Eden Financial UK equity fund manager Leigh Himsworth has added 5 per cent to oil and gas companies in the £15m Eden UK select opportunities fund.
He has increased the fund’s exposure from around 10 per cent to 15 per cent since December. He has bought a 2 per cent position in Heritage Oil and added BowLeven to the portfolio this year, which makes up a 2.5 per cent position.
He has topped up his Petrofac position by a few basis points over the last few months to 1.4 per cent of the fund.
Last Wednesday, Brent Crude Oil was trading at $123 per barrel.
Himsworth says: “I remain confident that the price of oil will remain high for a relatively long period of time. However, the oil price is running quite high and so I want the price to pull back to $115 or $110 per barrel before I commit more money to oil companies.”
Rowan Dartington head of collective research Tim Cockerill says: “The oil price has run its course and there is a case for the price to come back before managers top up on oil holdings.