq 100 is a commonly quoted index. It represents the 100 largest non-financial stocks on the Nasdaq stock exchange, making it an excellent yardstick for growth stocks.

The Nasdaq 100 has trounced the performance of the S 500 so far this year. In fact, over 80 of the Nasdaq 100 stocks have produced a positive year-to-date gain. Enphase Energy (NASDAQ: ENPH) is not one of those stocks. As of Aug 10, it's down a painful 48% this year, which is bad on its own but even worse, considering this has been a phenomenal year for the Nasdaq 100.

Let's dive into the long-term investment thesis for Enphase to see if it still holds up or if the stock's sell-off was justified.

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Source Fool.com