(Bloomberg) — Michael Burry, the hedge fund manager known for his 2008 bet against the U.S. housing market and subsequent portrayal in the book and movie The Big Short, has sold his stake in Alibaba Group (BABA) Holding Ltd. further increased, while reducing his total assets. share portfolio halved in the second quarter.
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Scion Asset Management, Burry’s investment firm, reported an $11.2 million position in Alibaba in the quarter, up from $9 million in the first quarter after adding 30,000 shares, according to the company’s most recent 13F filing Wednesday. Shift4 Payments Inc. (FOUR) was the company’s second-largest holding company, with a total net worth of about $7.3 million when the company took a new position in the stock and bought 100,000 shares during the quarter, the filing showed.
As part of Scion’s portfolio realignment, it built new positions in several sectors, including financial services, healthcare and commercial real estate. New stakes in Shift4 Payments, Molina Healthcare Inc. (MOH) and Hudson Pacific Properties Inc. (HPP) were each worth more than $5.5 million. The company also added positions in Olaplex Holdings Inc. and BioAtla Inc.
Scion has exited several positions, including HCA Healthcare Inc., Citigroup Inc., Block Inc., Cigna Group and Advance Auto Parts Inc. and has its stake in both JD.com and luxury reseller RealReal Inc. reduced. In total, the company has positions in 10 stocks with a total value of more than $52 million – down almost 50% from the previous quarter.
During the first quarter, the company doubled its positions in Chinese tech giants JD.com Inc. and Alibaba, after having to bail out their US listed shares in the second quarter of 2023.
Wednesday is the deadline for institutional investors, including hedge funds and pension funds, to report certain U.S. stock holdings to the Securities and Exchange Commission. Because the data tracks investments through the end of June, funds may have changed positions over the past month and a half.
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