'Big Short' Michael Burry boosts China tech investments amid downturn
investmentweek.co.ukJD.com was the firm’s second biggest holding as it increased its investment from 125,000 to 200,00 shares at $5.8m.
According to Scion Asset Management's most recent 13F filing with the Securities and Exchange Commission (SEC), Burry's fund has boosted its stake in Alibaba by 50% from 50,000 shares to 75,000 at $5.8m, making Alibaba the top holding.
JD.com became the second biggest holding after Burry increased the investment from 125,000 to 200,00 shares also at $5.8m.
Chinese equities have struggled in the past year, with Chinese equity funds delivering some of the biggest losses for the period, according to data from Morningstar Direct.
Over the past three years the MSCI China index has lost 52.3%, falling further than the Nikkei 225 (-1.8%) and well below the MSCI ACWI (26.7%), FTSE 100 (28.5%) and the Nsadaq 100 (45.85), according to data from FE fundinfo.
Additionally, China's economy experienced a deflationary rut as a result of the property slump and falling prices.
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Burry, who shorted mortgage securities in the run up to the Global Financial Crisis, also closed positions in energy company Crescent Energy, crude oil tanker company Euronav, real estate firm Hudson Pacific, ETF provider iShares, automaker Stellantis and fashion retailer TheRealReal.
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