Thread (1/5) Why have Oil & Gas stocks been so volatile? Since 2019, nearly all buying of CDN midcap E&Ps has come from high-turnover funds. Thus the first sign of WTI weakness had them rush to the exits. Encouragingly, low-turnover funds were the main buyer in 2Q buying $1.4 bln 
Thread (2/5): Since 2019, most buying of CDN midcap Oil & Gas names have been from energy focused funds. Q2 was the moment where the 'Generalist' investor has finally come back (and in size), buying $1.1 bln! The sector is 'investable' again #energy #yyc
Thread (3/5): Importantly, some of the largest global funds are picking up CDN midcap Oil & Gas (finally). Given their AUM size, it can take multiple quarters to establish a position, suggesting there is more large block buying to come in future quarters #yeg #energy #CrudeOil
Thread 4/5) As CDN Oil & Gas names hinted at bigger dividends & more growth post Q1 earnings, we saw these style of funds be the dominant buyer in Q2. This theme likely continues with 2023 guidance coming soon and balance sheets allowing for more ‘shareholder friendly’ items #WTI
Thread (5/5) Energy security is a global theme and foreign investors continue to see CDN midcap Oil & Gas names attractive, buying $1.8 bln in Q2. (offsetting selling from CDN fund managers). With the TSX Index 19% Energy, CDN investors likely come back to the space #EnergyCrisis
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