Hedge Funds Sell PG & E Corporation (PCG)

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The last 13F reporting period has come and gone, and Insider Monkey is back at the top when it comes to leveraging this gold mine of data. Insider Monkey has completed 821 13F applications from hedge funds and prominent investors. These documents show the portfolio positions of these funds as of March 31, 2020. What do these intelligent investors think about PG&E Corporation (NYSE: PCG)?

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "PG&E Corporation (NYSE: PCG) was in 48 hedge fund portfolios at the end of the first quarter of 2020. PCG has recently seen a decline in the activity of the world’s largest hedge funds. At the end of the previous quarter there were 50 hedge funds with PCG positions in our database. Our calculations also showed that PCG is not one of the 30 most popular stocks among hedge funds (click for the Q1 leaderboard and watch the video for a quick look at the top 5 stocks). Video: Watch our video on the 5 most popular hedge fund stocks.“data-reactid =” 13 “>PG&E Corporation (NYSE: PCG) was in 48 hedge fund portfolios at the end of the first quarter of 2020. PCG has recently seen a decline in the activity of the world’s largest hedge funds. At the end of the previous quarter there were 50 hedge funds with PCG positions in our database. Our calculations also showed that PCG is not one of the 30 most popular stocks among hedge funds (click for the Q1 leaderboard and watch the video for a quick look at the top 5 stocks). Video: Watch our video on the 5 most popular hedge fund stocks.

Most investors see hedge funds as slow, old financial instruments of the past. Although there are more than 8,000 funds in operation today, our experts focus on the masters of this club, around 850 funds. These hedge fund managers control most of the total capital of smart money. Insider Monkey has defined a number of investment strategies that have outperformed the market in the past by keeping an eye on their world-class investments. Insider Monkey’s flagship short hedge fund strategy has outperformed the S&P 500 short ETFs by around 20 percentage points per year since its launch in March 2017. Our portfolio of short stocks lost 36% since February 2017 (through May 18), although the market had risen 30% over the same period. We just shared a list of 8 short destinations in our last quarterly update.

Kevin Michael Ulrich from Anchorage Advisors

Kevin Michael Ulrich Anchorage advisor

Kevin Michael Ulrich Anchorage advisor

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "At Insider Monkey we don't leave a stone unturned when we look For the next great investment idea, for example, we're still not out of the woods on the coronavirus pandemic, so we looked at the “successful traders”.Corona catalyst plays“. Europe is also becoming the largest cannabis market in the world. That’s why we checked this European marijuana stick pitch. We read hedge fund investor letters and listen to stock prices at hedge fund conferences. Our best call in 2020 was the short sale of the market when the S&P 500 was trading at 3150 after we realized the importance of the coronavirus pandemic before most investors. With this in mind, we’ll look at the new hedge fund promotion that includes PG&E Corporation (NYSE: PCG). “Data-reactid =” 37 “> At Insider Monkey, we are doing everything we can to find the next great investment idea. For example, we are still not out of the woods with regard to the coronavirus pandemic, so we have the“ successful dealers “Viewed.Corona catalyst plays“. Europe is also becoming the largest cannabis market in the world. That’s why we checked this European marijuana stick pitch. We read hedge fund investor letters and listen to stock prices at hedge fund conferences. Our best call in 2020 was the short sale of the market when the S&P 500 was trading at 3150 after we realized the importance of the coronavirus pandemic before most investors. With this in mind, we’ll look at the new hedge fund promotion that includes PG&E Corporation (NYSE: PCG).

How do hedge funds trade with PG & E Corporation (NYSE: PCG)?

At the end of the first quarter, a total of 48 of the hedge funds covered by Insider Monkey were optimistic about this share, a change of -4% compared to the previous quarter. The following graphic shows the number of hedge funds with a bullish position in PCG in the last 18 quarters. So let’s check which hedge funds were among the top holders of the stock and which hedge funds took big steps.

Among these funds, Abrams Capital Management held the most valuable investment in PG&E Corporation (NYSE: PCG), which was valued at $ 224.8 million at the end of the third quarter. In second place was Anchorage Advisors, which amassed $ 224.8 million in stock. Silver Point Capital, Pentwater Capital Management and Knighthead Capital were also very impressed with the share and became one of the company’s largest hedge fund holders. Knighthead Capital assigned the greatest weight to PG&E Corporation (NYSE: PCG) with approximately 26.06% of its 13F portfolio in terms of portfolio weights assigned to each position. Silver Point Capital is also relatively optimistic about the stock and allocates 25.29 percent of its 13F stock portfolio to PCG.

With PG&E Corporation (NYSE: PCG) facing a downturn across the hedge fund industry, we can see that there is a sect of hedgies that has decided to completely sell its positions in the third quarter. At the top of the pack, Matthew Knauer and Mina Faltas’ Nokota management made the largest investment in the “top crust” of the funds, followed by Insider Monkey, with approximately $ 83.3 million in inventory. D.E Shaw’s fund, DE Shaw, also reduced its shares to a value of approximately $ 64.6 million. These steps are important to note as total interest on hedge funds fell by 2 funds in the third quarter.

Let’s look at hedge fund activity in other stocks that are similar to PG&E Corporation (NYSE: PCG). We’ll take a look at Nuance Communications Inc. (NASDAQ: NUAN), AECOM (NYSE: ACM), Paylocity Holding Corp (NASDAQ: PCTY) and GFL Environmental Inc. (NYSE: GFL). All market capitalizations of these stocks are similar to PCG’s market capitalization.

[table] Ticker, number of HFs with positions, total value of HF positions (x1000), change of HF position NUAN, 42.764864.3 ACM, 39.670829.3 PCTY, 33.409592.7.7 GFL, 10.150736.10 Average 31.499005.5.75 [/table]

View the table here if formatting problems occur.

As you can see, these stocks had an average of 31 hedge funds with bullish positions and the average amount invested in these stocks was $ 499 million. PCG had $ 1985 million in 1985. Nuance Communications Inc. (NASDAQ: NUAN) is the most popular stock in this table. On the other hand, with only 10 bullish hedge fund positions, GFL Environmental Inc. (NYSE: GFL) is the least popular. PG & E Corporation (NYSE: PCG) is more popular among hedge funds than these stocks. Our calculations showed that the top 10 most popular hedge fund stocks returned 41.4% in 2019 and outperformed the S&P 500 ETF (SPY) by 10.1 percentage points. These stocks returned 7.9% through May 22, 2020, but outperformed the market by 15.6 percentage points. Hedge funds were also right to bet on PCG, as the stock returned 30.1% in the second quarter (through May 22) and outperformed the market even better. Hedge funds were clearly right to stack in this stock compared to other stocks with a similar market capitalization.

[company-follow-email id=1004980][/company-follow-email]

Disclosure: none. This article was originally published by Insider Monkey.

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