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Tuesday, September 28, 2010

WSJ Explores an Energy Fund

News summary by MFWire's editors

This morning's Fund Track article shines the spotlight on the Guinness Atkinson Global Energy Fund, which held 10 percent of the companies involved in the Deepwater Horizon oil rig explosion in April, the biggest-ever U.S. oil spill.

However, the fund came out relatively unscathed because it caps its investments in any single company at less than 3.5 percent of the fund's total value, the WSJ reports.

Tim Guinness, London-based lead manager of the $90 million fund, told the WSJ that the fund sold two-thirds of its holdings in Transocean Ltd. in the first week after the explosion for a "satisfactory price," before the heavy selling set in. And because its investments are thinly spread across 30 companies, only about 1.5 percent of the value of the fund was affected. "We came out of the period about the same or slightly ahead," Guinness said.

The fund also sold its BP PLC holdings during the ensuing crash, but bought them back at the resulting deep discount, and has already sold off some of its holdings in Anadarko Petroleum Corp., a BP partner in the project.

According to Jeff Tjornehoj, a senior research analyst at Lipper, as of last Thursday, the Global Energy Fund is down about 3.8 percent year to date, while its peers are down about 7.6 percent.  

Edited by: Hung Tran


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