QQQ - Michael Burry's Scion shorts stock market in Q2 exits bank stocks

August, 14 2023 01:48 PM PowerShares QQQ Trust Ser 1

2023-08-14 13:48:45 ET

Scion Asset Management, the hedge fund founded by "Big Short" investor Michael Burry, shorted the stock market and sold most of its stakes in bank stocks during the second quarter, according to its 13F filing dated Monday.
The firm bought roughly $890M worth of SPDR S&P 500 ETF Trust ( NYSEARCA: SPY ) puts and ~$740M of of Invesco QQQ Trust ETF ( NASDAQ: QQQ ) puts.
It also dumped its stakes in a slew of lenders, including First Republic Bank ( OTCPK:FRCB ), Capital One Financial ( NYSE: COF ), Huntington Bancshares ( NASDAQ: HBAN ), PacWest Bancorp ( NASDAQ: PACW ), Wells Fargo ( NYSE: WFC ) and Western Alliance Bancorp ( NYSE: WAL ). Other notable exits include Alibaba ( NYSE: BABA ) and Devon Energy ( NYSE: DVN ).
Scion trimmed its holdings in New York Community Bancorp ( NYSE: NYCB ), to 200K shares from 850K shares.
New stakes were taken in Charter Communications ( NASDAQ: CHTR ) (25K shares), Comstock Resources ( NYSE: CRK ) (200K shares), CVS Health ( NYSE: CVS ) (100K shares), Vital Energy ( NYSE: VTLE ) (125K shares) and Safe Bulkers ( NYSE: SB ) (~128K shares).
In the first quarter of the year, Scion bought some of the bank stocks that fell the most after the March regional bank turmoil.

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