Investment management company GoodHaven Capital Management released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the first half of the year 2022, the fund outperformed the S&P 500 index declining by 3.86% compared to a drop of 8.85% for the S&P 500 Index. The fund has been performing well over the last 2 semi-annual fiscal years. You can check the top 5 holdings of the fund to know its best picks in 2022.
GoodHaven Capital Management discussed stocks like PG&E Corporation (NYSE:PCG) in the second quarter investor letter. Headquartered in San Francisco, California, PG&E Corporation (NYSE:PCG) engages in the business of electricity and natural gas sales and delivery. On August 25, 2022, PG&E Corporation (NYSE:PCG) stock closed at $12.50 per share. One-month return of PG&E Corporation (NYSE:PCG) was 15.10% and its shares gained 37.06% of their value over the last 52 weeks. PG&E Corporation (NYSE:PCG) has a market capitalization of $30.818 billion.
Here is what GoodHaven Capital Management specifically said about PG&E Corporation (NYSE:PCG):
“Other activity in the period included eliminating our holding in PG&E Corporation (NYSE:PCG) and adding a few new holdings – the luxury furniture and lifestyle company RH (formerly Restoration Hardware) and Goldman Sachs. A few important developments changed at PG&E including higher future capex plans and changes in long-term guidance, and so we changed our mind and sold. Purchases were made on a handful of occasions in 2020 and mid-2021 at an approximate average price of $9.20 and fully sold during February 2022 at an approximate average price of $11.42, earning approximately 24%.”
High-voltage power lines. Electricity distribution station. high voltage electric transmission tower. Distribution electric substation with power lines and transformers.
PG&E Corporation (NYSE:PCG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held PG&E Corporation (NYSE:PCG) at the end of the first quarter which was 51 in the previous quarter.
We discussed PG&E Corporation (NYSE:PCG) in another article and shared Third Point Management’s views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
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