Key Highlights

WEB Michael Burry's Scion Asset Management Repositions Portfolio in Q2

Key Highlights

• WEB Michael Burry's Scion Asset Management has sold its stake in Safe Bulkers (SB)
• The hedge fund has added new positions in Hudson Pacific Properties (HPP), Dollar Tree (DLTR), and Poshmark (POSH) in the second quarter
• WEB Michael Burry's Scion Asset Management has increased its exposure to gold by investing in Sprott Physical Gold

Portfolio Changes

Scion Asset Management's recent Form 13F filing with the SEC reveals significant changes in its equity portfolio for the second quarter of 2022. The hedge fund has sold its entire stake in Safe Bulkers, a Greek dry bulk shipping company.

Meanwhile, Scion Asset Management has added new positions in several companies, including Hudson Pacific Properties, a real estate investment trust, Dollar Tree, a discount retailer, and Poshmark, a social commerce platform. These additions suggest that the hedge fund is betting on the resilience of the consumer sector amidst inflationary pressures.

Gold Exposure

Notably, Scion Asset Management has also increased its exposure to gold in the first quarter of 2022. The hedge fund invested a whopping $762 million in Sprott Physical Gold, the largest physical gold trust in North America. This move indicates that Michael Burry, who gained fame for predicting the 2008 financial crisis, is hedging against potential economic uncertainty.

Other Notable Changes

In addition to the above changes, Scion Asset Management has also exited its position in AvalonBay Communities, a real estate investment trust, and reduced its stake in CSX, a railroad operator. The hedge fund has increased its position in McDonald's, suggesting a belief in the strength of the fast-food chain.