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The Energy Stocks Powering Bocage Capital’s Portfolio

Kurt Billick‘s Bocage Capital recently filed its 13F form for the June 30 reporting period. The market value of the fund’s public equity portfolio stood at $185.25 million at that time, with the energy sector representing 37% of this value. The San Francisco-based Bocage Capital was founded in 2010 with the intention of focusing on global commodities. The firm currently has about $901 million in regulatory assets under management and a total of 14 employees. The turnover ratio within the fund’s portfolio was slightly on the higher end during the second quarter, standing at 68.75%. Moreover, the firm’s equity portfolio is also highly concentrated, as its top ten holdings represent nearly 90% of the total value. We decided to look at how the fund has managed its energy investments in the face of a challenging environment for energy companies. Bocage’s top equity picks in the sector are Dynegy Inc. (NYSE:DYN), Cabot Oil & Gas Corporation (NYSE:COG), and Tesoro Corporation (NYSE:TSO).

We don’t just track the latest moves of hedge funds. We are, in fact, more interested in their 13F filings, which we use to determine the top 15 small-cap stocks held by the funds we track. We gather and share this information based on 16 years of research which showed that these 15 most popular small-cap picks have a great potential to outperform the market, beating the S&P 500 Total Return Index by nearly one percentage point per month in backtests, and easily beating the most popular large-cap picks of funds, which nonetheless get the...