Has Michael Burry achieved his biggest victory of 2024?
Despite maintaining a relatively small portfolio and abandoning his controversial bet against the semiconductor industry in 2023, Michael Burry, the investor known for his role in ‘The Big Short’, continues to generate excitement with his various stock market investments. While his trades in Amazon and Alibaba have garnered the most attention, his smaller investments, such as the now-dropped GEN Restaurant Group, have also been of interest.
However, one of the lesser-known stocks in Scion Asset Management’s portfolio, Safe Bulkers, has become one of its biggest winners by early June 2024. Safe Bulkers, a company specializing in marine transportation of goods like coal, iron ore, and grain, was first added to Scion’s holdings in the second quarter of 2023. Since then, its stock has experienced a significant and sustained rise, currently standing at an 85% increase.
On the date of the initial 13-f filing, Safe Bulkers’ stock was valued at $3.26, but as of June 4, 2024, it had risen to $6.06. Although Safe Bulkers is the smallest holding in Scion’s portfolio, accounting for only 1.9% of it, the shares have grown substantially. The original 127,525 shares were purchased for approximately $435,000 and are now valued at just over $760,000, resulting in a profit of around $325,000 for Burry in the past year.
Burry made several partial sales and additional acquisitions of Safe Bulkers stock over the course of 52 weeks, resulting in his current holding of 400,000 shares, worth over $2 million as of June 4, 2024. Despite its success, it may be a stretch to claim Safe Bulkers as Burry’s biggest win of the year due to its small size in the overall portfolio.
Please note that this article is not to be considered as investment advice, as investing carries inherent risks and your capital is at stake.
