American hedge fund manager Michael Burry bought seven new stocks in the last quarter of 2022 – Black Knight, Coherent, Alibaba, JD.com, Wolverine World Wide, MGM Resorts, and SkyWest.
Burry, a physician by training, gained fame for his successful bet against the US housing market before the financial crisis of 2008. He is the founder of the hedge fund Scion Capital.
Burry is known for his contrarian investment philosophy, which includes finding undervalued assets that are out of favour with the market and betting against popular trends.
Like many other top fund managers, he is a value investor who focuses on fundamentals and the long-term prospects of companies rather than short-term market movements.
In 2021, Burry warned of the “greatest speculative bubble of all time in all things” and said the “mother of all crashes” was on the cards.
Last year, he told investors the S&P 500 could drop by more than 50% over the next few years and sold all the shares in his portfolio.
His previous Securities and Exchange Commission (SEC) filing revealed he only held one share – private prison operator GEO Group.
Burry’s latest SEC filing for Scion Asset Management showed that he bought seven new stocks and reduced his holdings in GEO Group and Qurate Retail.
The shares he bought include Chinese tech giants and US companies.
- Black Knight – An American corporation that provides integrated technology, services, data and analytics to the mortgage lending, servicing and real estate industries, as well as the capital and secondary markets.
- Coherent – An American manufacturer of optical materials and semiconductors.
- Alibaba – A Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology.
- JD.com – A Chinese e-commerce company headquartered in Beijing.
- Wolverine World Wide – An American footwear manufacturer based in Rockford, Michigan.
- MGM Resorts – An American global hospitality and entertainment company operating destination resorts including Bellagio, Mandalay Bay, MGM Grand, and Park MGM.
- SkyWest – An American regional airline headquartered in St. George, Utah, United States.
Scion Asset Management increased its portfolio size to $46.5 million with these stocks. However, it is still much lower than its $165 million portfolio at the beginning of 2022.
Scion Asset Management’s latest holdings
|Company||Value||Percentage of portfolio|
|GEO Group Inc.||$11,641,000||25.01|
|Black Knight Inc.||$9,263,000||19.90|
|Alibaba Group Holdings||$4,405,000||9.47|
|Wolverine World Wide||$3,892,000||8.36|
|MGM Resorts International||$3,353,000||7.20|
|Qurate Retail Group||$2,445,000||5.25|