Michael Burry, known for calling the subprime mortgage crisis, piled into a physical gold trust in the first quarter, making it his biggest bet, according to a new regulatory filing. Burry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS), worth more than $10 million in the first quarter. The closed-end fund holds its assets in physical gold bullion. The gold trust is trading at a discount to its net asset value. PHYS sells at a 1.67% discount to its net asset value compared with its 52-week average discount of 1.57%, according to a service run by Nuveen . The widest discount PHYS has traded at over the past 52 weeks is 2.52%. It’s never traded at a premium to NAV in the past year. Gold prices recently reached a series of new highs on the back of reaccelerating inflation and intensifying geopolitical risk. U.S. gold futures topped $2,400 at their peak last month, The famed investor also hiked his bets on Chinese e-commerce players JD.com and Alibaba last quarter. His top holdings also included HCA Healthcare , Citigroup and Block at the end of March. Burry shot to fame by betting against mortgage-backed securities before the 2008 global financial crisis. Burry was depicted in Michael Lewis’ book ” The Big Short ” and the subsequent Oscar-winning movie of the same name. Money managers with more than $100 million in assets are required to disclose long positions with the Securities and Exchange Commission 45 days after a quarter ends. Active traders such as Burry could have already changed their positions by the time filings come out.
FOLLOW US ON GOOGLE NEWS
Read original article here
Denial of responsibility! Chronicles Live is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
chronicleslive.com. The content will be deleted within 24 hours.
