Michael Burry’s hedge fund added one stock and dumped all the rest
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 Inc. and Facebook parent Meta Platforms Inc., while adding private-prison operator Geo Group 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 11 percent to US$7.60 on Monday, extending its gain since the end of the second quarter to more than 15 percent.
Scion held as much as US$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.
The disclosure, required for all money managers overseeing more than US$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.