T. Rowe Price portfolio manager Charles Ober powers his fund with energy stocks, and the tactic appears to be working: Ober's New Era Fund is up 29.9 percent over the last five years.
He's still bullish on the energy sector in 2008.
"I think it will be a growth year, unless there's a real contraction in the global economy," he told CNBC.
That said, Ober does not expect a continuation of the kind of returns the sector enjoyed last year.
"I don't think that returns can be comparable to last year," he said. "I'm inclined to believe that it's going to be a little bit more difficult to pick the winners this year."
His picks include Schlumberger.
"Schlumberger's in the catbird seat," he said. "They've got the best oil-services facilities in the world. They provide value-added technology to all of the world's oil companies, not just the international majors."
Ober also likes Total.
"Total is a very well-managed company, has a terrific portfolio of development assets, and we're going to see pretty good production growth out of Total," he said.
Ober owns both Schlumberger and Total through his fund.