Raiffeisen-Energia-Részvény Alap (R)

Fund Management Report

Despite a lack of clear signals from the oil price, the fund posted a price increase in the first three weeks of the month. The fund’s holdings in companies in renewable energy (acquired in February) and the oil services industry saw price gains in particular. By contrast, most of the large integrated oil and gas conglomerates suffered price losses. The cash ratio is at around 6.5% due to the continued challenging conditions. Within the fund, we focus on oil companies with attractive valuations that are also doing their part from a sustainability perspective to promote the energy transition and to a lesser degree on companies from the field of renewable energy. Additionally, we mostly pursue a long-term investment horizon due to the fluctuations in energy prices. (23.10.2020)