At Extreme Investor Network, we are dedicated to providing our readers with the latest and most insightful information in the world of finance. Today, we are excited to share with you the recent moves made by hedge fund manager Michael Burry, famous for his bet against the US housing market in 2008, as reported by Bloomberg.
In the second quarter, Burry’s investment firm, Scion Asset Management, increased its stake in Alibaba Group Holding Ltd. while also cutting its overall equity portfolio in half. The firm reported an $11.2 million position in Alibaba, up from $9 million in the first quarter, after adding 30,000 shares. Additionally, Shift4 Payments Inc. became the firm’s second-biggest holding with a total net value of around $7.3 million as Scion initiated a new position by purchasing 100,000 shares during the quarter.
As part of Scion’s portfolio reshuffling, the firm built new positions across various industries, including financial services, health care, and commercial real estate. New stakes in Shift4 Payments, Molina Healthcare Inc., and Hudson Pacific Properties Inc. were each valued at more than $5.5 million. The firm also added positions in Olaplex Holdings Inc. and BioAtla Inc.
Notably, Scion exited multiple positions in companies such as HCA Healthcare Inc., Citigroup Inc., Block Inc., Cigna Group, and Advance Auto Parts Inc. The firm also reduced its holdings in JD.com and luxury reseller RealReal Inc. In total, Scion now holds positions in 10 stocks with a total value of more than $52 million, a significant decrease from the prior quarter.
During the first quarter, the firm doubled down on its positions in Chinese tech giants JD.com Inc. and Alibaba after previously selling their US-listed shares in the second quarter of 2023.
It is important to note that Wednesday marked the deadline for institutional investors, including hedge funds and pension funds, to report certain US equity holdings to the Securities and Exchange Commission. As this data tracks holdings through the end of June, it is possible that funds have made changes to their positions in the past month and a half.
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