According to Reuters, 25 percent of 265 actively managed large-cap U.S. mutual funds with at least $500 million in assets have been buying energy stocks in 2015. So far, the strategy has been a painful one, as the S&P 500 energy sector has declined by 25 percent so far this year.

BMO Large-Cap Value Fund

The BMO Large-Cap Value Fund is one of the funds that has been hit hard after increasing its exposure to energy stocks. “We are kind of holding our nose to buy them, but we see value there,” BMO asset manager Ernesto Ramos told Reuters.

Back in February, the BMO Large-Cap Fund increased its exposure to the energy sector from 10 percent to 13 percent by buying stocks such as ExxonMobil Corp XOM 0.39% and Valero Energy Corp VLO 3.56%.

Ramos, who manages about $15 billion at BMO, says that the firm has been selling consumer staples and utilities.

Ridgeworth Large Cap Value Equity Fund

The $2 billion Ridgeworth Large Cap Value Equity Fund has been…

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