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Stick With Canada in 2022, Top-Performing Energy Investor Says

  • Eric Nutall’s Ninepoint Energy Fund returned 184% in 2021
  • FOMO should lure investors who fled over ESG worries: Nutall
Baytex workers tend to a drill pipe in the Pembina oil field near Pigeon Lake, Alberta, in 2012.

Baytex workers tend to a drill pipe in the Pembina oil field near Pigeon Lake, Alberta, in 2012.

Photographer: Norm Betts/Bloomberg

Looking at oil and gas stocks this year? Think small and Canadian, at least according to the world’s leading energy fund manager. 

“Canada is, I think, the place to be in 2022,” said Eric Nuttall of Toronto’s Ninepoint Partners LP. His C$950 million ($752 million) Ninepoint Energy Fund was Morningstar’s top-performing energy-focused fund in 2021, posting a 189% total return that blew away the S&P/TSX Composite Index’s 22%. The second-best performer, Canoe Energy Portfolio Class, is another Canadian energy-focused fund and posted a total return of 101% last year.