Saratoga, Calif.-based Scion Asset Management LLC reported four new common stock investments in the fourth quarter of 2021, including a $10.0 million stake in AEA-Bridges Impact Corp., a special purpose acquisition company, according to Scion's latest Form 13F filing.
On Dec. 13, 2021, the SPAC announced that it would merge with Harley-Davidson Inc.'s LiveWire electric motorcycle division, leaving Harley Davidson with 74% ownership of the combined firm.
This article is part of a series on large institutional investors active in the U.S. financial sector. All institutional investment managers active in the U.S. with over $100 million in investments in Form 13F securities must file quarterly statements detailing their positions. For an up-to-date summary of Scion Asset Management's common stock investments, click here or go to Scion's main page on the S&P Capital IQ Pro website and click "Public Holdings Detailed" under "Investments" in the left-hand menu. |
4 new stakes, 4 industries
Scion's largest new position was an $18.7 million stake in Bristol-Myers Squibb Co. From the end of September 2021 through Feb. 18, the drugmaker's stock returned 14.2%, compared to a 1.0% return for the S&P 500.
Scion's second- and third-largest new stakes were a $17.0 million investment in insurer Fidelity National Financial Inc. and a $16.7 million position in aerospace and defense company General Dynamics Corp.
Exits
Scion exited four companies in the fourth quarter, the largest of which was a position in pharmacy company CVS Health Corp. with a market value of $17.0 million as of Sept. 30.
Burry bearish in 2021
Scion's CEO, Michael Burry, sounded alarms multiple times in 2021 that the "mother of all crashes" was coming. Earlier in the year, Scion made several bearish bets against U.S. Treasury bonds, Tesla Inc. and Cathie Wood's ARK Innovation ETF, but by the end of Sept. 2021, those positions were no longer reported in Scion's 13F filing.
Regulators require only require "long" positions to be reported in 13F filings, not "short" positions.