Bloomberg – Financier Carl Icahn disclosed that his hedge funds invested almost $1 billion in energy stocks during the second quarter as they were pummeled by declining crude prices and the worst oil spill in U.S. history.
Icahn plowed about $929 million into energy stocks in the period, bringing the total to 18 percent of the hedge-fund group’s stock investments, according to a regulatory filing last week. The energy bet helped the funds record an 8 percent gain in July, when oil stocks rebounded, Icahn’s holding company said in an Aug. 4 statement.
