Michael Burry's Scion Asset Management trimmed its holdings to just 13 positions, liquidating bets on about two dozen stocks and exchange traded funds. — Bloomberg
SAN FRANCISCO: Michael Burry’s investment firm has closed its wager against the S&P 500 and Nasdaq 100 indexes and, as of the end of September, was betting against a basket of semiconductor stocks that includes Nvidia Corp, according to a regulatory filing.
Scion Asset Management trimmed its holdings to just 13 positions, liquidating bets on about two dozen stocks and exchange traded funds (ETFs), according to the 13-F filing.
As part of the shift, the firm put on a bearish options position against a fund that tracks chipmakers.
It had notional value of US$47.4mil, based on the iShares Semiconductor ETF’s closing price at the end of September. The actual value of the options position is far less, and depends on the exact contracts that were bought.
Among the other changes in Scion’s filing, the firm retook long positions in Alibaba Group Holding Ltd and JD.com Inc after ditching the shares in the second quarter. In the period between the end of June and September, Alibaba stock rose 4.1% while JD.com plunged 15%.
Automaker Stellantis NV became Scion’s top holding as the hedge fund added 75,000 shares to bring its position to US$7.65mil at the end of the third quarter. The firm exited its former top position in Expedia Group Inc. — Bloomberg
