Amid an oil rally that has seen the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, climb nearly 9% over the past 90 days, investors are pouring back into select energy exchange traded funds.
Count Steve Cohen’s Point72 Asset Management among them. USO hauled in $978.1 million in new assets this year and Point72 Asset Management has contributed to those inflows.
“The firm bought 1.305 million shares of the U.S. Oil Fund valued at about $22 million in the three months through March 31,” Moming Zhou reports for Bloomberg, citing a Securities and Exchange Commission filing.
USO is a minor position for Point72, representing just 0.15% of the firm’s equity portfolio, according to Whale Wisdom. However. Point72’s USO stake is further evidence of increased ETF use by the hedge fund and family office communities. [Another Hedge Fund Legend Likes ETFs]
David Tepper’s Appaloosa Management LP boosted its exposure to two marquee broad market ETFs in the first quarter. The hedge fund owned $413 worth of the PowerShares QQQ (NasdaqGM: QQQ), the Nasdaq-100 (NDQ) tracking ETF, at the end of the first quarter, reports Juliet Chung for the Wall Street Journal.
Last week, it was revealed that Ray Dalio’s Bridgewater Associates, one of the world’s largest hedge funds, added to its stake in SPY last quarter. SPY is Bridgewater’s second-largest equity position behind the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO).
Bridgewater owns positions in several other ETFs, including the iShares MSCI Emerging Markets ETF (NYSEArca: EEM) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSEArca: LQD). [Bridgewater Alters ETF Positions]