(Bloomberg) — Michael Burry, the hedge fund manager best known for his 2008 bet against the U.S. housing market and his later portrayal in the book and movie “The Big Short,” continued to increase his stake in Alibaba Group (BABA) Holding Ltd. while halving his overall stock portfolio in the second quarter.
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Scion Asset Management, Burry’s investment firm, reported a position in Alibaba worth $11.2 million during the quarter, up from $9 million in the first quarter, after the firm added 30,000 shares, according to the company’s most recent 13F filing on Wednesday. Shift4 Payments Inc. (FOUR) was the company’s second-largest holding with a total net worth of about $7.3 million, as the firm initiated a new position in the stock, buying 100,000 shares during the quarter, according to the filing.
As part of the Scion portfolio restructuring, the firm built new positions in a variety of industries, 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 firm also added positions in Olaplex Holdings Inc. and BioAtla Inc.
Scion sold several holdings, including HCA Healthcare Inc., Citigroup Inc., Block Inc., Cigna Group and Advance Auto Parts Inc., and reduced its holdings in JD.com and luxury reseller RealReal Inc. In total, the company holds stakes in 10 stocks with a total value of over $52 million — nearly 50 percent less than the previous quarter.
In the first quarter, the company doubled its positions in Chinese technology giants JD.com Inc. and Alibaba after exiting their U.S.-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 holdings through the end of June, the funds may have changed their positions over the past month and a half.
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