Funds invest in distressed energy debt; rescue E&Ps

摘要

Franklin Resources Inc., known for contrarian bets on the Ukraine, is shopping in another dicey neighborhood: the U.S. shale patch, according to Bloomberg. The firm has staked 16.3% of its flagship $92 billion Franklin Income Fund on energy stocks and bonds, according to data compiled by Bloomberg, an increase from 15.8% in June, when oil prices began their decline. Ed Perks, the fund's lead manager, is zeroing in on the hardest-hit energy firms, whose funding avenues are narrowing as banks bolt.