Top Hedge Funds retain strong allocations to Energy Sector: Citadel and Icahn named largest Energy sector investors

January 26th, 2015
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The Top Energy Hedge Funds list has been released, revealing that the largest hedge fund investors in Energy companies manage more than $130 billion in energy assets.

This quarter’s list is led by Citadel Investment Group which reported $7.9B in energy assets, representing more than 16% of its equity assets under management. Citadel is well diversified within the energy sector, holding positions in 265 companies. Its top holdings include Baker Hughes Inc (BHI, $415M), Cimarex Energy Co (XEC, $393M), Anadarko Petroleum Corp (APC, $373M), Antero Resources Corp (AR, $345M), and Devon Energy Corp (DVN, $332M). It is also worth noting that Citadel reaffirmed its commitment to its top 5 energy holdings by meaningfully increasing its holdings in each.

Icahn Associates holds the 2nd spot on the top Energy hedge fund list with six heavily concentrated positions in the energy sector – a stark contrast to Citadel’s highly diversified approach. Icahn’s $6.3B energy assets are spread across the following companies: CVR Energy Inc (CVI, $3.2B), Chesapeake Energy Corp (CHK, $1.5B), Transocean Inc (RIG, $686M), Talisman Energy Inc (TLM, $658M), CVR Refining, LP (CVRR, $140M), and Seventy Seven Energy Inc (SSE, $113M). Interestingly, Icahn held steady positions in its top 4 holdings, all of which declined in value over the quarter, while CVRR and SSE are completely new positions.

The remaining hedge funds rounding out the top 5 are: Millennium Management ($6.3B in energy assets, 18% of portfolio); Harvest Fund Advisors LLC ($6B, 95%) and D.E. Shaw & Co. ($5.9B, 12%). Harvest Fund Advisors LLC is an Energy-focused hedge fund based in Wayne, PA. Harvest holds positions in 126 energy companies and its top five energy holdings are: Enterprise Products Partners LP (EPD, $809M), Energy Transfer Equity LP (ETE, $523M), Energy Transfer Partners LP (ETP, $443M), Plains All American Pipeline LP (PAA, $395M) and Magellan Midstream Partners LP (MMP, $320M). Harvest doubled its position in its top holding (EPD) over the quarter after adding 10M shares to take its total stake to around 20M shares.

Although there’s some consistency in holdings across the top 5 largest hedge fund investors in Energy companies, no single stock is held by all 5 in a meaningful way (>$1M). 8 companies are held by at least 4 of the top 5 hedge funds: Chesapeake Energy Corp (CHK); Enlink Midstream, Llc (ENLC); Exterran Holdings Inc. (EXH); Kinder Morgan Inc (KMI); Phillips 66 (PSX); Seventy Seven Energy Inc (SSE); Valero Energy Corp (VLO); and Williams Companies Inc (WMB).

Hedge Tracker releases a series of top hedge fund lists on a quarterly basis. The Top 100 Energy Hedge Funds list is based on the top hedge funds investing in the Energy sector, ranked by their U.S. Energy equity assets under management. To view the Top Energy Hedge Fund list in its entirety, please visit the Top Hedge Fund List ranking portal.
For Detailed Investor Profiles on these Investors, click below:
Citadel Investment Group
D.E. Shaw & Co
Icahn Associates (Carl Icahn)
Millennium Management
Related People: ; Becket Wolf*; Alexander J. Denner; Anne Dinning; Brandon Haley; Brett Icahn; Carl Icahn; David E. Shaw; David Grossman; David Nolan; Derek Kaufman; Eric Wepsic; Israel Izzy Englander; Jeff Runnfeldt*; Joe Squeri; Jonathan Larkin*;; Julius Gaudio; Kaveh Alamouti*; Keith A. Meister*; Kenneth Griffin; Louis Salkind; Mark Stainton; Max Stone; Michael Gelband; Ryan Garino; Steve Weller*; Stuart Steckler(retired)*
Related Entities: Citadel Alternative Asset Management; Citadel Equity Fund; Citadel Kensington; Citadel Wellington; D. E. Shaw Oculus Portfolios, LLC; D. E. Shaw Valence Portfolios; D.E. Shaw Group; D.E. Shaw Investment Management; DE Shaw Heliant Fund; Equiduct; High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; Millennium International Fund; Millennium Management LLC; Millennium Partners; Millennium Partners LP; Millennium U.S.A.; New Castle Re; Sowood Capital*
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Featured Reports

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