The Big Short Is Back At It

Michael Burry’s Scion Asset Management is back at it again. He’s gone even more concentrated than ever. Here’s where he’s finding value these days. Burry is the star of Michael Lewis’ book The Big Short (and portrayed by Christian Bale in the 2015 movie with the namesake). He’s known for his big bet on the subprime mortgage crisis.

Now’s he’s betting on beauty products. Last quarter, Michael Burry sold off much of his portfolio, making his Scion Asset Management even more concentrated.

His top new purchase was Coty (COTY), the beauty products company. This was his top holding – making up 36% of the fund – as of 3Q.

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Burry and his Scion Asset Management were off the radar for several years, having returned investor money in 2008. Earlier this year, Burry revealed his holdings for the first time in nearly a decade. Now, in his most recent filing, he’s completely overhauled his portfolio.

He went from owning 8 stocks to just four, dumping entire stakes in AMGN, NPTN, TBPH, and NXRT. Besides his new stake in COTY, he also added a new stake in TWNK and kept his Google and HCA stakes level.