Hedge funds seem to be rushing to buy shares in Californian utility Pacific Gas & Electric Co. The company, which has seen the value of its shares cut in half over the past two months, is currently facing a wave of lawsuits from claimants who believe it had a role to play in starting the recent California Wildfires, the worst in the State's history, which have left a trail of devastation.
According to funds’ third-quarter 13F filings, some of the world’s biggest hedge funds had substantial shareholdings in the utility heading into November. Seth Klarman, for example, increased his position in the stock by 320% during the third quarter taking it...
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