A hedge fund manager who profited to the tune of $700 million by betting on GameStop is now backing oil and gas companies which he believes are on track for strong gains, according to a report by The Financial Times.
Richard Mashaal, co-CIO at Senvest Management in New York who racked up gains of 86 per cent in 2021, is reported as revealing that 25 per cent of his $3.3 billion portfolio is now committed to positions backing fossil fuel stocks.
Hedge fund interest in oil and gas companies has increased as more mainstream ESG-focused institutional investors have exited the sector.
