Anaconda Invest SA, a Swiss hedge fund focused on energy transitionhas returned approximately 39% year-to-date, according to a report by Bloomberg citing comments by founder and chief executive Renaud Saleur, outperforming broader energy benchmarks such as the S&P Global Oil Index.
Saleur said the fund, which manages around $150m, has deliberately avoided reacting to shifting public statements from US political leadership regarding the Iran conflict, arguing that short-term rhetoric has repeatedly misread underlying supply dynamics in global oil markets. He said the firm has instead maintained a structural bullish stance on oil equities, driven by expectations of sustained supply constraints.
The strategy has centred on long positions in energy producers and services companies, alongside selective exposure across the oil value chain. Key holdings include major service and production names such as Schlumberger NV, Baker Hughes Company, and Patterson-UTI Energy Inc.
At the same time, the fund has taken a differentiated approach across related sectors, including short positions in certain technology and semiconductor-linked equities, reflecting its view that parts of the market remain misaligned with the current energy cycle.
The firm has also increased leverage, pushing gross exposure to around 130%, in order to amplify returns from its core energy thesis.
Saleur, who previously worked at firms including Fidelity Investments and George Soros’ Quantum fund, said the fund views oil fundamentals as stronger than market sentiment suggests, with pricing supported by ongoing geopolitical risk and constrained production capacity.
He added that, despite volatility driven by political developments and speculation around potential ceasefires, underlying energy demand has remained resilient, limiting any sustained downside pressure on oil prices.
The strategy contrasts with more cyclical trading approaches, instead focusing on longer-term structural themes within the global energy transition, where Anaconda Invest sees traditional hydrocarbons continuing to play a dominant role in the near term.
