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Riding the wave
19 December 2006
Energy investment can be a very risky business. Craig MacDonald speaks to Norman MacDonald, a portfolio manager of energy specialist BTR Global Energy Fund, about risk,
markets for growth and the commodity bubble.
Since their lows between 1998 and 2001, commodities have been on a tear. Between 1998 and early 2006, crude oil rose from $11 per barrel to over $70, copper from 60 cents per pound to over $4 and gold went from $255 an ounce to over $700. Not a bad market to be involved in as long as you can take advantage of the peaks and troughs.
BTR Global Energy Fund (BTR GEF) is run by the Toronto-based hedge fund manager Salida Capital, which has five other funds under its management under the name BTR [see box]. The oldest fund is the BTR Global Arbitrage Fund and the newest is surprisingly the BTR GEF.
Why surprisingly? The energy market has been one of peaks and troughs over the past few years, and getting into a strictly long-only equity fund now specialising in energy may seem a bit late to some...
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