Top U.S. hedge funds made bullish bets on the energy sector in the second quarter even as companies’ shares began a slide toward multi-year lows on concerns about oversupply, regulatory filings showed on Friday. Hedge funds such as Baupost Group, Magnetar Capital and Jana Partners increased or took new stakes in energy shares over the second quarter, a period when the S&P 500 energy index lost 2.6 percent. That decline has since accelerated, with the S&P energy index now down about 13.7 percent for the year, largely reflecting renewed fears of crude oversupply and weak global demand. Two favorites among hedge funds were Cheniere Energy and Pioneer Natural Resources. However, both companies struggled in the second quarter, with Cheniere falling 10.5 percent and Pioneer dropping more than 15 percent. Hedge fund managers had already been overweight […]