Bloomberg – Philip Mathews, manager of the world’s best-performing equity hedge fund outside the U.S. over the past three years, is betting on oil stocks to keep his top ranking — even though thecommodity’s falling price is hurting him now.
“The majority of the fund’s assets are still invested in oil,” said Sydney-based Mathews, 45. “When we find an idea we believe in, we like to own as much of it as possible. That’s our style.”
The A$293 million ($215 million) Sabre Fund, one of two funds managed by Mathews Capital Pty Ltd., has gained almost 90 percent over the past three years by investing in companies such as Woodside Petroleum Ltd., Australia’s No. 2 oil producer. Sabre is the top performer in the period among more than 3,500 non-U.S. equity hedge funds with a minimum of $10 million in assets tracked by Bloomberg worldwide.
The fund soared 144 percent in the 12 months to Aug. 31. Since then, its 12-month gain of 56 percent has slipped it to number six as oil has dropped from a record $70.85 a barrel in August.
