Scion Asset Management

Q3 2023 13F · by Michael Burry, portfolio manager

As of: Sep 30, 2023
Filed: Nov 14, 2023
US stock: $44M · prev $111M
Positions: 11 · prev 31
Options notional: $55M
Documents: 1· no amendments

Picture44.4% US stock

Partial picture · of what this 13F reports is US stock

US stock listed on a US exchange 44.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 55.6%
Calls at notional value 0.0%

Moves38 since the prior filing

+78.3 pp in · −78.3 pp out

New 3 +28.71 pp
Added 6 +49.59 pp
Trimmed 2 +4.09 pp
Exited 23 −82.39 pp

Options: 4 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 729% a year, about 0.1 years per position

Low
Moderate
High

Top 5 positions65% of US stock

STLA Stellantis N.V. added+12.31 pp added+12.3117.4%
NXST Nexstar Media Group, Inc. added+13.65 pp added+13.6515.9%
SBLK Star Bulk Carriers Corp. added+8.04 pp added+8.0411.0%
BKNG Booking Holdings Inc. new+10.54 pp new+10.5410.5%
BABA Alibaba Group Holding Limited new+9.88 pp new+9.889.9%

Positions11 in this filing · 23 exited


STLAStellantis N.V.	17.43%	400,000	$8M	added+23%	+12.31 pp	2 q
NXSTNexstar Media Group, Inc.	15.89%	48,651	$7M	added×3.2	+13.65 pp	2 q
SBLKStar Bulk Carriers Corp.	10.98%	250,000	$5M	added+35%	+8.04 pp	2 q
BKNGBooking Holdings Inc.	10.54%	1,500	$5M	new	+10.54 pp	new
BABAAlibaba Group Holding Limited	9.88%	50,000	$4M	new	+9.88 pp	new
CMBTCmb.tech NV	9.36%	250,000	$4M	added×4.7	+8.64 pp	2 q
JDJD.com, Inc.	8.29%	125,000	$4M	new	+8.29 pp	new
unresolvedHudson Pac Pptys Inc	6.06%	400,000	$3M	added+60%	+5.11 pp	2 q
CRGYCrescent Energy Company	5.76%	200,000	$3M	trimmed−18%	+3.48 pp	2 q
REALThe RealReal, Inc.	3.60%	750,000	$2M	trimmed−50%	+0.61 pp	3 q
SBSafe Bulkers, Inc.	2.21%	300,000	$972,000	added×2.4	+1.84 pp	2 q
EXPEExpedia Group, Inc.	—	−100,000	—	exited	−9.82 pp	—
CHTRCharter Comm Inc Del CL A New	—	−25,000	—	exited	−8.25 pp	—
GNRCGenerac Holdings Inc	—	−55,000	—	exited	−7.37 pp	—
CIThe Cigna Group	—	−27,500	—	exited	−6.93 pp	—
CVSCvs Health Corporation	—	−100,000	—	exited	−6.21 pp	—
MGMMgm Resorts International	—	−150,000	—	exited	−5.92 pp	—
LPINVital Energy Inc	—	−125,000	—	exited	−5.07 pp	—
SIGSignet Jewelers Limited	—	−85,000	—	exited	−4.98 pp	—
WBDWarner Bros. Discovery, Inc. Series A	—	−375,000	—	exited	−4.22 pp	—
GEOThe GEO Group, Inc.	—	−600,000	—	exited	−3.86 pp	—
LILAKLiberty Latin America Ltd. Class C	—	−450,000	—	exited	−3.48 pp	—
FRACKeane Group, Inc.	—	−400,000	—	exited	−3.21 pp	—
CRKComstock Resources, Inc.	—	−200,000	—	exited	−2.08 pp	—
NYCBFlagstar Bank, National Association	—	−200,000	—	exited	−2.02 pp	—
IHRTiHeartMedia, Inc. Class A	—	−600,000	—	exited	−1.96 pp	—
HN9Hanesbrands Inc	—	−400,000	—	exited	−1.63 pp	—
unresolvedQurate Retail Inc	—	−1,500,000	—	exited	−1.33 pp	—
CMRECostamare Inc.	—	−125,000	—	exited	−1.09 pp	—
SCJiShares MSCI Japan Small-Cap ETF	—	−13,500	—	exited	−0.83 pp	—
FLJPFranklin FTSE Japan ETF	—	−30,000	—	exited	−0.73 pp	—
EWJiShares MSCI Japan ETF	—	−10,000	—	exited	−0.56 pp	—
PDSPrecision Drilling Corporation	—	−11,630	—	exited	−0.51 pp	—
EWJViShares MSCI Japan Value ETF	—	−13,600	—	exited	−0.33 pp	—