Investec Energy duo use BP strife to add unloved Gulf stocks

Investec Global Energy fund managers Jonathan Waghorn and Mark Lacey have used the BP-led downturn to add to a number of stocks "unjustly punished" by the Gulf of Mexico disaster.

Waghorn and Lacey, the former heads of the highly-regarded Goldman Sachs energy research team, built a small position in Transocean, owner of the sunken Deepwater Horizon rig, at the end of last month. The managers also added to existing positions in other stocks directly or indirectly affected by the crisis. Waghorn and Lacey took the £219.3m fund's weighting in Anadarko, the 25% owner of the Macondo oil well, to 4.1%. They also took their position in Noble Corp, which has been affected by the US Government's drilling moratorium in the Gulf, to 5.5%. Since the Deepwater Horizon's ...