This week, Finbold reported on legendary investor Michael Burry‘s intriguing $2 million investment in iHeartMedia (NASDAQ: IHRT), a media company currently grappling with a tumultuous stock performance, having shed over 45% of its value in 2023.
Burry’s decision raised eyebrows among investors, though it’s not the only controversial move in his portfolio.
Meanwhile, recent disclosures from the Michael Burry Stock Tracker – an X (Twitter) account that tracks Burry’s investments – revealed a substantial $4 million stake in Geo Group (NYSE: GEO), a company specializing in investments related to private prisons and mental health facilities worldwide, adding another layer of intrigue to his investment choices.
Interestingly, GEO saw a significant price spike on September 11, when Citron Research published a bullish report on the company.
“The Geo Group is poised to benefit from the current migration challenges, given its leadership in the Alternative to Detention sector.”– Citron said.
However, the rally was short-lived, as shares retraced their recent gains, dropping over 5% since reaching this week’s high of $7.56 apiece.
Burry’s position in GEO
As of then, his total position in Geo Group is over 600,000 shares, with an overall value of around $4.2 million.
The widely-followed hedge fund manager first acquired GEO in Q4 2020. However, the stock witnessed a sluggish performance in 2023, declining more than 33% since January 1.
Burry’s other portfolio holdings
While Burry’s $4 million investment in GEO seems significant, it takes only 2% of Autopilot’s Burry Tracker portfolio, which allows users to copy-trade his investments.
Meanwhile, Burry Tracker’s largest positions at the moment include ProShares Short S&P 500 (NYSE Arca: SH) at 33% and ProShares Short QQQ (NYSE Arca: PSQ) at 27%. The two refer to exchange-traded funds (ETFs) that are designed for investors who want to profit from, or protect against, declines in the respective benchmark indexes without actually short-selling individual stocks.
At the same time, 10% of the portfolio is allocated to Expedia Group (NASDAQ: EXPE) and Charter Communications (NASDAQ: CHTR), at 5% each. Other noteworthy positions include Cigna Corp. (NYSE: CI), Vital Energy (NYSE: VTLE), and CVS Health Group (NYSE: CVS), among others.
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