SKYW - Michael Burry's Scion buys bank and energy stocks in Q1 sells MGM Skywest

2023-05-15 13:18:00 ET

Scion Asset Management invested in some of the bank stocks that fell the most after the collapse of three banks at the end of Q1, according to the firm's latest 13F filing.

The firm, headed by Michael Burry who correctly bet against mortgages before the 2008 financial crisis, took new stakes in First Republic Bank ( OTCPK:FRCB ) (150K shares), Capital One Financial ( NYSE: COF ) (75K shares), Huntington Bancshares ( NASDAQ: HBAN ) (184.9K shares), New York Community Bancorp ( NYSE: NYCB ) (850K shares), Pacwest Bancorp ( NASDAQ: PACW ) (250K shares), Wells Fargo ( NYSE: WFC ) (125K shares), and Western Allance Bancorp ( NYSE: WAL ) (125K shares).

Western Alliance ( WAL ) stock climbed 14% in Monday afternoon trading and PacWest ( PACW ) gained 7.0%.

In another big move, the company's new position in RealReal ( REAL ) sent the online retailer's stock up ~20% in Monday afternoon trading.

Among other investments, Scion took new stakes in energy companies Coterra Energy ( CTRA ) (150K shares), Devon Energy ( DVN ) (48K shares), and precious metals mining company Sibanye Stillwater ( SBSW ) (800K shares), according to the filing .

The firm exited its stake in SkyWest ( SKYW ), Qurate Retail  ( QRTEA ), and MGM Resorts International ( MGM ).

Last quarter, Burry bought Alibaba, SkyWest and MGM in Q4 before tweeting "Sell" in Q1.

For further details see: