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T. Boone Pickens Fund Switching To Renewables

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https://www.marketwatch.com/story/peak-oil-this-t-boone-pickens-fund-is-swapping-fossil-fuels-for-renewables-2019-08-05?mod=mw_theo_homepage

An exchange-traded fund named for Texas oilman T. Boone Pickens will swap its strategy, embracing renewable energy stocks in a sign of the times for fossil fuels. But while renewables may seem more cutting-edge than oil, that doesn’t necessarily mean investors should automatically gravitate to the new venture.

The ETF, the NYSE Pickens Oil Response Fund, or BOON BOON, -0.13%  , will become RENW, the Pickens Morningstar Renewable Energy Response Fund, in mid-August, embracing a strategy that “seeks to identify companies that are leaders in the transition to a low-carbon economy,” fund managers said in a filing.

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Its instructive to read the article. Basically an investment fund in the oil industry hasn't done so well and is switching to renewables in the hope that it can beat the index that way, and keep investors from jumping ship.. funds are judged not on simple return but on whether they do better than the growth (or fall) in the markets index for their sectors. If they don't beat it investors can go elsewhere. In this case the switch to renewables is about revamping the fund - 'look we can do better by switching to something that's trendier'. Whether investors are going to be fooled is another matter. Looked at an oil price chart. Oil prices have undergone major swings in the past three years but the trend is basically up. If the fund couldn't make money in that market, I'm not sure how well it would do in renewables.. 

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