Hedge Funds Mostly Gambled on Beleaguered PG&E in Fourth Quarter

(Bloomberg) -- Hedge funds were mostly bullish on PG&E Corp. in the fourth quarter as the utility faced billions of dollars in potential liabilities stemming from California wildfires.

In a quarter in which shares of PG&E fell 48 percent, hedge funds were net buyers of the stock, picking up 12.8 million shares, according to regulatory filings. Anchorage Capital Group and BlueMountain Capital Management led the way. In January, the utility filed for bankruptcy. Its shares have dropped another 35 percent this quarter.

Read more on hedge fund wagers in the quarter here

To contact the reporter on this story: Brandon Kochkodin in New York at bkochkodin@bloomberg.net

To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Vincent Bielski, Mary Romano

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