Scion Asset Management replaced bearish put options on six stocks with bullish call options on nine stocks, increasing exposure to long positions and calls. The notional values of the put and call positions were about $186 million and $522 million, respectively. The fund moved from seven positions at the end of March to 15 positions at the end of June, holding puts on Alibaba, JD.com and Nvidia in Q1 and later holding calls and direct stakes in Estée Lauder, Lululemon, and calls on Alibaba, JD.com, and VF. Filings capture a single-day snapshot of US holdings and are published with a six-week delay. The shift signals greater confidence in rising stocks and company turnarounds.
The investor's Scion Asset Management swapped out bearish put options on six stocks for bullish call options on nine stocks last quarter, its portfolio update from last week shows. The notional values of those positions were $186 million and $522 million, respectively. At the end of March, Burry's hedge fund held seven positions, including puts on Alibaba, JD.com, and Nvidia, plus a direct stake in Estée Lauder, per its first-quarter portfolio update.
Three months later, it held 15 positions, including calls and direct stakes in Estée Lauder and Lululemon, and calls on Alibaba, JD.com, and VF. While these filings only capture a snapshot of Burry's US stock holdings on a single day and are published with a six-week delay, they may provide some insights into his investing strategy and market outlook. Burry bet against China-exposed tech stocks in Q1, but pivoted in Q2
Burry's first-quarter portfolio suggests he was confident that tech stocks, especially in China, would "suffer considerably going forward," Peter Mallouk, the president and CEO of Creative Planning, told Business Insider. "He clearly thought these stocks are overvalued and was expecting a correction - at least - in this group," he added. All of the stocks Burry bet against except Nvidia declined last quarter.
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