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Michael Burry's Hedge Fund Added One Stock And Dumped All the Rest

Stock Markets Aug 16, 2022 02:18
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2/2 © Bloomberg. Michael Burry Photographer: Dimitrios Kambouris/Getty Images North America 2/2
 
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(Bloomberg) -- Michael Burry’s Scion Asset Management jettisoned 11 US equities in the second quarter and ended the period with just one. 

The hedge fund exited positions including Alphabet (NASDAQ:GOOGL) Inc. and Facebook (NASDAQ:META) parent Meta Platforms Inc., while adding private-prison operator Geo Group (NYSE:GEO) Inc., which was Scion’s only long stock holding as of June 30, according to a regulatory filing Monday.

Scion held 501,360 shares of Boca Raton, Florida-based Geo Group, which surged 9.5% to $7.52 at 1:20 p.m. in New York, extending its gain since the end of the second quarter to 14%.

Scion held as much as $165 million of US stocks at the end of the first quarter.

Burry, 51, who rose to prominence after a winning wager against mortgages in the run-up to the 2008 financial crisis, has become a cult figure on social media in recent months, with ominous predictions of a looming downturn. In a May tweet, he raised the specter of a crash similar to the one 14 years ago.

He declined to comment on the filing. 

Read more: Michael Burry Posts Cryptic Tweet Raising Specter of 2008 Crash

The disclosure, required for all money managers overseeing more than $100 million of US equities, only shows holdings in stocks that trade on the nation’s exchanges. It doesn’t reveal non-US traded securities or short positions. Such filings are also historical, providing a snapshot of a fund’s holdings at the end of a quarter, and may not reflect current investments. 

©2022 Bloomberg L.P.

Michael Burry's Hedge Fund Added One Stock And Dumped All the Rest
 

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