Michael Burry's Hedge Fund Added One Stock And Dumped All the Rest

(Bloomberg) — Michael Burry’s Scion Asset Management jettisoned 11 US equities in the second quarter and ended the period with just one.

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The hedge fund exited positions including Alphabet Inc. and Facebook parent Meta Platforms Inc., while adding private-prison operator Geo Group Inc., which was Scion’s only long stock holding as of June 30, according to a regulatory filing Monday.

Scion held 501,360 shares of Boca Raton, Florida-based Geo Group, which surged 11% to $7.60 on Monday, extending its gain since the end of the second quarter to more than 15%.

Scion held as much as $165 million of US stocks at the end of the first quarter.

Burry, 51, who rose to prominence after a winning wager against mortgages in the run-up to the 2008 financial crisis, has become a cult figure on social media in recent months, with ominous predictions of a looming downturn. In a May tweet, he raised the specter of a crash similar to the one 14 years ago.

He declined to comment on the filing.

Read more: Michael Burry Posts Cryptic Tweet Raising Specter of 2008 Crash

The disclosure, required for all money managers overseeing more than $100 million of US equities, only shows holdings in stocks that trade on the nation’s exchanges. It doesn’t reveal non-US traded securities or short positions. Such filings are also historical, providing a snapshot of a fund’s holdings at the end of a quarter, and may not reflect current investments.

(Updates share price in third paragraph)