I have had this fund since 2004 and of course have been pleased with the performance, so this isn't a complaint as much as seeking opinions.

I have noticed that Exxon (XOM) is over 6% of this fund's total holdings and that it has a been performing poorly recently (down on the year to date charts in Yahoo anyways). I am wondering why the fund managers have put such a large part of the fund into XOM when the second largest holding is around 3% of the fund assets. It seems to me that putting 6% into a single stock is a bit heavy.

In my personal judgement owning Exxon, Chevron, BP, and other retail gasoline outlets is increasingly risky given the fact that Congress may come down on them with the "windfall profits tax" and the fact that the longer term is uncertain for these companies as alternative energy becomes a reality... so given the current situation, why put such a heavy investment in Exxon? Why not cut the Exxon investment in half and find some good alternative energy plays for the long term?

Any thoughts or opinions would be appreciated.