Tactical manager of energy fund puts more assets to work

Sector is at low end of cycle, says Canoe's Rafi Tahmazian.

Diana Cawfield 28 September, 2017 | 5:00PM

A tactical investor in the energy sector, Rafi Tahmazian will greatly vary his cash position in Canoe Energy Class. "Cash is used aggressively," he explains. Historically, the fund's cash weighting has gone as high as 71% in the summer of 2014, to as low as around 5% by the end of 2016.

But lately, Tahmazian has been deploying more of the fund's assets. From more than 20% earlier this year, the cash position is currently about 15%, "and I would say it's going down more," he says. "We see the sector as undervalued relative to the full energy life cycle, so it's my job to put that money to work."

Tahmazian, a director and portfolio manager at Canoe Financial LP in Calgary, says that over the past eight months we've fallen to the low part of the energy life cycle, after the correction in the sector here in Canada.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Cheniere Energy Inc73.97 USD-0.82
Crescent Point Energy Corp4.80 CAD-2.83
Paramount Resources Ltd A9.80 CAD-1.01
STEP Energy Services Ltd1.24 CAD0.00

About Author

Diana Cawfield

Diana Cawfield  Diana Cawfield is an award-winning writer who has been a regular Morningstar contributor since 2000. Her numerous publication credits include the Toronto StarAdvisor's Edge and Chatelaine, as well as the Canadian Securities Institute's online educational services.

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