NEW YORK: A hedge fund betting on the decline of fossil fuels has made a 25% gain this year after oil’s historic crash sent energy stocks plummeting. Now it expects them to fall further if Joe Biden wins the US presidential election.
Hite Hedge Asset Management made the gains in its Carbon Offset fund by shorting oil and gas producers and pipeline operators with the most exposure to federal lands in New Mexico, North Dakota and Alaska, according to investor documents viewed by Bloomberg.
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