My take on the Canoe Energy FundI have noticed that Rafi from Canoe Energy Fund has been highly touted on this BB for quite a while now. He apparently owns well over 16 million shares of CREW so that would be slightly over 10%.
I noticed that his first buy was back on February 28 2023 when the CREW hit a low of $4.60 and closed that day at $4.85 with a well above average trading volume of almost 700k shares. Maybe most of them were Rafi taking his opening position. He has also bought consistently every month since then.
CREW closed today at $4.11 Yikes
Since then CREW has hit a high $6.61 and a low of $3.73. My point is that Rafi is a well-respected fund manager and my bet is that he is presently underwater on his CREW investment.
I am not.
So does that make me smarter than Rafi? Not even close. What it does show me is that by owning 10% plus of CREW it will make the Canoe Energy Fund a lot of money……eventually.
I hope he is still buying at these prices and lowering his overall average cost price.