Michael Burry’s Scion Asset Management added new stocks in the third quarter and boosted its bet on private prisons.
The hedge fund run by Burry — who’s best known for betting against the housing market ahead of the 2008 crash — took positions in media conglomerate Qurate Retail Inc., private prison company CoreCivic Inc. and rocket manufacturer Aerojet Rocketdyne Holdings Inc. in the third quarter, according to a regulatory filing Monday.
Scion also bought shares of communications companies Liberty Latin America Ltd. and Charter Communications Inc., while boosting its stake in private prison operator GEO Group Inc.
It was a significant change from last quarter when Burry exited positions in 11 US equities, including Alphabet Inc. and Facebook parent Meta Platforms Inc., both of which have plunged in value recently. He added GEO Group as his only long stock holding at that time.
Burry, 51, has become a cult figure on social media this year with his predictions about coming economic trouble. Recently, he’s warned about “addictive” consumer spending, geopolitical turmoil and “silliness” in markets.
In the filing, GEO Group Inc. was the firm’s biggest holding, representing 38% of disclosed assets. Total disclosed holdings are valued at $41.3 million.
Burry didn’t immediately respond to a request for comment.
The disclosure — which is required for all money managers who oversee more than $100 million of US equities — only shows holdings in stocks that trade on US exchanges. It doesn’t include non-US-traded securities or short positions.
These filings are also historical and only provide a look at the holdings at the end of a quarter, meaning they may not reflect current investments.
This article was provided by Bloomberg News.