KKR Backed Hedge Fund: High Yield Energy Credit Still Cheap

Blackgold Capital Management, the energy focused investment firm backed by KKR, has continued to outperform the rest of the energy market thanks to its bets on high yield energy credits and active investing, that’s according to hedge fund’s second quarter letter to investors, a copy of which has been reviewed by ValueWalk. During the second quarter, Blackgold’s benchmarks, which include the Barclays HY Energy Index, VanEck Oil Service ETF and the Alerian MLP Total Return Index all produced a negative return for investors as the outlook for the oil sector remained uncertain. Even against this backdrop, Blackgold was able to chalk up a positive investment…