Ex-Hockey Player Steers Hedge Fund to Record Bullish Bet on Oil
- Maple Rock boosted energy-stock bets as oil weakened
- ‘Inevitable that oil prices have to go much higher,’ CIO says
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It’s no secret oil and energy shares have lacked widespread support on Wall Street this year. But a professional hockey player-turned-hedge-fund manager in Canada is wagering on the contrary.
Oil is becoming a better bet as demand rises from historic lows hit during early coronavirus shutdowns, while drillers continue to rein in spending, potentially causing a supply shortage, said Xavier Majic, founding partner and chief investment officer of Toronto-headquartered Maple Rock Capital Partners, which has about $700 million in assets under management.