2024-07-25 06:50:00 ET
Summary
- One of the sectors we know well which had been out of favor for several years has quickly come into favor: Independent Power Producers (IPPs).
- We've invested a meaningful amount of our assets in VST specifically the past few years.
- In addition to Vistra, two other positions warrant brief updates: Summit Midstream Partners and Equitrans Midstream.
The following segment was excerpted from this fund letter.
Our level of caution-as measured by the percentage of assets held in cash-is relatively high and we averaged ~30% in cash and equivalents over the first 6-months of the year. With most of that idle cash currently earning 4%+, the opportunity cost of such a position is somewhat minimal while the opportunity set available to deploy said cash is very minimal. Few sectors seem out of favor....
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Independent Power Producers Sector Has Come Into Favor