Senior managers at Arnold Van Den Berg
)’s Century Management firm on Friday discussed their bullish outlook for oil, a sector that encompasses 15.6% of their investment portfolio as of the third quarter-end.
Century has enjoyed substantial gains on energy this year as crude prices have stabilized, having ramped up its oil investments at bargain-bin prices. Its best performer, Pioneer Energy Services Corp. (NYSE:PES
) advanced 201% year to date, giving the firm an estimated 133% return. Only one of its energy holdings, Ensco PLC (NASDAQ:SEV
), has declined, down 35.6% for the year so far, for an estimated 61% loss. Multiple other holdings have more than doubled. Co-chief investment officer Jim Brilliant said in a video released through the firm’s website that he expects further upside. Continue Reading »