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Friday June 11, 02:04
Morgan Stanley Favors Energy ETFs
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Morgan Stanley’s overweight stance on the energy sector has led the firm to favor energy exchange-traded funds, including Energy Select Sector SPDR (XLE) and DJ US Energy Index Fund (IYE). The firm’s strategy team, which holds a longer-term outlook, is 100 basis points overweight in the energy sector relative to its 6.4% weight in the S&P 500 Index, noted a strategy report.
Although those particular ETFs closed lower last week, the firm favors the energy sector and ETFs that offer exposure. "We continue to feel good about it," Paul Mazzilli, director of ETF research at Morgan Stanley told InstitutionalInvestor.com. "We think they [energy ETFs] are more defensive in a choppy market. It’s just other segments of the market had a nice rally [on Tuesday]." The team expects continued higher revisions of earnings of oil production and service companies. Also, Morgan Stanley’s energy team boosted its forecast for crude oil from $28/bbl to $33/bbl for 2004.
(InstitutionalInvestor.com)
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