A hedge fund run by a former associate of billionaire John Fredriksen has gained 69 percent in two years betting on shunned oil-related assets – and it is not nearly done exploiting the recovery.
The Titan Opportunities Fund, which now manages about USD 100 million, started investing in June 2016 after a collapse in crude prices had decimated stocks and bonds issued by oil-related companies. It has benefited from an historic deal between OPEC and other producers to cut output, supporting an oil price rally that has been reinforced by increasing geopolitical tensions this year.
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