David Einhorn’s Greenlight Capital poured cash into PG & E and different consumer-facing shares within the third quarter, whereas additionally lowering some know-how publicity. The hedge fund supervisor constructed out a stake price practically $100 million in California-based utility PG & E through the three months ended Sept. 30, regulatory fillings present, making it the seventh-largest holding within the hedge fund, in line with InsiderScore. Einhorn dove into PG & E because it rebounded after promoting off 31% within the first half of the yr within the wake of the lethal Los Angeles-area wildfires in January. Shares rose greater than 8% within the third quarter and are up one other 9% because the finish of September. PCG YTD mountain PG & E, yr thus far The 56-year-old investor additionally opened a place valued at slightly below $25 million in United Parks & Resorts . The proprietor of SeaWorld and Busch Gardens has cratered greater than 38% to this point within the fourth quarter, greater than erasing its achieve of near 10% within the third. Einhorn left his Inexperienced Brick Companions place — the biggest in his fund, the place he sits on the board of administrators — unchanged within the third quarter with a worth simply shy of $700 million. He added greater than 44% to Fluor , making the engineer and contractor the second-largest holding in Greenlight’s portfolio, in line with InsiderScore. Greenlight additionally raised its stakes in Kyndryl Holdings and Victoria’s Secret by greater than 31% and 117%, respectively, within the quarter. Einhorn pared again positions in HP Inc. and GoPro . Outdoors of tech, the Cornell alum dissolved his funding in Teck Assets whereas slicing again on publicity to Capri Holdings and CNH Industrial . Einhorn has grown more and more skeptical of the present bull market. In an investor letter obtained by CNBC earlier this yr, he cited the rise of crypto tokens as proof that hypothesis is ballooning past cheap ranges. “We now have reached the ‘Fartcoin’ stage of the market cycle,” Einhorn wrote. “Apart from buying and selling and hypothesis, it serves no different apparent function and fulfills no want that’s not served elsewhere.”