'Big Short' investor Burry bet on regional banks in first quarter
15/05/2023 18:58
By David Randall
NEW YORK, May 15 (Reuters) - Hedge fund manager Michael
Burry, who rose to fame with his bets against the U.S. housing
market before the 2008 financial crisis, added new positions in
several regional banks during a tumultuous first quarter for the
sector, according to securities filings released on Monday.
Burry's Scion Asset Management’s positions included 150,000
shares in First Republic Bank FRCB.PK , 250,000 shares in
PacWest Bancorp PACW.O , 850,000 shares in New York Community
Bancorp NYCB.N , and 125,000 shares of Western Alliance Bancorp
WAL.N , filings showed.
First Republic collapsed May 1, making it the largest bank
failure since the 2008 financial crisis. The filings did not
show whether Scion had sold its positions before then.
Burry's firm also added a position in Wells Fargo & Co
WFC.N .
Burry did not immediately respond to a request to comment
for this story.
The positions were revealed in quarterly securities fillings
known as 13-fs. While backward looking, these snapshots show
what funds owned on the last day of the quarter and are one of
the few ways that hedge funds and other institutional investors
have to declare their positions. They may not reflect current
holdings.
Burry, who is known for turning over his entire portfolio
quarterly based on thematic shifts, liquidated his positions in
MGM Resorts International Inc MGM.N , SkyWest Inc SKYW.O ,
Qurate Retail Group Inc QRTEA.O , and Wolverine World Wide Inc
WWW.N , according to securities filings.
Burry was featured in the 2010 nonfiction book "The Big
Short" by Michael Lewis which was made into a popular movie five
years later.
(Reporting by David Randall; Editing by Ira Iosebashvili and
David Gregorio)
((David.Randall@thomsonreuters.com; 646-223-6607; Reuters
Messaging: david.randall.thomsonreuters.com@reuters.net))