With Michael Burry’s bearishness over the past two years, it’s shocking to see him take positions in new stock positions in the first quarter of 2023 and, surprisingly, bank stocks among his new reported positions. While we don’t know his exact current position in May 2023, we do know these were his position going into April 1, 2023.
Top 7 bank stocks in Michael Burry’s portfolio:
- NYCB – New York Community Bancorp 7.19%
- COF – Capital One Financial 6.74%
- WFC – Wells Fargo 4.37%
- WAL – Western Alliance Bancorp 4.15%
- PACW – PacWest Bancorp 2.28%
- FRCB – First Republic Bank 1.96%
- HBAN – Huntington Bancshares 1.94%
Below is his complete portfolio of all stocks he holds this year as of his last reported 13f.
Chinese stocks are now his two most significant holdings
He also spent $37M on the banks, meaning he bought the dip in the first quarter.
Total new buys: 19
Total new sells: 6
Current Michael Burry Portfolio 2023 Q1 – Scion Asset Management
Period: Q1 2023
Portfolio date: March 31, 2023 (13f filing)
Number of stocks: 21
Portfolio value: $106,938,000
Company/Ticker/Portfolio%
- JD – JD.com Inc. 10.26%
- BABA – Alibaba Group Holdings 9.56%
- SIG – Signet Jewelers Ltd. 9.09%
- NYCB – New York Community Bancorp 7.19%
- ZM – Zoom Video Communications Inc. 6.90%
- COF – Capital One Financial 6.74%
- SBSW – Sibanye Stillwater Ltd ADR 6.22%
- LILAK – Liberty LiLAC Group C 6.18%
- CI – Cigna Group 5.97%
- COHR – Coherent Corp. 4.45%
- WFC – Wells Fargo 4.37%
- WAL – Western Alliance Bancorp 4.15%
- CTRA – Coterra Energy Inc. 3.44%
- GEO – GEO Group Inc. 2.95%
- NOV – Nov Inc. 2.49%
- DVN – Devon Energy Corp. 2.29%
- PACW – PacWest Bancorp 2.28%
- FRCB – First Republic Bank 1.96%
- HBAN – Huntington Bancshares 1.94%
- REAL – RealReal Inc. 0.81%
- OVV – Ovintiv Inc. 0.76%[2]
During the global financial crisis of 2008, Michael Burry became famous for his bet against the housing market. Investors in his fund Scion Capital made more than $700 million. Burry personally made a $100 million profit betting against mortgage-based securities. His story was told in the best-selling book by Michael Lewis, “The Big Short,” which was made into a blockbuster movie where Christian Bale played his character.
Scion Capital returned 489.34% (net of fees and expenses) between November 1, 2000, and June 2008, compared to a 3% total return from S&P 500 during the same time frame. Eventually, Burry closed his fund and retired.
Five years later, in 2013, Michael Burry reopened his fund with a slightly changed name Scion Asset Management. Burry’s investment style is best described as classic deep-value investing and shorting markets he sees as ridiculously overvalued by fundamental valuation metrics. However, in his opinion, he’s not afraid to short stocks or buy put options that are overvalued. [2]