Hennessy chief investment officer remains overweight on energy

Hennessy Funds Chief Investment Officer Ryan Kelly said the money manager remains overweight on traditional oil and gas companies in its mutual funds, including the Hennessy Energy Transition Fund , as a bet for more positive returns in 2023. Top holdings in the fund include EOG Resources Inc. , Antero Resources Corp. and Schlumberger Ltd. . Even if oil prices stabilize, the energy companies are expected to continue to throw out ample cash, Ryan said at a press event on Wednesday. Hennessy Cornerstone Mid Cap 30 Fund and Hennessy Cornerstone Growth Fund also contain exposure to the energy sector, he said. Looking toward 2023, Kelly said the fund manager continues to keep a close watch on inflation and interest rates, with Fed interest rate hikes expected to pause in the second half of the year. Consumer spending remains healthy as a bright spot in the economy currently, Ryan said.

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