How FPA Capital Stacks the Odds in Energy Picks
FPA Capital managers Rikard Ekstrand and Dennis Bryan on the funds historical investments in energy, outlook for the sector, and fund management in Bob Rodriguez's absence.
Question: What led to the energy overweight in the FPA Capital fund?
Rikard Ekstrand: We actually started investing in energy back in early '99, when oil prices were $10 and natural gas was about $1 per MCF. At that point, we bought ENSCO International, selling at about 30 cents on the replacement value.
Jason Stipp does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.