'Big Short' fund manager Burry buys another prison stock

Aerojet Rocketdyne Holdings

14/11/2022 17:36

By Carolina Mandl
       NEW YORK, Nov 14 (Reuters) - Scion Asset Management's
Michael Burry, known for his timely bets against housing ahead
of the 2008 financial crisis, added five new companies to his
portfolio in the last quarter including prison operator
CoreCivic  CXW.N , filings released on Monday showed.
    The move comes after fund manager Burry dumped a dozen
positions in the second quarter, including Facebook parent Meta
Platforms  META.O , and replaced them with a new stake in prison
company Geo Group Inc  GEO.N .
    A regulatory filing on Monday showed he bought roughly 1.5
million additional shares in Geo Group in the third quarter. At
current prices, Scion's position is worth $17.3 million, the
biggest in his portfolio. Burry also added $7.8 million stake in
CoreCivic, the filing showed.
    Other names Scion added in the quarter are telecoms groups
Liberty Latin America Ltd  LILA.O  and Charter Communications
Inc  CHTR.O , aerospace and defense company Aerojet Rocketdyne
Holdings Inc  AJRD.N , and video commerce firm Qurate Retail Inc
 QRTEA.O .
    Shares in Geo Group, CoreCivic and Aerojet are up
year-to-date, outperforming the S&P 500, which is down 16.3% on
the year. Liberty and Qurate are down 28.5% and 76% on the year
respectively.
    Filings known as 13-f are one of the few quarterly
disclosures that hedge fund managers make of their long
positions - bets that a stock will rise - and may not reflect
current holdings. 
    Fund managers are not required to disclose short positions,
which profit when a company's shares fall.
 (Reporting by Carolina Mandl in New York; Editing by Jan
Harvey)
 ((carolina.mandl@thomsonreuters.com; +1 (917) 891-4931;))