Renowned hedge fund manager Michael Burry, famous for his accurate prediction of the 2007 housing market collapse, has recently made significant changes to his portfolio.
According to new SEC filings from Burry’s Scion Asset Management, the firm has taken a strong bearish position against Nvidia (NVDA) by opening a large position in put options against the chipmaker’s stock.
Additionally, Scion has shifted its previously optimistic view on Chinese equities. The fund has purchased bearish put options on leading Chinese companies such as Alibaba (BABA) and Baidu (BIDU).
Interestingly, Scion’s only remaining bullish position is in Estee Lauder (EL), a New York-based cosmetics giant, indicating Burry’s cautious approach to the market. The cosmetics industry is often considered resilient to economic downturns.
This marks the second time in recent years that Burry has overhauled Scion’s portfolio. In 2023, he significantly reduced the fund’s holdings, only to later acknowledge his mistake and make new strategic investments.
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