Energy

Report by Copley Fund Research

EM Fund ownership surges to highest levels on record - of the 371 funds in Copley’s analysis, 53 increased weights in the oil giant and 10 opened new exposure in the last 6 months. ARAMCO has overtaken both China Petroleum & Chemical and PetroChina in recent months to move to the 5th most widely held stock in the sector. In Saudi Arabia, ARAMCO has overtaken both Al Rajhi Bank and Saudi National Bank over the course of 2023 to become the most widely held stock in the country; no other company has more funds positioned overweight. A stock once shunned by EM managers is seeing a definitive change in sentiment.