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Hedge Fund Bets on Worst Industry in ‘Detested’ Country

Bloomberg – Lakewood Capital Management LP is betting on OAO Lukoil (LUKOY), Russia’s second-largest oil producer, after shares slumped on concern about the nation’s conflict with Ukraine and a selloff in energy stocks.

“Admittedly, few investments sound less appealing right now than Lukoil, a company operating in the market’s worst performing industry (energy) and located in the market’s most detested country (Russia),” Anthony Bozza, founder of the $2.9 billion hedge-fund firm, wrote in a third-quarter letter to investors, a copy of which was obtained by Bloomberg News.

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