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New stock fund to eye alternative energy sources |
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| USA: July 5, 2004 | ||
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NEW YORK - Guinness Atkinson Asset Management LLC said it has started a Global Energy Fund which will invest in traditional fossil fuel companies and also look for investments in alternative energy sources.
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"In the early days virtually all of it is going to be in the traditional fossil fuels," Jim Atkinson, chief executive of Woodland Hills, California-based Guinness Atkinson, said in a telephone interview. "Over time it is going to move into alternative energy." Guinness Atkinson said in a research report that it expects the price of oil to top $100 per barrel at some point in the next 15 years. Atkinson said alternative energy sources are currently prohibitively expensive. The report said that alternative energy sources such as wind, solar and biomass now account for less than 1 percent of world energy consumption, but over the next 10 years some alternative forms will become economically viable and offer investment opportunities. The Global Energy Fund will be a concentrated portfolio of 20 to 35 stocks. It will be managed by Tim Guinness, the London-based chairman and chief investment officer of Guinness Atkinson, and by Edmund Harriss. The fund will have the symbol GAGEX.
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REUTERS NEWS SERVICE
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