Dan Loeb Stock Portfolio: 5 Top Stock Picks

1. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 51

PG&E Corporation (NYSE: PCG) is a California-based company that deals in electricity and natural gas.13F filings show that Third Point owned 56 million shares in PG&E Corporation (NYSE: PCG) at the end of the third quarter of 2023 worth $917 million, representing 13.91% of the portfolio. 

On November 17, Mizuho analyst Anthony Crowdell maintained a Buy rating on PG&E Corporation (NYSE:PCG) stock and raised the price target to $20 from $19, noting the firm was trading at a discount with a catalyst-heavy story in the dividend realm. 

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in PG&E Corporation (NYSE:PCG) with 18 million shares worth more than $295 million. 

In its Q1 2023 investor letter, Third Point Management, an asset management firm, highlighted a few stocks and PG&E Corporation (NYSE:PCG) was one of them. Here is what the fund said:

“Our strategy is to preserve liquidity and buying power to take advantage of markets when they “break”. While overall indices remain elevated, we are finding more chances to provide liquidity across all three asset classes in which we invest – credit, structured credit, and equity – opportunities which have been key drivers of performance for the fund. Our portfolio is balanced across industries with a focus on event-driven names including companies involved in spin-offs, significant cost-cutting, or other types of under-appreciated business transformation. PG&E Corporation (NYSE:PCG), which is still our largest position, continues to deliver strong performance, down 50bps in the first quarter but up 6.2% for the year to date after the Fire Victims Trust sold another 60 million shares in a block trade.”

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