Hedge funds sneak back into energy sector
Fund managers bottom-feed in oil rout after large investors divest
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New York
A FEW hedge fund managers have been tiptoeing back into the beaten-down energy sector.
While many investors, including Warren Buffett, were selling energy stocks in the final three months of 2014, several hedge funds sought to profit on the turmoil, regulatory filings showed on Tuesday. Third Point, the firm run by Daniel Loeb, acquired a sizable stake in the oil refinery company Phillips 66; while Leon Cooperman's Omega Advisors amassed a new position in Laredo Petroleum; and Viking Global Investors, led by Andreas Halvorsen, increased its stake in Cheniere Energy by several million shares.
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