Michael Burry, famous for predicting the 2008 subprime mortgage crisis, has gone big on gold.
According to a recent regulatory filing, Burry purchased over 440,000 units in the Sprott Physical Gold Trust (PHYS) through his hedge fund, Scion Asset Management. The investment is worth more than $10 million, making it his largest investment in the first quarter.
The Sprott Physical Gold Trust, a closed-end fund that holds its assets in physical gold bullion, is currently trading at a discount to its net asset value. This move comes as gold prices have reached new highs due to rising inflation and heightened geopolitical risks.
Burry also increased his stakes in Chinese e-commerce giants JD.com and Alibaba, while maintaining significant holdings in HCA Healthcare, Citigroup, and Block as of the end of March.
The filing, which money managers with assets exceeding $100 million must submit to the Securities and Exchange Commission, provides a snapshot of Burry’s portfolio 45 days after the quarter ends. It is, however, essential to note that active traders like Burry may have already adjusted their positions by the time the filings are made public.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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