The number of funds using energy securities to generate alpha has declined.  We do not expect much competition to return, as legacy energy is not a space that young people want to focus on.  Our data science team and process would be difficult and costly to replicate.

The energy transition is causing greater uncertainty among both legacy energy and new energy players, increasing the importance of fundamental analysis, our core strength. We do not expect the future to be anything like the past.

The energy space has rallied strongly off its pre-vaccine lows, and now provides for additional names and larger market capitalizations that make it easier for HITE to source liquidity.