Third Point Management, a New York-based investment advisor, released its first-quarter 2023 investor letter. A copy of the same can be downloaded here. The Third Point Offshore Fund returned -4.1% net in the first quarter compared to a 7.5% return for the S&P 500 INDEX (TR) and a 7.9% return for the MSCI WORLD INDEX (TR). In addition, please check the fund’s top five holdings to know its best picks in 2023.

Third Point Management highlighted stocks like PG&E Corporation (NYSE:PCG) in the first quarter 2023 investor letter. Headquartered in Oakland, California, PG&E Corporation (NYSE:PCG) engages in the sale and distribution of electricity and natural gas. On May 30, 2023, PG&E Corporation (NYSE:PCG) stock closed at $16.65 per share. One-month return of PG&E Corporation (NYSE:PCG) was -3.70%, and its shares gained 35.92% of their value over the last 52 weeks. PG&E Corporation (NYSE:PCG) has a market capitalization of $41.184 billion.

Third Point Management made the following comment about PG&E Corporation (NYSE:PCG) in its Q1 2023 investor letter:

"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." 5 Biggest Companies in Pakistan by Market Cap

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, 52 hedge fund portfolios held PG&E Corporation (NYSE:PCG) at the end of first quarter 2023 which was 52 in the previous quarter.

We discussed PG&E Corporation (NYSE:PCG) in another article and shared the list of best electric utility stocks to buy. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.