David Einhorn’s Greenlight Capital poured money into PG & E and other consumer-facing stocks in the third quarter, while also reducing some technology exposure. The hedge fund manager built out a stake worth nearly $100 million in California-based utility PG & E during the three months ended Sept. 30, regulatory fillings show, making it the seventh-largest holding in the hedge fund, according to InsiderScore. Einhorn dove into PG & E as it rebounded after selling off 31% in the first half of the year in the wake of the deadly Los Angeles-area wildfires in January. Shares rose more than 8% in the third quarter and are up another 9% since the end of September. PCG YTD mountain PG & E, year to date The 56-year-old investor also opened a position valued at just under $25 million in United Parks & Resorts . The owner of SeaWorld and Busch Gardens has cratered more than 38% so far in the fourth quarter, more than erasing its gain of close to 10% in the third. Einhorn left his Green Brick Partners position — the largest in his fund, where he sits on the board of directors — unchanged in the third quarter with a value just shy of $700 million. He added more than 44% to Fluor , making the engineer and contractor the second-largest holding in Greenlight’s portfolio, according to InsiderScore. Greenlight also raised its stakes in Kyndryl Holdings and Victoria’s Secret by more than 31% and 117%, respectively, in the quarter. Einhorn pared back positions in HP Inc. and GoPro . Outside of tech, the Cornell alum dissolved his investment in Teck Resources while cutting back on exposure to Capri Holdings and CNH Industrial . Einhorn has grown increasingly skeptical of the current bull market. In an investor letter obtained by CNBC earlier this year, he cited the rise of crypto tokens as evidence that speculation is ballooning beyond reasonable levels. “We have reached the ‘Fartcoin’ stage of the market cycle,” Einhorn wrote. “Other than trading and speculation, it serves no other obvious purpose and fulfills no need that is not served elsewhere.”