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Is this Michael Burry’s biggest win of 2024?

Is this Michael Burry’s biggest win of 2024?

Despite him keeping a fairly limited portfolio – and dropping its controversial 2023 bet against the semiconductor industry – there has been no shortage of excitement stemming from the various stock market bets of ‘The Big Short’ investor Michael Burry.

So far, some of his biggest trades – such as those in Amazon (NASDAQ: AMZN) and Alibaba (NYSE: BABA) have drawn the bulk of the attention, though some smaller ones – like the since-dropped GEN Restaurant Group (NASDAQ: GENK) – have also been of interest.

By early June 2024, however, a long-standing yet minor stock in the Scion Asset Management portfolio has turned into one of its biggest winners – Safe Bulkers (NYSE: SB).

Safe Bulkers surged more than 80% since Burry first bought it

Safe Bulkers – a company specializing in marine transportation of goods such as coal, iron ore, and grain – first found itself among Scion Asset Management holdings in the second quarter of 2023.

Since its presence there was first disclosed, SB has managed an impressive and sustained stock market rise and is, by press time, 85% in the green.

In fact, on the date the initial 13-f filing takes into account, Safe Bulker’s stock was worth $3.26, while by June 4, 2024, their price had risen to $6.06.

SB stock 1-year price chart. Source: Google

Still, while the shares themselves grew substantially, claiming them to be Michael Burry’s biggest win of the year might be a stretch given that Safe Bulkers is the smallest holding in Scion’s portfolio and accounts for just 1.9% of it.

Nonetheless, the original 127,525 SB shares were purchased for approximately $435,000 and are, at the time of publication, worth just over $760,000, meaning ‘The Big Short’ investor made about $325,000 in the previous 12 months.

Since Burry made several partial sales and additional acquisitions of SB stock over the 52 weeks, his total Safe Bulkers holding, on June 4, 2024, amounts to 400,000 worth over $2 million.

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